KOREAN DISTRIBUTORS

GENERAL JOURNAL
January 30, 2021

DATE
2021 PARTICULARS
January 1 CASH
J. DELA CRUZ CAPITAL
INVESTMENT
2 EQUIPMENT
CASH
BOUGHT EQUIPMENT
2 MERCHANDISE INVENTORY
ACCOUNTS PAYABLE
BOUGHT MERCHANDISE TO ABC TERMS 2/10 N/30
3 SUPPLIES
CASH
BOUGHT OFFICE SUPPLIES
4 ACCOUNT RECEIVABLE
SALES
SOLD MERCHANDISE TO XYZ TERMS 2/10, N/30
COST OF GOOD SOLD
MERCHANDISE INVENTORY
COST OF MERCHANDISE
5 FREIGHT OUT
CASH
PAID FREIGHT
6 ACCOUNT PAYABLE
MERCHANDISE INVENTORY
RECEIVED CREDIT FROM ABC SUPPLY
11 ACCOUNTS PAYABLE
MERCHANDISE INVENTORY
CASH
PAID ABC
13 CASH
SALES DISCOUNT
ACCOUNT RECEIVABLE
COLLECTED FROM JANUARY 4 CUSTOMER
14 MERCHANDISE INVENTORY
CASH
BOUGHT MERCHANDISE ON CASH BASIS
15 SALARIES EXPENSE
CASH
PAID SALARIES
16 CASH
 NOTES PAYABLE
BORROWED CASH FROM BDO
17 CASH
MERCHANDISE INVENTORY
RECEIVED CASH FROM SUPPLIER
18 MERCHANDISE INVENTORY
ACCOUNTS PAYABLE
BOUGHT MERCHANDISE ON ACCOUNT FROM LEAH TERMS 2/10 N/30
20 MERCHANDISE INVENTORY
CASH
PAID FREIGHT
23 CASH
SALES
SOLD MERCHANDISE
COST OF GOOD SOLD
MERCHANDISE INVENTORY
COST OF MERCHANDISE
26 MERCHANDISE INVENTORY
CASH
BOUGHT MERCHANDISE
27 ACCOUNTS PAYABLE
CASH
PAID LEAH NO DISCOUNT FOR PARTIAL PAYMENT
ORS K
L

GJ-1
POST DATE
REF DEBIT CREDIT 2021
101 39,000.00 28
301 39,000.00

150 10,000.00 29
101 10,000.00

115 15,900.00 30
201 15,900.00

120 700.00
101 700.00

105 15,200.00 30
401 15,200.00

501 12,200.00
115 12,200.00

506 200.00
101 200.00

201 300.00
115 300.00

201 15,600.00
115 312.00
101 15,288.00

101 14,896.00
410 304.00
105 15,200.00

115 14,400.00
101 14,400.00

530 1,500.00
101 1,500.00

101 12,000.00
202 12,000.00

101 500.00
115 500.00

115 14,200.00
201 14,200.00

115 700.00
101 700.00

101 16,400.00
401 16,400.00

501 10,500.00
115 10,500.00

115 12,300.00
101 12,300.00

201 9,000.00
101 9,000.00
 KOREAN DISTRIBUTORS
GENERAL JOURNAL
January 30, 2021
GJ-2
POST
PARTICULARS REF DEBIT CREDIT
J. DELA CRUZ DRAWING 302 2,008.00
CASH 101 2,008.00
WITHDRAWAL
SALES RETURN AND ALLOWANCES 405 900.00
CASH 101 900.00
MADE REFUND TO CUSTOMER
ACCOUNT RECEIVABLE 105 13,700.00
SALES 401 13,700.00
SOLD MERCHANDISE ON ACCOUNT N/30
COST OF GOOD SOLD 501 11,000.00
MERCHANDISE INVENTORY 115 11,000.00
COST OF MERCHANDISE WAS SOLD
ADVERTISING EXPENSE 503 1,000.00
UTILITIES EXPENSE 540 400.00
RENT EXPENSES 510 3,500.00
SALARIES EXPENSES 530 1,500.00
CASH 101 6,400.00
PAID EXPENSES
 KOREAN DISTRIBUTORS
GENERAL LEDGER
January 30, 2021

