Cash (110)

Date Particulars Debit Date Particulars Credit

Feb. 1 Beginning balance 33,000 Feb. 2 62,080
113,000 7 6,000
7 250,000 8 164,900
12 196,000 9 4,000
23 384,160 14 26,000
15 51,000
18 4,000
19 21,000
22 7,000
24 9,000
28 400,000
976,160 754,980
- 754,980
Balance ₱ 221,180

Accounts Receivable (120)

Date Particulars Debit Date Particulars Credit

Feb. 1 Beginning balance 192,000 Feb. 1 113,000
5 270,000 10 70,000
16 392,000 12 200,000
25 420,000 22 392,000
26 71,000
1,274,000 846,000
- 846,000
Balance ₱ 428,000

Merchandise Inventory (130)

Date Particulars Debit Date Particulars Credit
Feb. 1 Beginning balance 413,000 Feb. 28 413,000
Feb. 28 Ending Balance 397,000
Total 810,000 413,000

Balance ₱ 397,000

Supplies (140)
Date Particulars Debit Date Particulars Credit
Feb. 1 Beginning balance 51,000 Feb.28 14,000
19 21,000
72,000 58,000
Balance ₱ 14,000
 Prepaid Insurance (150)
Date Particulars Debit Date Particulars Credit
Feb. 1 Beginning balance 48,000 Feb. 28 2,000
Balance 46,000

Land (160)
Date Particulars Debit Date Particulars Credit
Feb. 1 Beginning balance 460,000
460,000

Building (170)
Date Particulars Debit Date Particulars Credit
Feb. 1 Beginning balance 1,750,000
₱ 1,750,000.00

Accumulated Depreciation - Building (175)

Date Particulars Debit Date Particulars Credit
Feb. 1 Beginning balance 350,000
Feb-28 9,000
Bal. ₱ 359,000

Equipment (180)
Date Particulars Debit Date Particulars Credit
Feb. 1 Beginning balance 2,310,000 Feb.28
Balance ₱ 2,310,000

Accumulated Depreciation - Equipment (185)

Date Particulars Debit Date Particulars Credit
Feb. 1 Beginning balance 630,000
630,000
Feb-28 12,000
Balance ₱ 642,000
 Accounts Payable (210)
Date Particulars Debit Date Particulars Credit
Feb. 2 64,000 Feb. 1 Beginning balance 108,000
8 170,000 4 170,000
28 25,000 20 125,000
24 373,000
259,000 776,000
- 259,000
Balance ₱ 517,000

Salaries Payable (220)

Date Particulars Debit Date Particulars Credit
Feb. 28 51,000

Balance ₱ 51,000 -

Mortgage Payable (230)

Date Particulars Debit Date Particulars Credit
Feb. 1 Beginning balance 2,600,000
₱ 2,600,000
Balance ₱ 2,600,000

Buenaflor, Capital (310)

Date Particulars Debit Date Particulars Credit
Feb-28 400,000 Feb. 1 Beginning balance 1,569,000
28 288,180
400,000 1,857,180
Balance ₱ 1,457,180

Sales (410)
Date Particulars Debit Date Particulars Credit
Feb-28 1,332,000 Feb. 5 270,000
7 250,000
16 392,000
25 420,000
1,332,000 1,332,000
Balance 0 -

Sales Returns and Allowances (420)

Date Particulars Debit Date Particulars Credit
Feb-10 70,000 Feb. 28 141,000
26 71,000
Total 141,000 141,000
Balance - -

Sales Discount (430)

Date Particulars Debit Date Particulars Credit
Feb-12 4,000 Feb-28 11,840
23 7,840
Total 11,840 11,840

Balance 0 0

Purchases (510)
Date Particulars Debit Date Particulars Credit
Feb. 4 170,000 Feb-28 668,000
20 125,000
24 373,000
668,000 668,000

Balance - 0

Purchase Return and Allowances (520)

