C.

Castro Company
Unadjusted Trial Balance
December 01, 2005

Account Code Account Title Debit

110 Cash 214,000.00
120 Accounts Receivable 338,000.00
130 Merchandise Inventory 426,000.00
140 Office Supplies 31,000.00
150 Prepaid Insurance 48,000.00
160 Land 370,000.00
170 Building 900,000.00
175 Accum. Dep. - Building
180 Equipment 800,000.00
185 Accum. Dep. - Equipment
210 Accounts Payable
220 Salaries Payable
230 Mortgage Payable
310 Castro, Capital
320 Castro, Withdrawals
330 Income Summary
410 Sales
420 Sales Ret. & Allow
430 Sales Discounts
510 Purchases
520 Purchases Ret. & Allow
530 Purchase Discounts
540 Transportation In
610 Salaries Expense
620 Office Supplies Expense
630 Insurance Expense
640 Dep. Expense - Building
650 Dep. Expense - Equipment
660 Transportation Out
670 Representation Expense
680 Repairs Expense
690 Interest Expense
3,127,000.00
checking
Credit

250,000.00

200,000.00
172,000.00

1,200,000.00
1,305,000.00

3,127,000.00
-
DATE PARTICULARS Account Code
2005
Dec
1 Accounts Payable 210
Purchase Discount 530
Cash 110
To record settlement of accounts payable

3 Cash 110
Sales Discount 430
Accounts Receivable 120
To record collection of accounts receivable

4 Accounts Receivable 120

Sales 410
To record merchanside sold to A. Plural Supplies on account

5 Sales Returns and Allowances 420

Accounts Receivable 120
To record sales returns from A. Plural Supplies

7 Purchases 510
Accounts Payable 210
To record purchases of merchandise from Naga Products

9 Accounts Payable 210

Purchase Returns and Allowances 520
To record return of merchandise purchased from Naga Products

10 Interest Expense 690

Cash 110
To record payment of interest on mortgage payable

11 Cash 110
Sales Discount 430
Accounts Receivable 120
To record collection of accounts receivable from A. Plural Supplies, net of sales discount

12 Transportation Out 660

Cash 110
To record payment of freight charges of the merchandise sold to A. Plural Supplies

13 Accounts Payable 210

Cash 110
 Purchase Discount 530
To record payment of merchandise purchased from Naga products

14 Accounts Receivable 120

Sales 410
To record sales to Ruiz Shoppers on account

14 Transportation In 540
Cash 110
To record payment of freight charges of the merchandise purchased from Naga Products

15 Salaries Expense 610

Cash 110
To record payment of salaries expense

18 Purchases 510
Accounts Payable 210
To record purchases of merchandise from Oquendo Trading

18 Office Supplies 140

Cash 110
To record purchase of office supplies

19 Cash 110
Sales Discount 430
Accounts Receivable 120
To record collection of accounts receivable from Ruiz Shoppers

20 Accounts Payable 210

Purchase Returns and Allowances 520
To record return of merchandise purchased from Oquendo Trading

21 Representation Expense 670

Cash 110
To record payment of representation expense

23 Accounts Receivable 120

Sales 410
To record merchanside sold to Pimentel Shop on account

24 Accounts Payable 210

Cash 110
Purchase Discount 530
To record payment of merchandise purchased from Oquendo Trading

26 Representation Expense 670

Cash 110
To record payment of representation expense
28 Transportation In 540
Cash 110
To record payment of freight charges of the merchandise purchased from Oquendo Trading

29 Purchases 510
Purchase Discount 530
Accounts Payable 210
To record purchase of merchandise from Nueva Wholesale Company, net of trade discounts

29 Sales Return and Allowances 420

Accounts Receivable 120
To record sales returns from Pimentel Shop

30 Repairs Expense 680

Cash 110
To record payment of repairs expense

31 Castro, Withdrawals 320

Cash 110
To record withdrawal of cash by Castro
 DR CR

115,000.00 POSTED
2,300.00
112,700.00

174,600.00 POSTED
5,400.00
180,000.00

210,000.00 POSTED
210,000.00

25,000.00 POSTED
25,000.00

232,000.00 POSTED
232,000.00

12,000.00 POSTED
12,000.00

8,000.00 POSTED
8,000.00

179,450.00 POSTED
5,550.00
185,000.00
, net of sales discount

13,000.00 POSTED
13,000.00
A. Plural Supplies

220,000.00 POSTED
215,600.00
 4,400.00

330,000.00 POSTED
330,000.00

6,000.00 POSTED
6,000.00
ed from Naga Products

74,000.00 POSTED
74,000.00

113,000.00 POSTED
113,000.00

FPOmegaJr:
9,000.00 POSTED
Should be recorded as
9,000.00 asset first

320,100.00 POSTED
9,900.00
330,000.00

8,000.00 POSTED
8,000.00

3,000.00 POSTED
3,000.00

242,000.00 POSTED
242,000.00

105,000.00 POSTED
102,900.00
2,100.00

9,000.00 POSTED
9,000.00
 4,000.00 POSTED
4,000.00
ed from Oquendo Trading

378,000.00 POSTED
FPOmegaJr:
Trade discounts are
378,000.00 usually given for bulk
purchases
any, net of trade discounts

