AUGUST

1 Cash 750,000
Equipment 140,000
Ruben, Capital 890,000

2 Taxes & Licenses 15,000

Cash 15,000

3 Taxes & Licenses 7,500

Cash 7,500

5 Delivery Vehicle 175,000

Notes Payable 175,000

6 Merchandise Inventory 250,000

Cash 250,000

8 Furniture & Fixtures 18,500

Cash 18,500

10 Accounts Receivable 22,200 Sales 21,000.00

Sales 21,000 COS 17,500.00
Cash 1,200 GP 3,500.00

Cost of Sales 17,500

Merchandise Inventory 17,500

11 Merchandise Inventory 145,000

Cash 145,000

12 Merchandise Inventory 38,750

Accounts Payable 38,750

13 Store Supplies 6,360

Accounts Payable 6,360

14 Merchandise Inventory 34,200

Cash 34,200

15 Salaries Expense 15,700

Cash 15,700

16 No freight cost has been provided. Kindly check.

18 Accounts Payable 15,000

 Cash 15,000

19 Accounts Payable 6,000

Merchandise Inventory 6,000

20 Sales Return & Allowance 6,000 Sales 6,000.00

Accounts Receivable 6,000 COS 5,000.00
GP 1,000.00
Merchandise Inventory 5,000
Cost of Sales 5,000

21 Ruben, Drawing 25,000

Cash 25,000

23 Advertising Expense 5,450

Cash 5,450

25 Cash 16,200
Accounts Receivable 16,200

26 Cash 15,000 Sales 15,000.00

Sales 15,000 COS 12,500.00
GP 2,500.00
Cost of Sales 12,500
Merchandise Inventory 12,500

27 Utilities Expense 7,890

Cash 7,890

28 Accounts Payable 23,750

Cash 23,750

29 Cash 6,750 Sales 13,500.00

Notes Receivable 6,750 COS 11,250.00
Sales 13,500 GP 2,250.00

Cost of Sales 11,250

Merchandise Inventory 11,250

30 Gas & Oil Expense 7,600

Cash 7,600

31 Rent Expense 8,700

Salaries Expense 15,700
Cash 24,400
120%
100%
20%
120%
100%
20%

120%
100%
20%

120%
100%
20%
 CASH ACCOUNTS RECEIVABLE NOTES RECEIVABLE MERCHANDISE INVENTORY
Debit Credit Debit Credit Debit Credit Debit
750,000.00 15,000.00 22,200.00 6,000.00 6,750.00 250,000.00
16,200.00 7,500.00 16,200.00 145,000.00
15,000.00 250,000.00 22,200.00 22,200.00 38,750.00
6,750.00 18,500.00 - 34,200.00
1,200.00 5,000.00
145,000.00 472,950.00
34,200.00 425,700.00
15,700.00
15,000.00
25,000.00
5,450.00
7,890.00
23,750.00
7,600.00
24,400.00
787,950.00 596,190.00
191,760.00
MERCHANDISE INVENTORY STORE SUPPLIES EQUIPMENT DELIVERY VEHICLE
Credit Debit Credit Debit Credit Debit Credit
17,500.00 6,360.00 140,000.00 175,000.00
6,000.00

11,250.00
12,500.00
47,250.00
FURNITURE & FIXTURES ACCOUNTS PAYABLE NOTES PAYABLE RUBEN, CAPITAL
Debit Credit Debit Credit Debit Credit Debit
18,500.00 15,000.00 38,750.00 175,000.00
6,000.00 6,360.00
23,750.00
44,750.00 45,110.00
360.00
RUBEN, CAPITAL RUBEN, DRAWING SALES SALES RETURNS & ALLOWANCE
Credit Debit Credit Debit Credit Debit Credit
890,000.00 25,000.00 21,000.00 6,000.00
15,000.00
13,500.00
49,500.00
 COST OF SALES TAXES & LICENSES
Debit Credit Debit Credit
17,500.00 5,000.00 15,000.00
12,500.00 7,500.00
11,250.00 22,500.00
41,250.00 5,000.00
36,250.00
SALARIES EXPENSE
Debit Credit
15,700.00
15,700.00
31,400.00

GAS & OIL EXPENSE

Debit Credit
7,600.00

RENT EXPENSE
Debit Credit
8,700.00

ADVERTISING EXPENSE
Debit Credit
5,450.00

UTILITIES EXPENSE
Debit Credit
7,890.00
 VIRGINIA RUBEN ENTERPRISES
TRIAL BALANCE
FOR THE MONTH ENDED AUGUST 31, 2021

PARTICULARS DEBIT CREDIT

Cash 191,760.00
Merchandise Inventory 425,700.00
Notes Receivable 6,750.00
Store Supplies 6,360.00
Equi[ment 140,000.00
Delivery Vehicle 175,000.00
Furnitures and Fixtures 18,500.00
Accounts Payable 360.00
Notes Payable 175,000.00
Ruben,Capital 890,000.00
Ruben, Drawing 25,000.00
Sales 49,500.00
Sales Returns and Allowances 6,000.00
Cost of Sales 36,250.00
Taxes and Licences 22,500.00
Salaries Expense 31,400.00
Rent Expense 8,700.00
Advertising Expense 5,450.00
Utilities Expense 7,890.00
Gas and Oil Expense 7,600.00
TOTAL 1,114,860.00 1,114,860.00