Date Particulars Debit Date Particulars Credit
Feb-28 25,000 Feb. 28 25,000
25,000 25,000

Balance 0 0

Purchase Discounts (530)

Date Particulars Debit Date Particulars Credit
Feb-28 7020 Feb. 2 1,920
8 5,100
total 7,020 7,020

Balance 0 0

Transportation In (540)
Date Particulars Debit Date Particulars Credit
Feb. 9 4,000 Feb-28 13,000
24 9,000
13,000 13,000

Balance 0 0
 Buenaflor, Withdrawals (320)
Date Particulars Debit Date Particulars Credit
Feb-28 400,000 Feb-28 400,000

Total 400,000 400,000

Balance 0 0
 Salaries Expense (610)
Date Particulars Debit Date Particulars Credit
Feb.15 51,000
28 51,000
Balance ₱ 102,000 -

Supplies Expense (620)

Date Particulars Debit Date Particulars Credit
Feb-28 14,000 Feb. 28 14,000
Bal - -

Insurance Expense (630)

Date Particulars Debit Date Particulars Credit
Feb-28 2,000 Feb-28 2,000
2,000 2,000

Depreciation expense - building (640)

Date Particulars Debit Date Particulars Credit
Feb. 28 9,000 Feb-28 9,000

Total ₱ 9,000.00 9,000

- -

Depreciation expense - equipment (650)

Date Particulars Debit Date Particulars Credit
Feb. 28 12,000 Feb-28 12,000

Total ₱ 12,000.00 12,000

Balance ₱ - 0

Transportation Out (660)

Date Particulars Debit Date Particulars Credit
Feb. 18 4,000 Feb. 28 4,000
Bal - -

Advertising Expense (670)

Date Particulars Debit Date Particulars Credit
Feb. 7 6,000 Feb-28 6,000
Bal - -

Interest Expense (680)

Date Particulars Debit Date Particulars Credit
Feb. 14 26,000 Feb-28 26,000
Balance - -

Miscellaneous Expense (690)

Date Particulars Debit Date Particulars Credit

Feb. 22 7,000 Feb-28 7,000

7,000 7,000
Bal 0 0
Date Particulars Debit Credit
Feb. 1 Cash 113,000
Accounts Receivables 113,000
2 Accounts Payable 64,000
Cash 62,080
Purchase Discounts 1,920
4 Purchases 170,000
Accounts Payable 170,000
5 Accounts Receivables 270,000
Sales 270,000
7 Advertising Expense 6,000
Cash 6,000
Cash 250,000
Sales 250,000
8 Accounts Payable 170,000
Cash 164,900
Purchase Discounts 5,100
9 Transportation In 4,000
Cash 4,000
10 Sales Return and Allowances 70,000
Accounts Receivables 70,000
12 Cash 196,000
Sales Discounts 4,000
Accounts Receivables 200,000
14 Interest Expense 26,000
Cash 26,000
15 Salaries Expense 51,000
Cash 51,000
16 Accounts Receivables 392,000
Sales 392,000
18 Transportation Out 4,000
Cash 4,000
19 Supplies 21,000
Cash 21,000
20 Purchases 125,000
Accounts Payable 125,000
22 Miscellaneous Expense 7,000
Cash 7,000
23 Cash 384,160
Sales Discounts 7,840
Accounts Receivables 392,000
24 Purchases 373,000
Accounts Payable 373,000
Transportation In 9,000
Cash 9,000
25 Accounts Receivables 420,000
Sales 420,000
26 Sales Return and Allowances 71,000
 Accounts Receivables 71,000
28 Buenaflor, withdrawals 400,000
Cash 400,000
Accounts Payable 25,000
Purchase Returns and Allowances 25,000
 TRIAL BALANCE ADJUSTMENTS