18,000.00 POSTED
FPOmegaJr:
18,000.00 Should be AR

19,000.00 POSTED
19,000.00

170,000.00 POSTED
170,000.00

3,018,000.00 3,018,000.00
checking -
 UNADJUSTED TRIAL BALANCE
Account Code Account Title Dr
110 Cash 141,950.00
120 Accounts Receivable 382,000.00
130 Merchandise Inventory 426,000.00
140 Office Supplies 40,000.00
150 Prepaid Insurance 48,000.00
160 Land 370,000.00
170 Building 900,000.00
175 Accum. Dep. - Building
180 Equipment 800,000.00
185 Accum. Dep. - Equipment
210 Accounts Payable
220 Salaries Payable
230 Mortgage Payable
310 Castro, Capital
320 Castro, Withdrawals 170,000.00
330 Income Summary
410 Sales
420 Sales Ret. & Allow 43,000.00
430 Sales Discounts 20,850.00
510 Purchases 723,000.00
520 Purchases Ret. & Allow
530 Purchase Discounts
540 Transportation In 10,000.00
610 Salaries Expense 74,000.00
620 Office Supplies Expense
630 Insurance Expense
640 Dep. Expense - Building
650 Dep. Expense - Equipment
660 Transportation Out 13,000.00
670 Representation Expense 12,000.00
680 Repairs Expense 19,000.00
690 Interest Expense 8,000.00
4,200,800.00
NCE
Cr

250,000.00

200,000.00
435,000.00

1,200,000.00
1,305,000.00

782,000.00

20,000.00
8,800.00

4,200,800.00
ADJUSTING ENTRIES

a. Salaries in the amount of 73,000 have accrued on Dec. 31

610 Salaries Expense
220 Salaries Payable

b. Insurance coverage with premiums of 2,000 has expired at month-end

630 Insurance Expense
150 Prepaid Insurance

c. Depreciation on the building and on the equipment for the month amounted to 3,000 and 4,500, respectively
Depreciation Expense - Bldg
Depreciation Expense - Equipt
Accumulated Depreciation - Bldg
Accumulated Depreciation - Equipment

d. Office supplies on hand at month-end amounted to 7,000

620 Office Supplies Expense
140 Office Supplies

CLOSING ENTRIES
e. A count of the inventory amounted to 653,000 on Dec. 31, 2005
520 Purchase Returns and Allowances
530 Purchase Discount
130 Merchandise Inventory
330 Income Summary
330 Purchases
540 Transportation In

f. To close revenues and expenses to income summary

410 Sales
420 Sales Ret. & Allow
430 Sales Discounts
610 Salaries Expense
620 Office Supplies Expense
630 Insurance Expense
640 Dep. Expense - Building
650 Dep. Expense - Equipment
660 Transportation Out
670 Representation Expense
680 Repairs Expense
690 Interest Expense
330 Income Summary
 DR CR

73,000.00 POSTED
73,000.00

2,000.00 POSTED
2,000.00

0 and 4,500, respectively

3,000.00
4,500.00
3,000.00
4,500.00

33,000.00
33,000.00

20,000.00 Cost of Goods Sold

8,800.00 Beginning Inventory
227,000.00 Add: Purchases 723,000.00
477,200.00 Transpo In 10,000.00
723,000.00 Less: Returns (20,000.00)
10,000.00 Discounts (8,800.00)
Net Cost of Purchase
COGS available
Less: Ending Inventory
Cost of Goods Sold

782,000.00
43,000.00
20,850.00
147,000.00
33,000.00
2,000.00
3,000.00
4,500.00
13,000.00
12,000.00
19,000.00
8,000.00
476,650.00
782,000.00 782,000.00
 426,000.00