-
 VIRGINIA RUBEN ENTERPRISES
WORKSHEET
FOR THE MONTH ENDED AUGUST 31, 202

UADJUSTED TRIAL BALANCE ADJUSTMENTS

PARTICULARS
Debit Credit Debit Credit
Cash 191,760.00
Merchandise Inventory 425,700.00
Notes Receivable 6,750.00
Store Supplies 6,360.00
Equipment 140,000.00
Delivery Vehicle 175,000.00
Furnitures and Fixtures 18,500.00
Accounts Payable - 360.00
Notes Payable - 175,000.00
Ruben,Capital - 890,000.00
Ruben, Drawing 25,000.00
Sales - 49,500.00
Sales Returns and Allowances 6,000.00
Cost of Sales 36,250.00
Taxes and Licences 22,500.00
Salaries Expense 31,400.00
Rent Expense 8,700.00
Advertising Expense 5,450.00
Utilities Expense 7,890.00
Gas and Oil Expense 7,600.00
TOTAL 1,114,860.00 1,114,860.00 - -
Net Loss for the Period
RGINIA RUBEN ENTERPRISES
WORKSHEET
MONTH ENDED AUGUST 31, 2021

ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET

Debit Credit Debit Credit Debit Credit
191,760.00 191,760.00
425,700.00 425,700.00
6,750.00 6,750.00
6,360.00 6,360.00
140,000.00 140,000.00
175,000.00 175,000.00
18,500.00 18,500.00
360.00 360.00
175,000.00 175,000.00
890,000.00 890,000.00
25,000.00 25,000.00
49,500.00 49,500.00
6,000.00 6,000.00
36,250.00 36,250.00
22,500.00 22,500.00
31,400.00 31,400.00
8,700.00 8,700.00
5,450.00 5,450.00
7,890.00 7,890.00
7,600.00 7,600.00
1,114,860.00 1,114,860.00 125,790.00 49,500.00 989,070.00 1,065,360.00
76,290.00 76,290.00
125,790.00 125,790.00 1,065,360.00 1,065,360.00
VIRGINIA RUBEN ENTERPRISES
STATEMENT OF FINANCIAL POSITION
AS OF THE MONTH ENDED AUGUST 31, 2021

ASSETS LIABILITIES & EQUITY

Current Assets LIABILITIES
Cash 191,760.00 Current Liabilities
Merchandise Inventory 425,700.00 Accounts Payable
Notes Receivable 6,750.00
Store Supplies 6,360.00 Non Current Liabilities
Total Current Assets 630,570.00 Notes Payable
TOTAL LIABILITIES
Non Current Assets
Equipment 140,000.00 OWNER'S EQUITY
Delivery Vehicle 175,000.00 Ruben, Capital - Ending
Furnitures and Fixtures 18,500.00
Total Non Current Assets 333,500.00

TOTAL ASSETS 964,070.00 TOTAL LIABILITIES & EQUITY

LIABILITIES & EQUITY
LIABILITIES

360.00

175,000.00
175,360.00

OWNER'S EQUITY
788,710.00

964,070.00
VIRGINIA RUBEN ENTERPRISES
STATEMENT OF CHANGES IN OWNER'S EQUITY
AS OF THE MONTH ENDED AUGUST 31, 2021

Ruben, Capital - Beginning -

Add:
Initial Contribution 890,000.00
Less:
Withdrawals (25,000.00)
Net Loss (76,290.00)
Ruben, Capital - Ending 788,710.00
VIRGINIA RUBEN ENTERPRISES
STATEMENT OF COMPREHENSIVE INCOME
FOR THE MONTH ENDED AUGUST 31, 2021

Net Sales
Gross Sales 49,500.00
Less: Sales Return & Allowances 6,000.00 43,500.00
Cost of Sales 36,250.00
Gross Profit 7,250.00
Less: Operating Expenses
Taxes and Licences 22,500.00
Salaries Expense 31,400.00
Rent Expense 8,700.00
Advertising Expense 5,450.00
Utilities Expense 7,890.00
Gas and Oil Expense 7,600.00 83,540.00
NET LOSS (76,290.00)
VIRGINIA RUBEN ENTERPRISES
STATEMENT OF CASH FLOWS
AS OF THE MONTH ENDED AUGUST 31, 2021

Cash Flow from Operating Activities

Receipts:
Receipt from Customer 37,950.00
Disbursements
Purchase of Merchandise Inventory (467,950.00)
Payment for Freight (1,200.00)
Payment of Operating Expenses (83,540.00)
Net Cash Flows Used in Operating Activities (514,740.00)

Cash Flow from Operating Activities

Payment for Property, Plant, Equipment (18,500.00)
Net Cash Flows Used in Investing Activities (18,500.00)

Cash Flow from Financing Activities

Intial Contribution 750,000.00
Withdrawals (25,000.00)
Net Cash Flows Provided by Financing Activities 725,000.00

NET CASH FLOWS 191,760.00

Add: Cash, Beginning -
Cash, Ending 191,760.00
Closing Entries:

Income & Expense Summary 76,290.00

Sales 49,500.00
Sales Return & Allowances 6,000.00
Taxes and Licences 22,500.00
Salaries Expense 31,400.00
Rent Expense 8,700.00
Advertising Expense 5,450.00
Utilities Expense 7,890.00
Gas and Oil Expense 7,600.00
Cost of Sales 36,250.00

Ruben, Capital 76,290.00

Income & Expense Summary 76,290.00

Ruben, capital 25,000.00

Ruben, Drawing 25,000.00
 VIRGINIA RUBEN ENTERPRISES
POST CLOSING TRIAL BALANCE
FOR THE MONTH ENDED AUGUST 31, 2021

PARTICULARS DEBIT CREDIT

Cash 191,760.00
Merchandise Inventory 425,700.00
Notes Receivable 6,750.00
Store Supplies 6,360.00
Equipment 140,000.00
Delivery Vehicle 175,000.00
Furnitures and Fixtures 18,500.00
Accounts Payable 360.00
Notes Payable 175,000.00
Ruben,Capital 788,710.00
TOTAL 964,070.00 964,070.00