Acct. No. Account Title Debit Credit Debit

110 Cash ₱ 221,180.00
120 Account Recievable 428,000.00
130 Merchandise Inventory 413,000.00
140 Supplies 72,000.00
150 Prepaid Insurance 48,000.00
160 Land 460,000.00
170 Building 1,750,000.00
175 Acc. Depr.- Building ₱ 350,000.00
180 Equipment 2,310,000.00
185 Acc. Depr.- Equipment 630,000.00
210 Accounts Payable 517,000.00
220 Salaries Payable
230 Mortgage Payable 2,600,000.00
310 Buenaflor, Capital 1,569,000.00
320 Beunaflor, Withdrawals 400,000.00
330 Income Summary
410 Sales 1,332,000.00
420 Sales Returns and Allowances 141,000.00
430 Sales Discounts 11,840.00
510 Purchases 668,000.00
520 Purchase Returns and Allowances 25,000.00
530 Purchaase Discounts 7,020.00
540 Transportation In 13,000.00
610 Salaries Expense 51,000.00 a. 51,000.00
620 Supplies Expense d. 58,000.00
630 Insurance Expense b. 2,000.00
640 Depr. Expense-Building c 9,000.00
650 Depr. Expense-Equipment c. 12,000.00
660 Transportation Out 4,000.00
670 Advertising Expense 6,000.00
680 Interest Expense 26,000.00
690 Miscellaneous Expense 7,000.00

Total ₱ 7,030,020.00 ₱ 7,030,020.00 ₱ 132,000.00

Profit
Total
 Teresita Buenaflor Company
Worksheet
For the Month Ended February 28, 2010

ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT

Credit Debit Credit Debit Credit

₱ 221,180.00
428,000.00
413,000.00 ₱ 413,000.00 ₱ 397,000.00
d. 58,000.00 14,000.00
b. 2,000.00 46,000.00
460,000.00
1,750,000.00
c. 9,000.00 ₱ 359,000.00
2,310,000.00
c. 12,000.00 642,000.00
517,000.00
a. 51,000.00 51,000.00
2,600,000.00
1,569,000.00
400,000.00

1,332,000.00 1,332,000.00
141,000.00 141,000.00
11,840.00 11,840.00
668,000.00 668,000.00
25,000.00 25,000.00
7,020.00 7,020.00
13,000.00 13,000.00
102,000.00 102,000.00
58,000.00 58,000.00
2,000.00 2,000.00
9,000.00 9,000.00
12,000.00 12,000.00
4,000.00 4,000.00
6,000.00 6,000.00
26,000.00 26,000.00
7,000.00 7,000.00

₱ 132,000.00 ₱ 7,102,020.00 ₱ 7,102,020.00 ₱ 1,472,840.00 ₱ 1,761,020.00

₱ 288,180.00
₱ 1,761,020.00 ₱ 1,761,020.00
 BALANCE SHEET

Debit Credit
₱ 221,180.00
428,000.00
397,000.00
14,000.00
46,000.00
460,000.00
1,750,000.00
₱ 359,000.00
2,310,000.00
642,000.00
517,000.00
51,000.00
2,600,000.00
1,569,000.00
400,000.00

₱ 6,026,180.00 ₱ 5,738,000.00
288,180.00
₱ 6,026,180.00 ₱ 6,026,180.00
 Teresita Buenaflor Company
Income Statement
For the month ended February 28, 2010

Net Sales
Gross Sales
Less:Sales Returns and Allowances 141,000.00
Sales Discount 11,840.00
Net Sales
Cost of Sales
Merchandise Inventory, Beg. 413,000.00
Purchases 668,000.00
Less:Purchase Returns and Allowances 25,000.00
Purchase Discount 7,020.00 32,020.00
Net Purchase 635,980.00
Freight In 13,000.00
Net Cost of Purchases 648,980.00
Goods Available For Sale 1,061,980.00
Less: Merchandise Inventory, end 397,000.00
Cost of Sale
Gross Profit
Less: Operating Expenses
Selling Expense
Freight out 4,000.00
Advertising Expense 6,000.00
Total Selling Expense 10,000.00
Administrative Expense
Salaries Expense 102,000.00
Suplies Expense 58,000.00
Insurance Expense 2,000.00
Depreciation Expense - Building 9,000.00
Depreciation Expense - Equipment 12,000.00
Total Administrative Expense 183,000.00
Total Operating Expenses
Operating Profit
Less:Other Expenses
Interest Expense 26,000.00
Miscellaneous Expense 7,000.00
Total Other Expenses
Net Income
 Teresita Buenaflor Company
Statement of Changes in Equity
For the month ended February 28, 2010