704,200.00
1,130,200.00
(653,000.00)
477,200.00
Account Title: Cash (110)
Balance
Date Items Post Ref. Debit Credit Debit
01-Dec-05 Beg. 214,000.00 214,000.00
01-Dec-05 112,700.00 101,300.00
03-Dec-05 174,600.00 275,900.00
10-Dec-05 8,000.00 267,900.00
11-Dec-05 179,450.00 447,350.00
12-Dec-05 13,000.00 434,350.00
13-Dec-05 215,600.00 218,750.00
14-Dec-05 6,000.00 212,750.00
15-Dec-05 74,000.00 138,750.00
18-Dec-05 9,000.00 129,750.00
19-Dec-05 320,100.00 449,850.00
21-Dec-05 3,000.00 446,850.00
24-Dec-05 102,900.00 343,950.00
26-Dec-05 9,000.00 334,950.00
28-Dec-05 4,000.00 330,950.00
30-Dec-05 19,000.00 311,950.00
31-Dec-05 170,000.00 141,950.00

Building (170)
Balance
Date Items Post Ref. Debit Credit Debit
01-Dec-05 Beg. 900,000.00 900,000.00

Mortgage Payable (230)

 Balance
Date Items Post Ref. Debit Credit Debit
01-Dec-05 Beg. 1,200,000.00

Sales (410)
Balance
Date Items Post Ref. Debit Credit Debit
04-Dec-05 Sales 210,000.00
14-Dec-05 Sales 330,000.00
23-Dec-05 Sales 242,000.00

Purchases Discount (530)

Balance
Date Items Post Ref. Debit Credit Debit
 01-Dec-05 Discount 2,300.00
13-Dec-05 Discount 4,400.00
24-Dec-05 Discount 2,100.00
29-Dec-05 Discount -

Dep. Exp. - Building (640)

Balance
Date Items Post Ref. Debit Credit Debit
31-Dec-05 3,000.00 3,000.00

Interest Exp. (690)

Balance
Date Items Post Ref. Debit Credit Debit
10-Dec-05 Payment 8,000.00 8,000.00
 A/R (120)
Balance
Credit Date Items Post Ref. Debit Credit
01-Dec-05 Beg. 338,000.00
03-Dec-05 180,000.00
04-Dec-05 210,000.00
05-Dec-05 25,000.00
11-Dec-05 185,000.00
14-Dec-05 330,000.00
19-Dec-05 330,000.00
23-Dec-05 242,000.00
24-Dec-05 18,000.00

Accum. Dep. - Building (175)

Balance Date Items Post Ref. Debit Credit

Credit 01-Dec-05 Beg. 250,000.00
31-Dec-05 3,000.00

Castro, Capital (310)

Balance Date Items Post Ref. Debit Credit
Credit 01-Dec-05 Beg. 1,305,000.00
1,200,000.00

Sales Ret. & Allow (420)

Balance Date Items Post Ref. Debit Credit

Credit 05-Dec-05 Returns 25,000.00
210,000.00 29-Dec-05 Returns 18,000.00
540,000.00
782,000.00

Transportation In (540)

Balance Date Items Post Ref. Debit Credit

Credit 14-Dec-05 Payment 6,000.00
 2,300.00 28-Dec-05 Payment 4,000.00
6,700.00
8,800.00
8,800.00

Dep. Exp. - Equipment (

Balance Date Items Post Ref. Debit Credit

Credit 31-Dec-05 4,500.00

Land (160)

Balance Date Items Post Ref. Debit Credit

Credit 01-Dec-05 Beg. 370,000.00
 Merchandise Inventory (130)
Balance
Debit Credit Date Items Post Ref. Debit
338,000.00 01-Dec-05 Beg. 426,000.00
158,000.00 31-Dec-05 End. 227,000.00
368,000.00
343,000.00
158,000.00
488,000.00
158,000.00
400,000.00
382,000.00

Equipment (180)
Balance
Debit Credit Date Items Post Ref. Debit
250,000.00 01-Dec-05 Beg. 800,000.00
253,000.00

Salaries Payable (220)

Balance
Debit Credit Date Items Post Ref. Debit
1,305,000.00 31-Dec-05

Sales Discounts (430)

Balance
Debit Credit Date Items Post Ref. Debit
25,000.00 03-Dec-05 Discount 5,400.00
43,000.00 11-Dec-05 Discount 5,550.00
19-Dec-05 Discount 9,900.00

Salaries Expense (610)

Balance
Debit Credit Date Items Post Ref. Debit
6,000.00 15-Dec-05 Payment 74,000.00
 10,000.00 31-Dec-05 Accrual 73,000.00

Transportation Out (660)

Balance
Debit Credit Date Items Post Ref. Debit
4,500.00 12-Dec-05 Delivery 13,000.00

Balance
Debit Credit
370,000.00
 Office Supplies (140)
Balance
Credit Debit Credit Date Items Post Ref.
426,000.00 01-Dec-05 Beg.
653,000.00 18-Dec-05
31-Dec-05 End.