ACCOUNT : CASH
DATE POST
PARTICULARS REF
1 INVESTMENT GJ-1
2 BOUGHT EQUIPMENT GJ-1
3 BOUGHT OFFICE SUPPLIES GJ-1
5 PAID FREIGHT GJ-1
11 PAID ABC GJ-1
13 COLLECTED FROM JANUARY 4 CUSTOMER GJ-1
14 BOUGHT MERCHANDISE ON CASH BASIS GJ-1
15 PAID SALARIES GJ-1
16 BORROWED CASH FROM BDO GJ-1
17 RECEIVED CASH FROM SUPPLIER GJ-1
20 PAID FREIGHT GJ-1
23 SOLD MERCHANDISE GJ-1
26 BOUGHT MERCHANDISE GJ-1
27 PAID LEAH NO DISCOUNT FOR PARTIAL PAYMENT GJ-1
28 WITHDRAWAL GJ-2
29 MADE REFUND TO CUSTOMER GJ-2
30 PAID EXPENSES GJ-2

ACCOUNT : ACCOUNT RECEIVABLE

4 SOLD MERCHANDISE TO XYZ TERMS 2/10, N/30
13 COLLECTED FROM JANUARY 4 CUSTOMER
30 SOLD MERCHANDISE ON ACCOUNT N/30

ACCOUNT : MERCHANDISE INVENTORY

2 BOUGHT MERCHANDISE TO ABC TERMS 2/10 N/30
4 COST OF MERCHANDISE
6 RECEIVED CREDIT FROM ABC SUPPLY
11 PAID ABC
14 BOUGHT MERCHANDISE ON CASH BASIS
17 RECEIVED CASH FROM SUPPLIER
18 BOUGHT MERCHANDISE ON ACCOUNT FROM LEAH TERMS 2/10 N/30
20 PAID FREIGHT
23 COST OF MERCHANDISE
26 BOUGHT MERCHANDISE
 30 COST OF MERCHANDISE WAS SOLD

ACCOUNT : SUPPLIES
3 BOUGHT OFFICE SUPPLIES

ACCOUNT : EQUIPMENT
2 BOUGHT EQUIPMENT

ACCOUNT : ACCOUNTS PAYABLE

2 BOUGHT MERCHANDISE TO ABC TERMS 2/10 N/30
6 RECEIVED CREDIT FROM ABC SUPPLY
11 PAID ABC
18 BOUGHT MERCHANDISE ON ACCOUNT FROM LEAH TERMS 2/10 N/30
27 PAID LEAH NO DISCOUNT FOR PARTIAL PAYMENT

ACCOUNT : NOTES PAYABLE

16 BORROWED CASH FROM BDO

ACCOUNT : J. DELA CRUZ CAPITAL

1 INITIAL INVESTMENT
30 POST CLOSING
30 POST CLOSING

ACCOUNT : JULIAN DRAWING

28 WITHDRAWAL
30 POST CLOSING

ACCOUNT : SALES
4 SOLD MERCHANDISE TO XYZ TERMS 2/10, N/30
23 SOLD MERCHANDISE
 30 SOLD MERCHANDISE ON ACCOUNT N/30
30 POST CLOSING

ACCOUNT : SALES RETURN AND ALLOWANCES

29 MADE REFUND TO CUSTOMER
30 POST CLOSING

ACCOUNT : SALES DISCOUNT

13 COLLECTED FROM JANUARY 4 CUSTOMER
30 POST CLOSING

ACCOUNT : COST OF GOOD SOLD

4 COST OF MERCHANDISE
23 COST OF MERCHANDISE
30 COST OF MERCHANDISE WAS SOLD
30 POST CLOSING

ACCOUNT : FREIGHT OUT

5 PAID FREIGHT
30 POST CLOSING

ACCOUNT : ADVERTISING EXPENSE

30 PAID EXPENSES
30 POST CLOSING

ACCOUNT : RENT EXPENSE

30 PAID EXPENSES
30 POST CLOSING

ACCOUNT : SALARIES EXPENSE

15 PAID SALARIES
 30 PAID EXPENSES
30 POST CLOSING

ACCOUNT : UTILITIES EPENSE

30 PAID EXPENSES
30 POST CLOSING

ACCOUNT : INCOME SUMMARY

30 POST CLOSING
30 POST CLOSING
30 POST CLOSING
 ACCOUNT NO. 110
BALANCE
DEBIT CREDIT DEBIT CREDIT
39,000.00 39,000.00
10,000.00 29,000.00
700.00 28,300.00
200.00 28,100.00
15,288.00 12,812.00
14,896.0 27,708.00
14,400.00 13,308.00
1,500.00 11,808.00
12,000.00 23,808.00
500.00 24,308.00
700.00 23,608.00
16,400.00 40,008.00
12,300.00 27,708.00
9,000.00 18,708.00
2,008.00 16,700.00
900.00 15,800.00
6,400.00 9,400.00