Buenaflor, Owner's Equity, beg.

₱ 1,332,000.00 Profit
Total
152,840.00 Less: Withdrawals
1,179,160.00 Buenaflor, Owner's Equity, end

664,980.00
514,180.00

193,000.00
321,180.00

33,000.00
₱ 288,180.00
es in Equity
bruary 28, 2010

₱ 1,569,000.00
288,180.00
1,857,180.00
400,000.00
₱ 1,457,180.00
 Teresita Buenaflor Company
Statement of Financial Position
As of February 28, 2010

Assets
Current Assets
Cash ₱ 221,180.00
Accounts Receivables 428,000.00
Merchandise Inventory 397,000.00
Supplies 14,000.00
Prepaid Insurance 46,000.00
Total Current Assets
Non-Current Assets
Land 460,000.00
Building 1,750,000.00
Less:Accumulated Depreciation 359,000.00 1,391,000.00
Equipment 2,310,000.00
Less: Accumulated Depreciation 642,000.00 1,668,000.00
Total Non-current Assets
Total Assets

Liabilities and Owner's Equity

Current Liabilities
Accounts Payable 517,000.00
Salaries Payable 51,000.00
Total Current Liabilities
Non-current Liabilities
Mortgage Payable 2,600,000.00
Total Non-current Liabilities
Owner's Equity
Buenaflor, Capital
Total Liabilities and Owner's Equity
₱ 1,106,180.00

3,519,000.00
₱ 4,625,180.00

568,000.00

2,600,000.00

1,457,180.00
₱ 4,625,180.00
a. Salaries Expense 51000
Salaries Payable 51000

b. Insurance Expense 2000

Prepaid Insurance 2000

c. Dep'n Expense - Building 9000

Acc. Depreciation - Building 9000

Dep'n Expense - Equipment 12000

Acc. Depreciation - Equipment 12,000

d. Supplies Expense 14000

Supplies 14000

e. Merchandise Inventory 397,000

Income Summary 397,000
Date Acc. No.
130 Merchandise Inventory, end 397,000
Feb. 28 410 Sales 1,332,000.00
520 Purchases Returns and Allowances 25,000.00
530 Purchases Discounts 7,020.00
330 Income Summary 1,761,020.00

28 330 Income Summary 1,472,840.00

130 Merchandise Inventory, Beg. 413,000.00
540 Transportation In 13,000.00
510 Purchases 668,000.00
610 Salaries Expense 102,000.00
620 Supplies Expense 58,000.00
540 Insurance Expense 2,000.00
610 Depr. Expense-Building 9,000.00
620 Depr. Expense-Equipment 12,000.00
630 Transportation Out 4,000.00
640 Advertising Expense 6,000.00
650 Interest Expense 26,000.00
660 Miscellaneous Expense 7,000.00
420 Sales Returns and Allowances 141,000.00
430 Sales Discounts 11,840.00

28 330 Income Summary 288,180.00

310 Buenaflor, Capital 288,180.00

28 330 Buenaflor, Capital 400,000.00

320 Buenaflor, Withdrawals 400,000.00
Myril Looc Do the req. 1

Marley Parohinog Do the Req. 5

Rian Ritcha Do the worksheet

Rica Colarines Do the Adjusting entry

Jonyl Abang Do the Req. 6