Accum. Dep. - Equipment (185)

Balance
Credit Debit Credit Date Items Post Ref.
800,000.00 01-Dec-05 Beg.
31-Dec-05

Castro, Withdrawal (320)

Balance
Credit Debit Credit Date Items Post Ref.
73,000.00 73,000.00 31-Dec-05

Purchases (510)
Balance
Credit Debit Credit Date Items Post Ref.
5,400.00 07-Dec-05 Purchase
10,950.00 18-Dec-05 Purchase
20,850.00 29-Dec-05 Purchase

Office Supplies Exp. (620)

Balance
Credit Debit Credit Date Items Post Ref.
74,000.00 31-Dec-05 Used portion
 147,000.00

Representation Exp. (670)

Balance
Credit Debit Credit Date Items Post Ref.
13,000.00 21-Dec-05 Payment
26-Dec-05 Payment
 Prepaid Insurance (150)
Balance
Debit Credit Debit Credit Date Items
31,000.00 31,000.00 01-Dec-05 Beg.
9,000.00 40,000.00 31-Dec-05
33,000.00 7,000.00

FPOmegaJr:
Used portion

Accounts Payable (210)

Balance
Debit Credit Debit Credit Date Items
200,000.00 200,000.00 01-Dec-05 Beg.
4,500.00 204,500.00 01-Dec-05
07-Dec-05
09-Dec-05
13-Dec-05
18-Dec-05
24-Dec-05
29-Dec-05
29-Dec-05

Income Summary (330)

Balance
Debit Credit Debit Credit Date Items
170,000.00 170,000.00 31-Dec-05
31-Dec-05

Purchases Ret. & Allow (520)

Balance
Debit Credit Debit Credit Date Items
232,000.00 232,000.00 09-Dec-05 Returns
113,000.00 345,000.00 20-Dec-05 Returns
378,000.00 723,000.00

Insurance Exp. (630)

Balance
Debit Credit Debit Credit Date Items
33,000.00 33,000.00 31-Dec-05
 Repairs Exp. (680)
Balance
Debit Credit Debit Credit Date Items
3,000.00 3,000.00 30-Dec-05 Payment
9,000.00 12,000.00
 Balance
Post Ref. Debit Credit Debit Credit
48,000.00 48,000.00
2,000.00 46,000.00

Balance
Post Ref. Debit Credit Debit Credit
172,000.00 172,000.00
115,000.00 57,000.00
232,000.00 289,000.00
12,000.00 277,000.00
220,000.00 57,000.00
113,000.00 170,000.00
8,000.00 162,000.00
105,000.00 57,000.00
378,000.00 435,000.00

Balance
Post Ref. Debit Credit Debit Credit
477,200.00 477,200.00
476,650.00 550.00

Balance
Post Ref. Debit Credit Debit Credit
12,000.00 12,000.00
8,000.00 20,000.00

Balance
Post Ref. Debit Credit Debit Credit
2,000.00 2,000.00
 Balance
Post Ref. Debit Credit Debit Credit
19,000.00 19,000.00
 ADJUSTED TRIAL BALANCE
Account Code Account Title Dr
110 Cash 141,950.00
120 Accounts Receivable 382,000.00
130 Merchandise Inventory 426,000.00
140 Office Supplies 7,000.00
150 Prepaid Insurance 46,000.00
160 Land 370,000.00
170 Building 900,000.00
175 Accum. Dep. - Building
180 Equipment 800,000.00
185 Accum. Dep. - Equipment
210 Accounts Payable
220 Salaries Payable
230 Mortgage Payable
310 Castro, Capital
320 Castro, Withdrawals 170,000.00
330 Income Summary
410 Sales
420 Sales Ret. & Allow 43,000.00
430 Sales Discounts 20,850.00
510 Purchases 723,000.00
520 Purchases Ret. & Allow
530 Purchase Discounts
540 Transportation In 10,000.00
610 Salaries Expense 147,000.00
620 Office Supplies Expense 33,000.00
630 Insurance Expense 2,000.00
640 Dep. Expense - Building 3,000.00
650 Dep. Expense - Equipment 4,500.00
660 Transportation Out 13,000.00
670 Representation Expense 12,000.00
680 Repairs Expense 19,000.00
690 Interest Expense 8,000.00
4,281,300.00
CE
Cr

253,000.00

204,500.00
435,000.00
73,000.00
1,200,000.00
1,305,000.00

782,000.00

20,000.00
8,800.00

4,281,300.00
 C. Castro Company C. Castro Co
Statement of Financial Position Statement of Pe
As of December 31, 2005 For the Month of Dec

