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UNADJUSTED

ADJUSTMENTS
ACCOUNT TITLE TRIAL BALANCE
Cash in Bank 134,000.00 10,000.00 3,000.00
Petty Cash Fund 2,000.00
Accounts Receivable 318,000.00 10,000.00
Allowance For Doubtful Accounts - 1,000.00
Merchandise Inventory, Beg. 930,000.00
Prepaid Rent 5,000.00 2,500.00
Furniture and Fixtures 125,000.00
Accumulated Depreciation on
Furniture and Fixtures 5,000.00 25,000.00
Accounts Payabale 140,000.00 3,000.00
VAT Payable 65,450.00
JA, Capital 784,100.00
JA, Drawing 15,000.00
Sales 1,640,000.00
Sales Discounts 1,500.00
Sales Returns and Allowances 4,200.00
Purchases 985,000.00
Freight In 7,400.00
Purchase Return and Allowances 3,500.00
Purchase Discounts 1,700.00
Freight Out 1,250.00
Supplies Expense 8,500.00 1,000.00
Taxes and Licenses 10,100.00
Salaries and Wages 72,500.00
Utilities Expense 6,500.00
Commission Expense 14,800.00
TOTAL 2,640,750.00 2,640,750.00

ADJUSTMENTS
Merchandise Inventory (August 31)
Rent Expense 2,500.00
Depreciation Expense on
Furniture and Fixture 25,000.00
Unused Office Supplies 1,000.00
TOTAL 41,500.00 41,500.00
PROFIT (LOSS)
TOTAL
ADJUSTING ENTRIES
1 Merchandise Inventory (BS) 800,000.00
Merchandise Inventory (IS) 800,000.00

2 Rent Expense 2,500.00


Prepaid Rent 2,500.00

3 Depreciation Exense (F&F) 25,000.00


Accumulated Depreciation (F&F) 25,000.00

4 Unused Office Supplies 1,000.00


Supplies Expense 1,000.00

5 Cash In Bank 10,000.00


Accounts Receivable 10,000.00

6 Accouts Payable 3,000.00


Cash In Bank 3,000.00
ADJUSTED
INCOME STATEMENT BALANCE SHEET
TRIAL BALANCE
141,000.00 141,000.00
2,000.00 2,000.00
308,000.00 308,000.00
1,000.00 1,000.00
930,000.00 930,000.00
2,500.00 2,500.00
125,000.00 125,000.00

30,000.00 30,000.00
137,000.00 137,000.00
65,450.00 65,450.00
784,100.00 784,100.00
15,000.00 15,000.00
1,640,000.00 1,640,000.00
1,500.00 1,500.00
4,200.00 4,200.00
985,000.00 985,000.00
7,400.00 7,400.00
3,500.00 3,500.00
1,700.00 1,700.00
1,250.00 1,250.00
7,500.00 7,500.00
10,100.00 10,100.00
72,500.00 72,500.00
6,500.00 6,500.00
14,800.00 14,800.00

800,000.00 800,000.00
2,500.00 2,500.00

25,000.00 25,000.00
1,000.00 - 1,000.00
2,662,750.00 2,662,750.00 2,068,250.00 2,445,200.00 1,394,500.00 1,017,550.00
376,950.00 376,950.00
2,445,200.00 1,394,500.00
FOR THE YEAR ENDED 2015
NET SALES
Sales 1,640,000.00
less: Sales Returns and Allowances 4,200.00
Sales Discounts 1,500.00 5,700.00
Net Sales 1,634,300.00

COST OF GOOD SOLD


Merchandise Inventory, Beg. 930,000.00
Purchases 985,000.00
less: Purchase Return and Allowances 3,500.00
Purchase Discounts 1,700.00 5,200.00
979,800.00
Freight In 7,400.00
Net Purchases 987,200.00
GOODS AVAILABLE FOR SALE 1,917,200.00
less: Merchandise Inventory, End 800,000.00
COST OF GOOD SOLD 1,117,200.00
GROSS MARGIN 517,100.00

OPERATING EXPENSES
Freight Out 1,250.00
Administrative Expenses
Supplies Expense 7,500.00
Taxes and Licenses 10,100.00
Salaries and Wages 72,500.00
Utilities Expense 6,500.00
Commission Expense 14,800.00
Rent Expense 2,500.00
Depreciation Expense on Furniture
and Fixture 25,000.00
TOTAL OPERATING EXPENSE 140,150.00
PROFIT 376,950.00
FOR THE YEAR ENDED DECEMBER 2015

J. Agarao, Capital (Beg) 784,100.00


Add: Profit 376,950.00
TOTAL 1,161,050.00
Less: J. Agarao, Withdrawal 15,000.00
ENDING OWNER'S EQUITY 1,146,050.00
FOR THE YEAR ENDED DECEMBER 2015

ASSETS
CURRENT ASSET
Cash in Bank 141,000.00
Pett Cash Fund 2,000.00
Accounts Receivable 318,000.00
Allowance for Doubtful Accounts 10,000.00 308,000.00
Merchandise Inventory, End 800,000.00
Prepaid Rent 2,500.00
Unused Office Supplies 1,000.00
TOTALL CURRENT ASSET 1,254,500.00

NON CURRENT ASSET


Furniture and Fixtures 125,000.00
Accumulated Depreciation on
Furniture and Fixtures 30,000.00 95,000.00
TOTAL ASSET 1,349,500.00

LIABILITIES
CURRENT LIABILITIES
Accounts Payable 137,000.00
VAT Payable 65,450.00
TOTAL CURRENT LIABILITIES 202,450.00
EQUITY
J. Agarao Capital 1,146,050.00

TOTAL LIBILITIES & OWNERS EQUITY 1,348,500.00