ACCOUNT NO. 120

15,200.00 15,200.00
15,200.00 0.00
13,700.00 13,700.00

ACCOUNT NO. 130

15,900.00 15,900.00
12,200.00 3,700.00
300.00 3,400.00
312.00 3,088.00
14,400.00 17,488.00
500.00 16,988.00
14,200.00 31,188.00
700 31,888.00
10,500.00 21,388.00
12,300.00 33,688.00
 11,000.00 22,688.00

ACCOUNT NO. 140

700.00 700.00

ACCOUNT NO. 150

10,000.00 10,000.00

ACCOUNT NO. 210

15,900.00 15,900.00
300.00 15,600.00
15,600.00 -
14,200.00 14200.00
9,000.00 5200.00

ACCOUNT NO. 220

12,000.00 12,000.00

ACCOUNT NO. 310

39,000.00 39,000.00
2,296.00 41,296.00
2008 39,288.00

ACCOUNT NO. 320

2,008.00 2,008.00
2,008.00 0.00

ACCOUNT NO. 410

15,200.00 15,200.00
16,400.00 31,600.00
 13,700.00 45,300.00
45,300.00 0.00

ACCOUNT NO. 420

900.00 900.00
900 0.00

ACCOUNT NO. 420

304.00 304.00
304 0.00

ACCOUNT NO. 501

12,200.00 12,200.00
10,500.00 22,700.00
11,000.00 33,700.00
33,700.00 0.00

ACCOUNT NO. 506

200.00 200.00
200.00 0.00

ACCOUNT NO. 503

1,000.00 1,000.00
1,000.00 0.00

ACCOUNT NO. 510

3,500.00 3,500.00
3500 0.00

ACCOUNT NO. 530

1,500.00 1,500.00
1,500.00 3,000.00
3000 0.00

ACCOUNT NO. 540

400.00 400.00
400 0.00

ACCOUNT NO. 610

44,096.00 44,096.00
41800 2,296.00
2,296.00 0.00
 KOREAN DISTRIBUTORS
TRIAL BALANCE
January 30, 2021

ACCOUNT NO. ACCOUNT TITLE DEBIT CREDIT

101 CASH 9,400.00
105 ACCOUNT RECEIVABLE 13,700.00
115 MERCHANDISE INVENTORY 22,688.00
120 SUPPLIES 700.00
150 EQUIPMENT 10,000.00
201 ACCOUNTS PAYABLE 5,200.00
202 NOTES PAYABLE 12,000.00
301 J.DELA CRUZ CAPTIAL 39,000.00
302 J, DELA CRUZ DRAWING 2,008.00
401 SALES 45,300.00
405 SALES RETURN AND ALLOWANCES 900.00
410 SALES DISCOUNT 304.00
501 COST OF GOOD SOLD 33,700.00
506 FREIGHT OUT 200.00
503 ADVERTISING EXPENSE 1,000.00
510 RENT EXPENSE 3,500.00
530 SALARIES 3,000.00
540 UTILITIES 400.00
TOTAL: 101,500.00 101,500.00
 KOREAN DISTRIBUTORS
STATEMENT OF PERFORMANCE
FOR THE PERIOD ENDED JANUARY 30, 2021

SALES: 45,300.00
LESS: SALES RETURN AND ALLOWANCES 900.00
SALES DISCOUNT 304.00
NET SALES: 44,096.00
LESS: COST OF SALES 33,700.00
GROSS PROFIT 10,396.00
LESS: OPERATING EXPENSES
FREIGHT OUT 200.00
ADVERTISING EXPENSE 1,000.00
RENT EXPENSE 3,500.00
SALARIES 3,000.00
UTILITIES 400.00
TOTAL EXPENSES: 8,100.00
NET PROFIT: 2,296.00
 KOREAN DISTRIBUTORS
STATEMENT OF EQUITY
FOR THE PERIOD ENDED JANUARY 30, 2021