Assets Revenue
Current Assets Less:
Cash 141,950.00 Sales returns and allowances
Accounts Receivable 382,000.00 Sales discounts
Merchandise Inventory 653,000.00 Net Revenue
Office Supplies 7,000.00 Less: Cost of good sold
Prepaid Insurance 46,000.00 Gross income
Non-current Assets Less: Operating expenses
Land 370,000.00 Income from operations
Building - net of accumulated depreciation 647,000.00 Less: Finance cost - interest expense
Equipment -net of accumulated depreciation 595,500.00 Net Loss
TOTAL ASSETS 2,842,450.00
Revenue
Liabilities Less:
Current Liabilities Sales returns and allowances
Accounts Payable 435,000.00 Sales discounts
Salaries Payable 73,000.00 Net Revenue
Non-current Liability Less: Cost of good sold
Mortgage Payable 1,200,000.00 Gross income
TOTAL LIABILITIES 1,708,000.00 Less: Operating expenses
OWNER'S EQUITY 1,134,450.00 Net Loss
TOTAL LIABILITIES AND OWNER'S EQUITY 2,842,450.00
-
 C. Castro Company C. Castro Company
Statement of Performance Statement of Changes in Owner's Equity
For the Month of December 31, 2005 As of December 31, 2005

782,000.00 Castro Capital, Beginning

Withdrawals
eturns and allowances (43,000.00) Net Loss During the Month
(20,850.00) Castro Capital, Ending
718,150.00
of good sold (477,200.00)
240,950.00
ating expenses (233,500.00)
om operations 7,450.00
nce cost - interest expense (8,000.00)
(550.00)

782,000.00

eturns and allowances (43,000.00)

(20,850.00)
718,150.00
FPOmegaJr:
of good sold (477,200.00) If simple presentation
240,950.00
ating expenses (241,500.00)
(550.00)
 any
Owner's Equity
1, 2005

1,305,000.00
(170,000.00)
(550.00)
1,134,450.00
 XYZ COMPANY
STATEMENT OF CASH FLOW
YEAR
Cash flow from operating activities
Received from
Sales ₱ -
Receivables collected ₱ 674,150.00
Refunds from supplier ₱ -
Payment for
Supplies ₱ 9,000.00
Freight In ₱ 10,000.00
Goods Bought ₱ 431,200.00
Operating Expenses ₱ 105,000.00
Freight Out ₱ 13,000.00
Refund to cx ₱ -
Net Cash Flow from operating activities ₱ 105,950.00

Cash Flow from Investing

₱ -

Cash Flow from Financing

Initial Investment
Borrowings ₱ -
Drawings ₱ 170,000.00
Net Cash Flow from Investing activitiies -₱ 170,000.00

Increase/decrease in cash -₱ 275,950.00

Cash Beg.
Cash End
Closing Entries
Account Post Ref Debit
Date Acct No.
### 410 Sales ₱ 782,000.00
330 Income Summary
420 Sales Returns and Allowances
430 Sales Discounts
to close temporary accounts with debit balances

### 330 Income Summary ₱ 477,200.00

520 Purchase Returns and Allowances ₱ 20,000.00
530 Purchase Discounts ₱ 8,800.00
130 Merchandise Inventory (ending) ₱ 653,000.00
510 Purchases
540 Transpo In
130 Merchandise Inventory - Beginning
to close temporary accounts and to remove beginning inventory

### 330 Income Summary ₱ 241,500.00

610 Salaries Expense
620 Office Supplies Expense
630 Insurance Expense
640 Dep. Expense - Building
650 Dep. Expense - Equipment
660 Transpo Out
670 Representation Expense
680 Repairs Expense
690 Interest Expense
to close expense account with debit balances

### 310 Castro, Capital ₱ 550.00

330 Income Summary
to close the income summary account

### 310 Castro, Capital ₱ 170,000.00

320 Castro Withdrawal
to close withdrawal account
₱ 2,353,050.00
 Credit

₱ 718,150.00
₱ 43,000.00
₱ 20,850.00

₱ 723,000.00
₱ 10,000.00
₱ 426,000.00

₱ 147,000.00
₱ 33,000.00
₱ 2,000.00
₱ 3,000.00
₱ 4,500.00
₱ 13,000.00
₱ 12,000.00
₱ 19,000.00
₱ 8,000.00

