Name: Therese Zyra B.

Lipang

Comprehensive Problem

The ledger accounts of the Naiji.Clo (a clothing line business) owned by Nizle Caraballe for the
year ended December 31, 2019 as follows:

Additional Information:

1. Office Supplies consumed during the year amounted to P17,000.

2. Advertising expense in the amount of P25,000 has expired during the year.
3. Salaries Expense of P21,000 have accrued as at December 31, 2019.
4. Depreciation on the office building and on the office equipment amounted to P15,000
and P20,000, respectively.
5. The December 31, 2019 ending inventory is P723,000.
6. Net Income is 15% of Net Sales.

Required:
1. Journalize the December transactions and post to the ledger. (10 pts)
2. Prepare a Worksheet (Unadjusted, Adjustments, Adjusted, Income Statement and
Balance Sheet columns) (30pts)
3. Prepare Financial Statement (Income Statement, Statement of Changes in Equity and
Balance Sheet) (15pts)
4. Prepare Closing Entries (10pts)
5. Prepare a Post-closing trial balance (5pts)