J DELA CRUZ CAPTIAL 0

ADD: INITIAL INVESTMENT 39,000.00
LESS: J DELA CRUZ DRAWING 2,008.00
ADD: NET PROFIT 2,296.00
J DELA CRUZ CAPITAL JANUARY 30, 2021 39,288.00

KOREAN DISTRIBUTORS
STATEMENT OF FINANCIAL POSITION
FOR THE PERIOD ENDED JANUARY 30, 2021

ASSETS:
CURRENT ASSETS:
CASH AND CASH EQUIVALENTS 9,400.00
RECEIVABLES 13,700.00
INVENTORIES 22,688.00
PREPAID EXPENSES 700
TOTAL CURRENT ASSETS: 46,488.00

FIXED ASSETS:
PROPERTY PLANT AND EQUIPMENT 10,000.00
TOTAL FIXED ASSETS: 10,000.00
TOTAL ASSETS: 56,488.00

LIABILITIES & EQUITY:

CURRENT LIABILITIES:
ACCOUNTS PAYABLE 5,200.00
NON-CURRENT LIABILITIES:
NOTES PAYABLE 12,000.00
TOTAL LIABILITIES: 17,200.00

OWNER'S EQUITY:
J DELA CRUZ CAPITAL, JANUARY 30, 2021 39,288.00
TOTAL LIABILITIES AND EQUITY: 56,488.00
 KOREAN DISTRIBUTORS
CASH FLOW STATEMENT
FOR THE PERIOD ENDED JANUARY 30, 2021
CASH FLOW FROM OPERATING ACTIVITIES
CASH RECEIVED FROM
SALES 16,400.00
RECEIVABLE COLLECTION 14,896.00
REFUND FROM PURCHASES 500
LESS PAYMENT FOR
SUPPLIES 700.00
FREIGHT ON SOLD GOODS 200.00
GOODS BOUGHT 50,988.00
OPEX 7,900.00
REFUND TO CUSTOMER 900.00
FREIGHT ON PURCHASES 700.00
NET CASH FLOW FROM OPERATING ACTIVITIES (29,592.00)

CASH FLOW FROM INVESTING ACTIVITIES

EQUIPMENT BOUGHT 10,000.00
LESS: NET CASH FLOW FROM INVESTING ACTIVITIES
CASH FLOW FROM FINANCING ACTIVITIES:
INITIAL INVESTMENT 39,000.00
BORROWINGS 12,000.00
LESS: DRAWINGS 2,008.00
NET CASH FLOW FROM FINANCING ACTIVITIES: 48,992.00

INCREASE IN CASH AND CASH EQUIVALENTS, JANUARY 30, 2021 9,400.00

Dates
23-Jan-21
13-Jan
17-Jan

3-Jan
5-Jan
1-14, 1-26, 1-11, 1-27
1-15, 1-30
29-Jan
20-Jan

2-Jan

1-Jan
16-Jan
28-Jan
 KOREAN DISTRIBUTORS
GENERAL JOURNAL
January 30, 2021
GJ-3
DATE POST
2021 PARTICULARS REF DEBIT
JANUARY 30 SALES 401 45,300.00
INCOME SUMMARY 601
SALES RETURN AND ALLOWANCES 405
SALES DISCOUNT 410

30 INCOME SUMMARY 601 41,800.00

COST OF GOOD SOLD 501
ADVERTISING EXPENSES 503
FREIGHT OUT 506
RENT EXPENSES 510
SALARIES EXPENSES 530
UTILITIES EXPENSES 540

30 INCOME SUMMARY 601 2,296.00

J.DELA CRUZ CAPITAL 301

30 J. DELA CRUZ CAPITAL 301 2,008.00

J. DELA CRUZ DRAWING 302
 GJ-3

CREDIT

44,096.00
900
304.00

33,700.00
1,000.00
200.00
3,500.00
3,000.00
400

2,296.00

2,008.00
 KOREAN DISTRIBUTORS
POST-CLOSING TRIAL BALANCE
January 30, 2021

ACCOUNT NO. ACCOUNT TITLE DEBIT CREDIT

101 CASH 9,400.00
105 ACCOUNT RECEIVABLE 13,700.00
115 MERCHANDISE INVENTORY 22,688.00
120 SUPPLIES 700.00
150 EQUIPMENT 10,000.00
201 ACCOUNTS PAYABLE 5,200.00
202 NOTES PAYABLE 12,000.00
301 J.DELA CRUZ CAPTIAL 39,288.00
TOTAL: 56,488.00 56,488.00