₱ 550.00

₱ 170,000.00

₱ 2,353,050.00
Account Title: Cash (110)
Balance
Date Items Post Ref. Debit Credit Debit
01-Dec-05 Beg. 214,000.00 214,000.00
01-Dec-05 112,700.00 101,300.00
03-Dec-05 174,600.00 275,900.00
10-Dec-05 8,000.00 267,900.00
11-Dec-05 179,450.00 447,350.00
12-Dec-05 13,000.00 434,350.00
13-Dec-05 215,600.00 218,750.00
14-Dec-05 6,000.00 212,750.00
15-Dec-05 74,000.00 138,750.00
18-Dec-05 9,000.00 129,750.00
19-Dec-05 320,100.00 449,850.00
21-Dec-05 3,000.00 446,850.00
24-Dec-05 102,900.00 343,950.00
26-Dec-05 9,000.00 334,950.00
28-Dec-05 4,000.00 330,950.00
30-Dec-05 19,000.00 311,950.00
31-Dec-05 170,000.00 141,950.00

Building (170)
Balance
Date Items Post Ref. Debit Credit Debit
01-Dec-05 Beg. 900,000.00 900,000.00

Mortgage Payable (230)

 Balance
Date Items Post Ref. Debit Credit Debit
01-Dec-05 Beg. 1,200,000.00

Sales (410)
Balance
Date Items Post Ref. Debit Credit Debit
04-Dec-05 Sales 210,000.00
14-Dec-05 Sales 330,000.00
23-Dec-05 Sales 242,000.00
31-Dec-05 closing PHP 782,000.00

Purchases Discount (530)

Balance
Date Items Post Ref. Debit Credit Debit
 01-Dec-05 Discount 2,300.00
13-Dec-05 Discount 4,400.00
24-Dec-05 Discount 2,100.00
29-Dec-05 Discount -
31-Dec-05 closing PHP 8,800.00

Dep. Exp. - Building (640)

Balance
Date Items Post Ref. Debit Credit Debit
31-Dec-05 3,000.00 3,000.00
31-Dec-05 closing PHP 3,000.00 PHP 0.00

Interest Exp. (690)

Balance
Date Items Post Ref. Debit Credit Debit
10-Dec-05 Payment 8,000.00 8,000.00
31-Dec-05 closing PHP 8,000.00 PHP 0.00
 A/R (120)
Balance
Credit Date Items Post Ref. Debit Credit
01-Dec-05 Beg. 338,000.00
03-Dec-05 180,000.00
04-Dec-05 210,000.00
05-Dec-05 25,000.00
11-Dec-05 185,000.00
14-Dec-05 330,000.00
19-Dec-05 330,000.00
23-Dec-05 242,000.00
24-Dec-05 18,000.00

Accum. Dep. - Building (175)

Balance Date Items Post Ref. Debit Credit

Credit 01-Dec-05 Beg. 250,000.00
31-Dec-05 3,000.00

Castro, Capital (310)

Balance Date Items Post Ref. Debit Credit
Credit 01-Dec-05 Beg. 1,305,000.00
1,200,000.00 31-Dec-05 closing PHP 550.00
31-Dec-05 closing PHP 170,000.00

Sales Ret. & Allow (420)

Balance Date Items Post Ref. Debit Credit

Credit 05-Dec-05 Returns 25,000.00
210,000.00 29-Dec-05 Returns 18,000.00
540,000.00 31-Dec-05 closing PHP 43,000.00
782,000.00
-

Transportation In (540)

Balance Date Items Post Ref. Debit Credit

Credit 14-Dec-05 Payment 6,000.00
 2,300.00 28-Dec-05 Payment 4,000.00
6,700.00 31-Dec-05 closing PHP 10,000.00
8,800.00
8,800.00
PHP 0.00

Dep. Exp. - Equipment (

Balance Date Items Post Ref. Debit Credit

Credit 31-Dec-05 4,500.00
31-Dec-05 closing PHP 4,500.00

Land (160)

Balance Date Items Post Ref. Debit Credit

Credit 01-Dec-05 Beg. 370,000.00
 Merchandise Inventory (130)
Balance
Debit Credit Date Items Post Ref. Debit
338,000.00 01-Dec-05 Beg. 426,000.00
158,000.00 31-Dec-05 End. 227,000.00
368,000.00
343,000.00
158,000.00
488,000.00
158,000.00
400,000.00
382,000.00

Equipment (180)
Balance
Debit Credit Date Items Post Ref. Debit
250,000.00 01-Dec-05 Beg. 800,000.00
253,000.00

Salaries Payable (220)

Balance
 Debit Credit Date Items Post Ref. Debit
1,305,000.00 31-Dec-05
1,304,450.00
PHP 1,134,450.00

