Feb. 1 Cash 113,000.

00
Accounts Receivable 113,000.00

2 Accounts Payable 64,000.00

Cash 62,080.00
Purchase discounts 1,920.00

4 Purchases 170,000.00
Accounts Payable 170,000.00

5 Accounts Receivable 270,000.00

Sales 270,000.00

7 Advertising Expense 6,000.00

Cash 6,000.00

Cash 250,000.00
Sales 250,000.00

8 Accounts Payable 170,000.00

Cash 164,900.00
Purchase Discounts 5,100.00

9 Transportation In 4,000.00
Cash 4,000.00

10 Sales Returns and Allowances 70,000.00

Accounts Receivable 70,000.00

12 Cash 196,000.00
Sales Discounts 4,000.00
Accounts Receivable 200,000.00

14 Interest Expense 26,000.00

Cash 26,000.00

15 Salaries Expense 51,000.00

Cash 51,000.00

16 Accounts Receivable 392,000.00

Sales 392,000.00

18 Transaportation Out 4,000.00

Cash 4,000.00

19 Supplies 21,000.00
 Cash 21,000.00

20 Purchases 125,000.00
Accounts Payable 125,000.00

22 Miscellaneous Expenses 7,000.00

Cash 7,000.00

23 Cash 384,160.00
Sales Discounts 7,840.00
Accounts Receivable 392,000.00

24 Purchases 373,000.00
Accounts Payable 373,000.00

Transportation In 9,000.00
Cash 9,000.00

25 Accounts Receivable 420,000.00

Sales 420,000.00

26 Sales Returns and Allowances 71,000.00

Accounts Receivable 71,000.00

28 Buenaflor, Withdrawal 400,000.00

Cash 400,000.00

Accounts Payable 25,000.00

Purchase Returns and Allowances 25,000.00
 TERESITA BUENAFLOR SHOES
GENERAL LEDGER
FOR THE MONTH OF FEBRUARY 2019

CASH
DATE TRANSACTION DEBIT CREDIT
Beginning Balance
Feb-01 Sold merchandise ₱113,000.00
02 Payment of merchandise ₱ 62,080.00
07 Payment for advertising 6,000.00
07 Cash sales 250,000.00
08 Payment for merchandise 164,900.00
09 Payment for freight charges 4,000.00
12 Collection of receivable 196,000.00 -
14 Payment for interest 26,000.00
15 Payment for salaries 51,000.00
18 Payment for freight charges 4,000.00
19 Payment of supplies 21,000.00
22 Payment of miscellaneous 7,000.00
23 Collection of receivable 384,160.00
24 Payment of freight charges 9,000.00
28 Owner's withdrawal 400,000.00

Accounts Receivable
Date Transaction Dr Cr
Beginning Balance
01 Collection from customer 113,000.00
05 Sold merchandise on account 270,000.00
10 Returns of merchandise ₱ 70,000.00
12 Collection from customer ₱ 200,000.00
16 Sold merchandise on account 392,000.00
23 Collection from customer ₱ 392,000.00
25 Sold merchandise on account 420,000.00
26 Returns of merchandise ₱ 71,000.00

Merchandise Inventory
DATE TRANSACTION DEBIT CREDIT
Beginning Balance

OFFICE SUPPLIES
DATE TRANSACTION DEBIT CREDIT
Beginning Balance
19 Bought supplies 21,000.00

PREPAID INSURANCE
 DATE TRANSACTION DEBIT CREDIT
Beginning Balance

LAND
DATE TRANSACTION DEBIT CREDIT
Beginning Balance

BUILDING
DATE TRANSACTION DEBIT CREDIT
Beginning Balance

Accumulated Depreciation - Bldg

DATE TRANSACTION DEBIT CREDIT
Beginning Balance

EQUIPMENT
Date Transaction Dr Cr
Beginning Balance

Accumulated Depreciation-Equipment
Date Transaction Dr Cr
Beginning Balance
₱ 630,000.00

Accounts Payable
Date Transaction Dr Cr
Beginning Balance
02 Payment of purchases 64,000.00
04 Purchases on account 170,000.00
08 Payment of purchases 170,000.00
20 Purchases on account 125,000.00
24 Purchases on account 373,000.00
28 Returns of purchases 25,000.00

MORTGAGE PAYABLE
DATE TRANSACTION DEBIT CREDIT
Beginning Balance
 BUENAFLOR, CAPITAL
DATE TRANSACTION DEBIT CREDIT
Beginning Balance

BUENAFLOR, DRAWING
DATE TRANSACTION DEBIT CREDIT
Beginning Balance
28 Owner's withdrawal ₱ 400,000.00

SALES
DATE TRANSACTION DEBIT CREDIT
Beginning Balance
05 Merchandise sold on account ₱ 270,000.00
07 Cash sales 250,000.00
16 Merchandise sold on account 392,000.00
25 Merchandise sold on account 420,000.00

SALES RETURNS AND ALLOWANCES

DATE TRANSACTION DEBIT CREDIT
Beginning Balance
10 Received returned defective goods ₱ 70,000.00
26 Received returned defective goods ₱ 71,000.00

SALES DISCOUNT
DATE TRANSACTION DEBIT CREDIT
Beginning Balance
12 Collection within the discount period ₱ 4,000.00
23 Collection within the discount period ₱ 7,840.00

