Journal Entry

Account Name Amount

No Dr.
yr1

1 Cash ₱ 350,000.00
Owner, Capital
Loans Payable
To record initial capital

2 Purchases ₱ 600,000.00
Cash
To record purchases

3 Cash ₱ 500,000.00
Sales Revenue
To record sales

4 Utilities expense ₱ 1,000.00

Wages expense ₱ 21,000.00
Rent expense ₱ 12,000.00
Cash
Wages Payable
To record expenses

AJE

1 Income summary ₱ -
Inventory
To adjust beginning inventory

2 Inventory ₱ 200,000.00
Income statement
To adjust ending inventory

CE

1 Sales Revenue ₱ 500,000.00

Income summary
To close credit-balance accounts

2 Income Summary ₱ 634,000.00

Purchases
Utilities expense
Wages expense
 Rent expense
To close debit-balance accounts

3 Income summary ₱ 66,000.00

Owner, Capital
To close Income Summary

yr2

1 Purchases ₱ 880,000.00
Cash
Accounts Payable
To record purchases

2 Cash ₱ 520,000.00
Accounts Recievable ₱ 520,000.00
Sales Revenue
To record sales

3 Utilities expense ₱ 2,000.00

Wages expense ₱ 28,000.00
Rent expense ₱ 12,000.00
Cash
Wages Payable
Rent Payable
To record expenses

AJE

1 Income summary ₱ 200,000.00

Inventory
To adjust beginning inventory

2 Inventory ₱ 200,000.00
Income statement
To adjust ending inventory

CE

1 Sales Revenue ₱ 1,040,000.00

Income summary
To close credit-balance accounts

2 Income Summary ₱ 922,000.00

Purchases
 Utilities expense
Wages expense
Rent expense
To close debit-balance accounts

3 Income summary ₱ 118,000.00

Owner, Capital
To close Income Summary

yr3

1 Accounts Payable ₱ 440,000.00

Cash
To record payment of account

2 Cash ₱ 520,000.00
Accounts Recievable
To record cash received on account

3 Purchases ₱ 1,125,000.00
Cash
Accounts Payable
To record purchases

4 Cash ₱ 540,000.00
Accounts Recievable ₱ 540,000.00
Sales Revenue
To record sales

5 Utilities expense ₱ 3,000.00

Wages expense ₱ 33,000.00
Rent expense ₱ 12,000.00
Rent Payable ₱ 4,000.00
Cash
Wages Payable
To record expenses

AJE

1 Income summary ₱ 200,000.00

Inventory
To adjust beginning inventory

2 Inventory ₱ 425,000.00
Income statement
 To adjust ending inventory

CE

1 Sales Revenue ₱ 1,080,000.00

Income summary
To close credit-balance accounts

2 Income Summary ₱ 1,173,000.00

Purchases
Utilities expense
Wages expense
Rent expense
To close debit-balance accounts

3 Income summary ₱ 132,000.00

Owner, Capital
To close Income Summary

yr4

1 Accounts Payable ₱ 625,000.00

Cash
To record payment of account

2 Cash ₱ 540,000.00
Accounts Recievable
To record cash received on account

3 Purchases ₱ 1,150,000.00
Cash
Accounts Payable
To record purchases

4 Cash ₱ 560,000.00
Accounts Receivable ₱ 560,000.00
Sales Revenue
To record Sales

5 Wages Payable ₱ 6,000.00

Cash
To record payment

6 Wages Expense ₱ 48,000.00

Utilities Expense ₱ 3,000.00
 Wages Payable
Cash
To record expenses

7 Property, Plant, & Equipment ₱ 200,000.00

Loans Payable
Cash
To record payment of PP&E

8 Loans Payable ₱ 16,000.00

Cash
To record payment of loan

9 Furnitures and Fixtures ₱ 40,000.00

Cash
To record payment

10 Rent Expense ₱ 11,000.00

Cash
To record expense

AJE

1 Depreciation Expense, PP&E ₱ 9,333.33

Accumulated Depreciation
To record accumulated depreciation

2 Depreciation Expense, Firnitures and Fixtures ₱ 2,100.00

Accumulated Depreciation
To record accumulated depreciation

3 Income summary ₱ 425,000.00

Inventory
To adjust beginning inventory

4 Inventory ₱ 655,000.00
Income statement
To adjust ending inventory

CE

1 Sales Revenue ₱ 1,120,000.00

Income summary
To close credit-balance accounts
2 Income Summary ₱ 1,223,433.33
Purchases
Utilities expense
Wages expense
Rent expense
Depreciation Expense, PP&E
Depreciation Expense, Furnitures and Fixtures
To close debit-balance accounts