Sales Discounts (430)

Balance
Debit Credit Date Items Post Ref. Debit
25,000.00 03-Dec-05 Discount 5,400.00
43,000.00 11-Dec-05 Discount 5,550.00
PHP 0.00 19-Dec-05 Discount 9,900.00
31-Dec-05 closing

Salaries Expense (610)

Balance
Debit Credit Date Items Post Ref. Debit
6,000.00 15-Dec-05 Payment 74,000.00
 10,000.00 31-Dec-05 Accrual 73,000.00
PHP 0.00 31-Dec-05 closing

Transportation Out (660)

Balance
Debit Credit Date Items Post Ref. Debit
4,500.00 12-Dec-05 Delivery 13,000.00
PHP 0.00 31-Dec-05 closing

Balance
Debit Credit
370,000.00
 Office Supplies (140)
Balance
Credit Debit Credit Date Items Post Ref.
426,000.00 01-Dec-05 Beg.
653,000.00 18-Dec-05
31-Dec-05 End.

Accum. Dep. - Equipment (185)

Balance
Credit Debit Credit Date Items Post Ref.
800,000.00 01-Dec-05 Beg.
31-Dec-05

Castro, Withdrawal (320)

Balance
 Credit Debit Credit Date Items Post Ref.
73,000.00 73,000.00 31-Dec-05
31-Dec-05 closing

Purchases (510)
Balance
Credit Debit Credit Date Items Post Ref.
5,400.00 07-Dec-05 Purchase
10,950.00 18-Dec-05 Purchase
20,850.00 29-Dec-05 Purchase
PHP 20,850.00 PHP 0.00 31-Dec-05 closing

Office Supplies Exp. (620)

Balance
Credit Debit Credit Date Items Post Ref.
74,000.00 31-Dec-05 Used portion
 147,000.00 31-Dec-05 closing
PHP 147,000.00 PHP 0.00

Representation Exp. (670)

Balance
Credit Debit Credit Date Items Post Ref.
13,000.00 21-Dec-05 Payment
PHP 13,000.00 PHP 0.00 26-Dec-05 Payment
31-Dec-05 closing
 Prepaid Insurance (150)
Balance
Debit Credit Debit Credit Date Items
31,000.00 31,000.00 01-Dec-05 Beg.
9,000.00 40,000.00 31-Dec-05
33,000.00 7,000.00

FPOmegaJr:
Used portion

Accounts Payable (210)

Balance
Debit Credit Debit Credit Date Items
200,000.00 200,000.00 01-Dec-05 Beg.
4,500.00 204,500.00 01-Dec-05
07-Dec-05
09-Dec-05
13-Dec-05
18-Dec-05
24-Dec-05
29-Dec-05
29-Dec-05

Income Summary (330)

Balance
Debit Credit Debit Credit Date Items
170,000.00 170,000.00 31-Dec-05 closing
PHP 170,000.00 PHP 0.00 31-Dec-05 closing
31-Dec-05 closing
31-Dec-05 closing

Purchases Ret. & Allow (520)

Balance
Debit Credit Debit Credit Date Items
232,000.00 232,000.00 09-Dec-05 Returns
113,000.00 345,000.00 20-Dec-05 Returns
378,000.00 723,000.00 31-Dec-05 closing
PHP 723,000.00 PHP 0.00

Insurance Exp. (630)

Balance
Debit Credit Debit Credit Date Items
33,000.00 33,000.00 31-Dec-05
 PHP 33,000.00 PHP 0.00 31-Dec-05 closing

Repairs Exp. (680)

Balance
Debit Credit Debit Credit Date Items
3,000.00 3,000.00 30-Dec-05 Payment
9,000.00 12,000.00 31-Dec-05 closing
PHP 12,000.00 PHP 0.00
 Balance
Post Ref. Debit Credit Debit Credit
48,000.00 48,000.00
2,000.00 46,000.00

Balance
Post Ref. Debit Credit Debit Credit
172,000.00 172,000.00
115,000.00 57,000.00
232,000.00 289,000.00
12,000.00 277,000.00
220,000.00 57,000.00
113,000.00 170,000.00
8,000.00 162,000.00
105,000.00 57,000.00
378,000.00 435,000.00

Balance
Post Ref. Debit Credit Debit Credit
718,150.00 718,150.00
477,200.00 240,950.00
PHP 241,500.00 -PHP 550.00
PHP 550.00 PHP 0.00

Balance
Post Ref. Debit Credit Debit Credit
12,000.00 12,000.00
8,000.00 20,000.00
PHP 20,000.00 PHP 0.00

