STUDENT INFORMATION

NAME : Rivas, Keycee Rhaye T

(Last Name, First Name Middle Initial)
DATE : 12/26/2020
(MM/DD/YYYY)
SECTION : BSA-1M
CLASS SCHED : TTh
TEACHER : Mr. Raner Aranez
 1 4
2 2
3 1
4 1
5 2
6 3
7 2
8 4
9 0
10 3
No. Date DR CR Explanation DR CR
1 Inventory 40,000.00
2 Income Summary 40,000.00
3 To adjust inventory
4
5 Office Supplies Expense 8,000.00
6 Office Supplies 8,000.00
7 To adjust Office Supplies
8
9 Depreciation Expense 20,000.00
10 Accumulated Depreciation 20,000.00
11 To adjust Depreciation
12
13 Interest Expense 200.00
14 Interest Payable 200.00
15 To adjust Interest Expense
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
 Problem 1 Co.
Statement of Financial Perfomance
For the year ended Dember 31, 2020

Net Sales
Sales 500,000.00
Less: Sales Discounts 20,000.00 480,000.00
Cost of Goods Sold
Inventory, 1/1/20 50,000.00
Add: Net Purchases 160,000.00
Less: Inventory, 12/31/20 40,000.00 170,000.00
Gross Profit 310,000.00
Operating Expenses
Freight Out 15,000.00
Interest Expense 200.00
Rent Expense 120,000.00
Utilities Expense 60,000.00
Depreciation Expense 20,000.00
Office Supplies Expense 8,000.00 223,200.00
Net Income 86,800.00
 Problem 1 Co.
Statement of Changes in Equity
For the year ended December 31, 2020

Owner's, Capital, 01/01/20 245,000.00

Add: Profit 86,800.00
Less: Withdrawal -
Owner's Capital, 12/31/2020 331,800.00
 Problem 1 Co.
Statement of Financial Position
As of December 31, 2020

Current Assets
Cash 150,000.00
Accounts Receivable 100,000.00
Inventory 40,000.00
Office Supplies 2,000.00 292,000.00
Non-Current Assets
Equipment 200,000.00
Less: Accumulated Depreciaton 60,000.00 140,000.00
TOTAL ASSESTS 432,000.00

Current Liabilities
Accounts Payable 80,000.00
Notes Payable 20,000.00
Interest Payable 200.00 100,200.00

Owner's, Capital, 12/31/2020 331,800.00

Total Liabilities and Owner's Equity 432,000.00
No. Date DR CR Explanation DR CR
1 Income Summary 50,000.00
2 Invetory 50,000.00
3 To close inventory beginning
4
5 Income Summary 413,200.00
6 Freight in 20,000.00
7 Freight out 15,000.00
8 Interest Expense 200.00
9 Rent Expense 120,000.00
10 Utilities Expense 60,000.00
11 Sales Discounts 20,000.00
12 Purchases 150,000.00
13 Office Supplies Expense 8,000.00
14 Depreciation Expense 20,000.00
15 To close debit nominal accounts
16
17 Sales 500,000.00
18 Purchase Returns and Allowances 10,000.00
19 Income Summary 510,000.00
20 To close credit nominal accounts
21
22 Income Summary 86,800.00
23 Owner's, Capital 86,800.00
24 To close income summary
25
26
27
28 To close drawings or withdrawal
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
 A B C
CASE 1
Share in Profit
Ending Capital

CASE 2
Share in Profit
Ending Capital

CASE 3
Share in Profit
Ending Capital

CASE 4
Share in Profit
Ending Capital
No. Date DR CR Explanation DR CR
1 1/4/2020 Subscription Receivable 115,000.00
2 Subscribed Ordinary Shares 100,000.00
3 Share Premium 15,000.00
4 To record subscription
5
6 Cash 23,000.00
7 Subscription receivable 23,000.00
8 To record downpayment
9
10 2/5/2020 Cash 22,000.00
11 Ordinary Shares 20,000.00
12 Share Premium 2,000.00
13 To record issuance for cash
14
15 6/30/2020 Treasury Shares 8,000.00
16 Cash 8,000.00
17 To record treasury shares
18
19 8/31//2020 Cash 46,000.00
20 Subscription Receivable 46,000.00
21 To record collection of SR
22
23 Subscribed Ordinary Shares 50,000.00
24 Ordinary Shares 50,000.00
25 To reocrd issuance
26
27 9/15/2020 Retained Earnings
28 Share Dividends Distributable
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
Retained Earnings- Unappropriated
Retained Earnings- Appropriated