3 Income summary
Owner, Capital ₱ 126,566.67
To close Income Summary

yr5

1 Accounts Payable ₱ 575,000.00

Cash
To record payment of account

2 Cash ₱ 560,000.00
Accounts Receivable
To record cash received on account

3 Purchases ₱ 1,440,000.00
Cash
Accounts Payable
To record purchases

4 Cash ₱ 900,000.00
Accounts Recievable ₱ 900,000.00
Sales Revenue

5 Loans Payable ₱ 16,000.00

Cash
To record payment of loan

AJE

1 Depreciation Expense, PP&E ₱ 16,000.00

Accumulated Depreciation
To record accumulated depreciation

2 Depreciation Expense, Firnitures and Fixtures ₱ 3,600.00

Accumulated Depreciation
To record accumulated depreciation
1 Income summary ₱ 655,000.00
Inventory
To adjust beginning inventory

2 Inventory ₱ 655,000.00
Income statement
To adjust ending inventory

CE

1 Sales Revenue ₱ 1,800,000.00

Income summary
To close credit-balance accounts

2 Income Summary ₱ 1,459,600.00

Purchases
Depreciation Expense, PP&E
Depreciation Expense, Firnitures and Fixtures
To close debit-balance accounts

3 Income summary ₱ 340,400.00

Owner, Capital
To close Income Summary
Amount
Cr.

₱ 250,000.00
₱ 100,000.00

₱ 600,000.00

₱ 500,000.00

₱ 33,000.00
₱ 1,000.00

₱ -

₱ 200,000.00

₱ 500,000.00

₱ 600,000.00
₱ 1,000.00
₱ 21,000.00
₱ 12,000.00

₱ 66,000.00

₱ 440,000.00
₱ 440,000.00

₱ 1,040,000.00

₱ 36,000.00
₱ 2,000.00
₱ 4,000.00

₱ 200,000.00

₱ 200,000.00

₱ 1,040,000.00

₱ 880,000.00
₱ 2,000.00
₱ 28,000.00
₱ 12,000.00

₱ 118,000.00

₱ 440,000.00

₱ 520,000.00

₱ 500,000.00
₱ 625,000.00

₱ 1,080,000.00

₱ 49,000.00
₱ 3,000.00

₱ 200,000.00

₱ 425,000.00
₱ 1,080,000.00

₱ 1,125,000.00
₱ 3,000.00
₱ 33,000.00
₱ 12,000.00

₱ 132,000.00

₱ 625,000.00

₱ 540,000.00

₱ 575,000.00
₱ 575,000.00

₱ 1,120,000.00

₱ 6,000.00
₱ 4,000.00
₱ 47,000.00

₱ 160,000.00
₱ 40,000.00

₱ 16,000.00

₱ 40,000.00

₱ 11,000.00

₱ 9,333.33

₱ 2,100.00

₱ 425,000.00

₱ 655,000.00

₱ 1,120,000.00
₱ 1,150,000.00
₱ 3,000.00
₱ 48,000.00
₱ 11,000.00
₱ 9,333.33
₱ 2,100.00

₱ 126,566.67

₱ 575,000.00

₱ 560,000.00

₱ 720,000.00
₱ 720,000.00

₱ 1,800,000.00

₱ 16,000.00

₱ 16,000.00

₱ 3,600.00
₱ 655,000.00

₱ 655,000.00

₱ 1,800,000.00

₱ 1,440,000.00
₱ 16,000.00
₱ 3,600.00

₱ 340,400.00
 Boat Business
Statement of Comprehensive Income
For the Year ended Dec. 31, 20X1
Sales and Revenues ₱ 500,000.00
Revenue
Total Revenue

Cost of Goods Sold

Begin. Inventory ₱ 600,000.00
Ending Inventory ₱ 200,000.00
Total Cost of Goods Sold
Gross Profit

Expenses
Utilities Expense ₱ 1,000.00
Wages Expense ₱ 21,000.00
Rent Expense ₱ 12,000.00
Total Expense
Gross Profit

Net Income

Boat Business
Statement of Comprehensive Income
For the Year ended Dec. 31, 20X2
Sales and Revenues ₱ 1,040,000.00
Revenue
Total Revenue