Balance
Post Ref. Debit Credit Debit Credit
2,000.00 2,000.00
 PHP 2,000.00 PHP 0.00

Balance
Post Ref. Debit Credit Debit Credit
19,000.00 19,000.00
PHP 19,000.00 PHP 0.00
 Trial Balance, Beginning
Account Code Account Title Dr Cr
110 Cash 214,000.00
120 Accounts Receivable 338,000.00
130 Merchandise Inventory 426,000.00
140 Office Supplies 31,000.00
150 Prepaid Insurance 48,000.00
160 Land 370,000.00
170 Building 900,000.00
175 Accum. Dep. - Building 250,000.00
180 Equipment 800,000.00
185 Accum. Dep. - Equipment 200,000.00
210 Accounts Payable 172,000.00
220 Salaries Payable
230 Mortgage Payable 1,200,000.00
310 Castro, Capital 1,305,000.00
320 Castro, Withdrawals
330 Income Summary
410 Sales
420 Sales Ret. & Allow
430 Sales Discounts
510 Purchases
520 Purchases Ret. & Allow
530 Purchase Discounts
540 Transportation In
610 Salaries Expense
620 Office Supplies Expense
630 Insurance Expense
640 Dep. Expense - Building
650 Dep. Expense - Equipment
660 Transportation Out
670 Representation Expense
680 Repairs Expense
690 Interest Expense
3,127,000.00 3,127,000.00
-
 C. Castro Company
WORKSHEET
For the month ended December 31, 2005

Transactions for the Month Unadjusted Trial Balance Adjusting Entries

Dr Cr Dr Cr Dr Cr
674,150.00 746,200.00 141,950.00
782,000.00 738,000.00 382,000.00
426,000.00
9,000.00 40,000.00 33,000.00
48,000.00 2,000.00
370,000.00
900,000.00
250,000.00 3,000.00
800,000.00
200,000.00 4,500.00
460,000.00 723,000.00 435,000.00
- 73,000.00
1,200,000.00
1,305,000.00
170,000.00 170,000.00
-
782,000.00 782,000.00
43,000.00 43,000.00
20,850.00 20,850.00
723,000.00 723,000.00
20,000.00 20,000.00
8,800.00 8,800.00
10,000.00 10,000.00
74,000.00 74,000.00 73,000.00
- 33,000.00
- 2,000.00
- 3,000.00
- 4,500.00
13,000.00 13,000.00
12,000.00 12,000.00
19,000.00 19,000.00
8,000.00 8,000.00
3,018,000.00 3,018,000.00 4,200,800.00 4,200,800.00 115,500.00 115,500.00
- - -
 Pre-Closing Trial Balance Closing Entries Post-Closing Trial Balance
Dr Cr Dr Cr Dr Cr
141,950.00 141,950.00
382,000.00 382,000.00
426,000.00 227,000.00 653,000.00
7,000.00 7,000.00
46,000.00 46,000.00
370,000.00 370,000.00
900,000.00 900,000.00
253,000.00 253,000.00
800,000.00 800,000.00
204,500.00 204,500.00
435,000.00 435,000.00
73,000.00 73,000.00
1,200,000.00 1,200,000.00
1,305,000.00 1,305,000.00
170,000.00 170,000.00
- 477,200.00 476,650.00 550.00
782,000.00 782,000.00 -
43,000.00 43,000.00 -
20,850.00 20,850.00 -
723,000.00 723,000.00 -
20,000.00 20,000.00 -
8,800.00 8,800.00 -
10,000.00 10,000.00 -
147,000.00 147,000.00 -
33,000.00 33,000.00 -
2,000.00 2,000.00 -
3,000.00 3,000.00 -
4,500.00 4,500.00 -
13,000.00 13,000.00 -
12,000.00 12,000.00 -
19,000.00 19,000.00 -
8,000.00 8,000.00 -
4,281,300.00 4,281,300.00 1,515,000.00 1,515,000.00 3,470,500.00 3,470,500.00
- - -
 Balance Sheet Income Statement
Dr Cr Dr Cr
141,950.00
382,000.00
653,000.00
7,000.00
46,000.00
370,000.00
900,000.00
253,000.00
800,000.00
204,500.00
435,000.00
73,000.00
1,200,000.00
1,305,000.00
170,000.00
550.00 477,200.00
- 782,000.00
43,000.00 -
20,850.00 -

147,000.00 -
33,000.00 -
2,000.00 -
3,000.00 -
4,500.00 -
13,000.00 -
12,000.00 -
19,000.00 -
8,000.00 -
3,470,500.00 3,470,500.00 782,550.00 782,000.00
- Net Loss 550.00