Ricardo Pangan Company

Worksheet
For the month ended January, 2015
Trial Balance Adjustments
Account Title Debit Credit Debit Credit
Cash 240,000 2,103,200
Accounts Receivable 210,000 530,000
allowance for uncollectible accounts 37,000
Merchandise Inventory 730,000
Prepaid Rent 90,000 30,000
Office Supplies 160,000 40,000 130,000
office eqiupment 1,000,000 80,000
Accumulated Depreciation 250,000 4,000 10,800
Notes Payable 400,000 210,000
Accounts Payable 130,000 1,060,000
Salaries Payable 90,000
Interest Payable 333
Pangan, Capital 1,650,000
Pangan, withdrawal 100,000
Income Summary
Sales 3,160,000
Sales Returns and Allowances 30,000
Sales Discounts 11,600
Purchases 1,440,000
Purchases Returns and Allowances 10,000
Purchases Discounts 6,300
Transportation In 20,000
uncollectible accounts expense 37,000
gain on sale 2,700
Salaries Expense 170,000
Rent Expense 30,000
Office Supplies Expense 130,000
Depreciation Expense 11,000
Interest Expense 10,333
total 2,430,000 2,430,000 4,747,133 4,747,133
Profit
an Company
sheet
ded January, 2015
Adjusted Trial Balance Income Statement Balance Sheet
Debit Credit Debit Credit Debit Credit
2,343,200 2,343,200
740,000 740,000
37,000 37,000
730,000 730,000 470,000 470,000
60,000 60,000
70,000 70,000
1,080,000 1,080,000
256,800 256,800
610,000 610,000
1,190,000 1,190,000
90,000 90,000
333 333
1,650,000 1,650,000
100,000 100,000

3,160,000 3,160,000
30,000 30,000
11,600 11,600
1,440,000 1,440,000
10,000 10,000
6,300 6,300
20,000 20,000
37,000 37,000
2,700 2,700
170,000 170,000
30,000 30,000
130,000 130,000
11,000 11,000
10,333 10,333
7,013,133 7,013,133 2,619,933 3,649,000 4,863,200 3,834,133
1,029,067 1,029,067
3,649,000 3,649,000 4,863,200 4,863,200
 Ricardo Pangan Company
Post-Closing Trial Balance
30-Jan-15

Cash 2,343,200
Accounts Receivable 740,000
Merchandise Inventory 470,000
Prepaid Rent 60,000
Office Supplies 70,000
Office Equipment 1,080,000
Accumulated Depreciation P 256,800
allowance for uncollectible accounts 37,000
Notes Payable 610,000
Salaries Payable 90,000
Accounts Payable 1,190,000
Salaries Payable 90,000
Pangan, Capital 2,605,900

4,763,200 4,622,900
 Ricardo Pangan Company
Sales Journal
Invoice Accounts Rec. Dr/
Date Account Debited PR
No. Sales Cr.
2 316 B. Bandonell 240,000
8 317 G. Sevidal ` 310,000
13 318 M. Cerda 130,000
18 319 R. Loyola 460,000
23 320 B. Bandonell 110,000
29 321 M. Cerda 170,000
Total 1,420,000
 Ricardo Pangan Company
Cash Disbursement Journal
Credits

Ck Purcahses
Date Descriptions cash
No. Discounts
7 83 Full payment for E. Samonte Company 126,100 3,900
11 84 Full payment for T. Areanas Company 77,600 2,400
12 85 merchandise for cash 70,000
14 86 interest for notes payable 10,000
15 87 salaries for the month 80,000
19 88 owner's cash withdrawal 100,000
21 89 office supplies 40,000
22 90 frieght charges 20,000
26 91 partial payment for E. Samonte 90,000
Total 613,700 6,300
Pangan Company
bursement Journal
Debits
Other Accounts
Accounts Payable purchases Account title PR Amount

130,000
80,000
70,000
Interest expense 10,000
salaries expense 80,000
Pangan, Withdrawal 100,000
office supplies 40,000
transportation in 20,000
90,000
300,000 70,000 250,000
 Ricardo Panga
Cash Receip
Debits