Cost of Goods Sold

Begin. Inventory ₱ 200,000.00
Purchases ₱ 880,000.00
Ending Inventory ₱ 200,000.00
Total Cost of Goods Sold
Gross Profit

Expenses
 Utilities Expense ₱ 2,000.00
Wages Expense ₱ 28,000.00
Rent Expense ₱ 12,000.00
Total Expense
Gross Profit

Net Income

Boat Business
Statement of Comprehensive Income
For the Year ended Dec. 31, 20X3
Sales and Revenues ₱ 1,080,000.00
Revenue
Total Revenue

Cost of Goods Sold

Begin. Inventory ₱ 200,000.00
Purchases ₱ 1,125,000.00
Ending Inventory ₱ 425,000.00
Total Cost of Goods Sold
Gross Profit

Expenses
Utilities Expense ₱ 3,000.00
Wages Expense ₱ 33,000.00
Rent Expense ₱ 12,000.00
Total Expense
Gross Profit

Net Income
 Boat Business
Statement of Comprehensive Income
For the Year ended Dec. 31, 20X4
Sales and Revenues ₱ 1,120,000.00
Revenue
Total Revenue

Cost of Goods Sold

Begin. Inventory ₱ 425,000.00
Purchases ₱ 1,150,000.00
Ending Inventory ₱ 655,000.00
Total Cost of Goods Sold
Gross Profit

Expenses
Utilities Expense ₱ 3,000.00
Wages Expense ₱ 48,000.00
Rent expense ₱ 11,000.00
Depreciation Expense, PP&E ₱ 9,333.33
Depreciation Expense, Furnitures and Fixtures ₱ 2,100.00
Total Expense
Gross Profit

Net Income

Boat Business
Statement of Comprehensive Income
For the Year ended Dec. 31, 20X5
Sales and Revenues ₱ 1,800,000.00
Revenue
Total Revenue

Cost of Goods Sold

Begin. Inventory ₱ 655,000.00
Purchases ₱ 1,440,000.00
Ending Inventory ₱ 655,000.00
Total Cost of Goods Sold
Gross Profit

Expenses
Depreciation Expense, PP&E ₱ 16,000.00
Depreciation Expense, Furnitures and Fixtures ₱ 3,600.00
Total Expense
Gross Profit

Net Income
₱ 500,000.00
₱ 500,000.00

₱ 400,000.00
₱ 100,000.00

₱ 34,000.00
₱ 66,000.00

₱ 66,000.00

₱ 1,040,000.00
₱ 1,040,000.00

₱ 880,000.00
₱ 160,000.00
₱ 42,000.00
₱ 118,000.00

₱ 118,000.00

₱ 1,080,000.00
₱ 1,080,000.00

₱ 1,325,000.00

₱ 900,000.00
₱ 180,000.00

₱ 48,000.00
₱ 132,000.00

₱ 132,000.00
₱ 1,120,000.00
₱ 1,120,000.00

₱ 920,000.00
₱ 200,000.00

₱ 73,433.33
₱ 126,566.67

₱ 126,566.67

₱ 1,800,000.00
₱ 1,800,000.00
₱ 1,440,000.00
₱ 360,000.00

₱ 19,600.00
₱ 340,400.00

₱ 340,400.00
 Boat Business
Statement of Financial Position
For the year ended Dec. 31, 20X1
Assets Liabilities
Current Assets Current Liabilities

Cash ₱ 217,000.00 Loans Payable

Inventory (Dec. 31, 20X1) ₱ 200,000.00 Wages Payable

Total Current Liabilities

Total Liabilities

Owner's Equity
Current Owner's Equity

Owner, Capital Dec. 31, 20X1

Total Owner Equity:
Total Assets ₱ 417,000.00 Total Liabilities and Owner's Equity:
0
Boat Business
Statement of Financial Position
For the year ended Dec. 31, 20X2
Assets Liabilities
Current Assets Current Liabilities

Cash ₱ 261,000.00 Accounts Payable

Accounts Recievable ₱ 520,000.00 Loans Payable
Inventory (Dec. 31, 20X2) ₱ 200,000.00 Wages Payable
Rent Payable

Total Current Liabilities

Total Liabilities

Owner's Equity
Current Owner's Equity

Owner, Capital Dec. 31, 20X2

Total Owner Equity:
Total Assets ₱ 981,000.00 Total Liabilities and Owner's Equity:
0
Boat Business
Statement of Financial Position
 For the year ended Dec. 31, 20X3
Assets Liabilities
Current Assets Current Liabilities

Cash ₱ 332,000.00 Accounts Payable

Accounts Recievable ₱ 540,000.00 Loans Payable
Inventory (Dec. 31, 20X2) ₱ 425,000.00 Wages Payable

Total Current Liabilities

Total Liabilities

Owner's Equity
Current Owner's Equity

Owner, Capital Dec. 31, 20X3

Total Owner Equity:
Total Assets ₱ 1,297,000.00 Total Liabilities and Owner's Equity:
0
Boat Business
Statement of Financial Position
For the year ended Dec. 31, 20X4
Assets Liabilities
Current Assets Current Liabilities

Cash ₱ 72,000.00 Accounts Payable

Accounts Recievable
Inventory (Dec. 31, 20X2)
Property, Plant, & Equipment
Furnitures and Fixtures
₱ 560,000.00 Loans Payable
₱ 655,000.00 Wages Payable
₱ 190,666.67
₱ 37,900.00
Total Current Liabilities

Total Liabilities

Owner's Equity
Current Owner's Equity

Owner, Capital Dec. 31, 20X4

Total Owner Equity:
Total Assets ₱ 1,515,566.67 Total Liabilities and Owner's Equity:
0
Boat Business

Assets
Current Assets
Cash
Accounts Recievable
Inventory (Dec. 31, 20X2)
Property, Plant, & Equipment
Furnitures and Fixtures
Total Assets
Statement of Financial Position
For the year ended Dec. 31, 20X5
Liabilities
Current Liabilities
₱ 221,000.00 Accounts Payable
₱ 900,000.00 Loans Payable
₱ 655,000.00 Wages Payable
₱ 174,666.67
₱ 34,300.00
Total Current Liabilities
Total Liabilities
Owner's Equity
Current Owner's Equity
Owner, Capital Dec. 31, 20X5
Total Owner Equity:
₱ 1,984,966.67 Total Liabilities and Owner's Equity:
0
 THINGS Business
₱ 100,000.00 Equity Statement
₱ 1,000.00 For the year ended Dec. 31, 20X1

₱ 101,000.00 Owner, Capital ₱ 250,000.00

Add:
₱ 101,000.00 Net Income ₱ 66,000.00

Owner, Capital Dec. 31, 20X1 ₱ 316,000.00

₱ 316,000.00
₱ 316,000.00
₱ 417,000.00

THINGS Business
Equity Statement
₱ 440,000.00 For the year ended Dec. 31, 20X1
₱ 100,000.00
₱ 3,000.00
₱ 4,000.00
Owner, Capital Dec. 31, 20X1 ₱ 316,000.00
₱ 547,000.00 Add:
Net Income ₱ 118,000.00
₱ 547,000.00

Owner, Capital Dec. 31, 20X2 ₱ 434,000.00

₱ 434,000.00
₱ 434,000.00
₱ 981,000.00
 THINGS Business
₱ 625,000.00 Equity Statement
₱ 100,000.00 For the year ended Dec. 31, 20X1
₱ 6,000.00
Owner, Capital Dec. 31, 20X2 ₱ 434,000.00
Add:
₱ 731,000.00 Net Income ₱ 132,000.00

₱ 731,000.00

Owner, Capital Dec. 31, 20X3 ₱ 566,000.00

₱ 566,000.00
₱ 566,000.00
₱ 1,297,000.00

₱ 575,000.00 THINGS Business

₱ 244,000.00 Equity Statement
₱ 4,000.00 For the year ended Dec. 31, 20X1

₱ 823,000.00 Owner, Capital Dec. 31, 20X3 ₱ 566,000.00

Add:
₱ 823,000.00 Net Income ₱ 126,566.67

Owner, Capital Dec. 31, 20X4 ₱ 692,566.67

₱ 692,566.67
₱ 692,566.67
₱ 1,515,566.67
₱ 704,000.00
₱ 244,000.00
₱ 4,000.00 THINGS Business
Equity Statement
For the year ended Dec. 31, 20X1
₱ 952,000.00
Owner, Capital Dec. 31, 20X4 ₱ 692,566.67
₱ 952,000.00 Add:
Net Income ₱ 340,400.00

Owner, Capital Dec. 31, 20X5 ₱ 1,032,966.67

₱ 1,032,966.67
₱ 1,032,966.67
₱ 1,984,966.67