Date OR No. Descriptions cash Sales Discounts

4 R. Loyola full payment 205,800 4,200

5 merchandise for cash 430,000
10 B. Bandonell full payment 235,200 4,800
22 M. Cerda full payment 127,400 2,600
25 G, Sevidal full payment 280,000
27 loan from 1st Moryta Bank 170,000
28 cash from sale of equiptment 18,500

30 merchandise for cash 1,310,000

Total 2,776,900 11,600
 Ricardo Pangan Company
Cash Receipts Journal
Debits Credits
other account
Accounts
account Title PR amount Sales
Receivable
210,000
430,000
240,000
130,000
280,000

accumullated depreciation 4,000

depreciation expense 200
1,310,000
4,200 860,000 1,740,000
 Credits
Other Accounts
Account title PR Amount

notes payable 170,000

gain on sale 2,700
office equiptment 20,000

192,700
 Ricardo Pangan Company
Purchases Journal
Credits

Date RR No. Amount Credited PR Accounts Payable Purchases

3 2 T. Areanas Company 90,000 90,000

11 10 L . Viray Company 120,000 120,000
17 14 E. Samonte Company 190,000 190,000
25 24 A Bragaza Company 340,000 340,000
28 27 L . Viray Company 270,000 270,000
30 29 T. Areanas Company 360,000 360,000
Total 1,370,000 1,370,000

60,000
126,100
77,600
70,000
10,000
80,000
100,000
40,000
20,000
90,000
673,700 2,776,900 2,103,200
do Pangan Company
urchases Journal
Debits
Other Accounts
Office Supplies Store Supplies Account title PR Amount
 Ricardo Pangan Company
Income Statement
For the month ended January 30, 3015
Net sales
Gross sales
Less: Sales Returns and Allowances 30,000
Sales Discounts 11,600
Net sales
Cost of Sales
Merchandise Inventory, Dec 30, 2014 730,000
Purchases 1,440,000
Less: Purchase returns and Allowances 10,000
Purchase Discounts 6,300 16,300
Net Purchases 1,423,700
Transportaion In 20,000
Net Cost of Purchases 1,443,700
Goods Available for Sale 2,173,700
Less: Merchandise Inventory, January 30, 2015 470,000
Cost of Sales
Gross Profit
Operating Expense
Selling expenses
Salaries Expense 170,000
Rent Expense 30,000
Uncollectible accounts expense 37,000 237,000
Administrative expenses
Office Supplies Expense 130,000
Depreciation Expense 11,000
Interest Expense 10,333 151,333
Total Operating expenses
Operating Profit
Add: Non-Operating Profit
Gain on sale
Total Income
 Ricardo Pangan Company
Statement of Changes in Owner’s Equity
For the month ended January 30, 3015

3,160,000 Ricardo Pangan Company, Owner’s Equity 1/1/14

Add: Profit
41,600 Total
3,118,400 Less: Withdrawal
Ricardo Pangan Company, Owner’s Equity 1/31/15

1,703,700
1,414,700

388,333
1,026,367

2,700
1,029,067
mpany Ricardo Panga
wner’s Equity Balance
uary 30, 3015 For the month ended

1,650,000 Asset
1,029,067 Current Asset
2,679,067
100,000
2,579,067

Property and Equipment

Total assets

Liabilities
Current Liabilities

Total Liabilities

Owner’s Equity
Ricardo Pangan Company Capital, 1/30/15
Total Liabilities and Owner’s Equity
 Ricardo Pangan Company
Balance Sheet
For the month ended January 30, 3015

Current Asset
Cash 2,343,200
Accounts Receivable 740,000
Less: Allowance for uncollectible accounts -37,000
Merchandise Inventory 470,000
Prepaid Rent 60,000
Office Supplies 70,000
Total Current Asset 3,646,200
Property and Equipment
Office Equipment 1,080,000
Less: Accumulated Depreciation -256,800
Total Property and Equipment 823,200
Total assets 4,469,400

Current Liabilities
Accounts Payable 1,190,000
Notes Payable 610,000
Salaries Payable 90,000
Interest Payable 333
Total Liabilities 1,890,333

Owner’s Equity
Ricardo Pangan Company Capital, 1/30/15 2,579,067
Total Liabilities and Owner’s Equity 4,469,400