PURCHASES
DATE TRANSACTION DEBIT CREDIT
Beginning Balance
04 Credit purchases ₱ 170,000.00
20 Credit purchases ₱ 125,000.00
24 Credit purchases ₱ 373,000.00

PURCHASE RETURNS AND ALLOWANCES

DATE TRANSACTION DEBIT CREDIT
Beginning Balance
28 Returned defective goods ₱ 25,000.00

PURCHASE DISCOUNT
 DATE TRANSACTION DEBIT CREDIT
Beginning Balance
02 Payment within the discount period ₱ 1,920.00
08 Payment within the discount period ₱ 5,100.00

TRANSPORTATION IN
DATE TRANSACTION DEBIT CREDIT
Beginning Balance
09 Freight charges ₱ 4,000.00
24 Freight charges ₱ 9,000.00

SALARIES EXPENSE
DATE TRANSACTION DEBIT CREDIT
Beginning Balance
15 Payment for salaries ₱ 51,000.00
Current Period Change ₱ 51,000.00
Ending Balance

Transportation Out
DATE TRANSACTION DEBIT CREDIT
Beginning Balance
18 Freight Charges ₱ 4,000.00

ADVERTISING EXPENSE
DATE TRANSACTION DEBIT CREDIT
Beginning Balance
07 Paid Advertising ₱ 6,000.00

INTEREST EXPENSE
DATE TRANSACTION DEBIT CREDIT
Beginning Balance
14 Paid the interest ₱ 26,000.00

MISCELLANEOUS EXPENSE
DATE TRANSACTION DEBIT CREDIT
Beginning Balance
22 Paid miscellaneous fee ₱ 7,000.00
 ACCT.ID - 110
BALANCE
₱ 33,000.00
₱ 146,000.00
₱ 83,920.00
₱ 77,920.00
₱ 327,920.00
₱ 163,020.00
₱ 159,020.00
₱ 355,020.00
₱ 329,020.00
₱ 278,020.00
₱ 274,020.00
₱ 253,020.00
₱ 246,020.00
₱ 630,180.00
₱ 621,180.00
₱ 221,180.00

120
Balances
₱ 192,000.00
79,000.00
349,000.00
279,000.00
79,000.00
471,000.00
79,000.00
499,000.00
428,000.00

ACCT.ID - 130
BALANCE
₱413,000.00

ACCT.ID - 140
BALANCE
₱ 51,000.00
₱ 72,000.00

ACCT.ID - 150
 BALANCE
₱ 48,000.00
-

ACCT.ID 160
BALANCE
₱ 460,000.00

ACCT.ID - 170
BALANCE
₱ 1,750,000.00

ACCT.ID - 175
BALANCE
₱ 350,000.00

180
Balances
₱ 2,310,000.00

185
Balances
-
630,000.00

210
Balances
₱ 108,000.00
44,000.00
214,000.00
44,000.00
169,000.00
542,000.00
517,000.00

230
BALANCE
₱ 2,600,000.00
 310
BALANCE
₱ 1,569,000.00

320
BALANCE
-
₱ 400,000.00

410
BALANCE
-

420
BALANCE
-

430
BALANCE
-
₱ 4,000.00
₱ 11,840.00

510
BALANCE
-
170,000.00
295,000.00
668,000.00

520
BALANCE
-
₱ 25,000.00

530
 BALANCE
-
₱ 1,920.00
₱ 7,020.00

540
BALANCE
-
₱ 4,000.00
₱ 13,000.00

610
BALANCE
-

51,000.00
₱ 51,000.00

660
BALANCE
-
₱ 4,000.00

670
BALANCE
-
₱ 6,000.00

680
BALANCE
-
₱ 26,000.00

690
BALANCE
-
₱ 7,000.00
 TERESITA BUENAFLOR SHOES
UNADJUSTED TRIAL BALANCE
February 28, 2019

ACCT NO. ACCOUNT TITLE DEBIT CREDIT

110 CASH ₱221,180.00
120 ACCOUNTS RECEIVABLES 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 ACCUMULATED DEPRECIATION-BUILDING ₱350,000.00
180 EQUIPMENT 2,310,000.00
185 ACCUMULATED DEPRECIATION-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 BUENAFLOR, WITHDRAWAL 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 PURCHASES RETURNS AND ALLOWANCES 25,000.00
530 PURCHASES DISCOUNTS 7,020.00
540 TRANSPORTATION IN 13,000.00
610 SALARIES EXPENSE 51,000.00
620 SUPPLIES EXPENSE
630 INSURANCE EXPENSE
640 DEPRECIATION EXPENSE-BUILDING
650 DEPRECIATION EXPENSE-EQUIPMENT
660 TRANSPORTATION OUT 4,000.00
670 ADVERTISING EXPENSE 6,000.00
680 INTEREST EXPENSE 26,000.00
690 MISCELLANEOUS EXPENSE 7,000.00
 Teresita Buenaflor Shoes
Adjusting Journal Entries
For the month of February 2019

Particulars Debit Credit

a. Salaries Expense 51,000.00
Salaries Payable 51,000.00

b. Insurance Expense 2,000.00

Prepaid Insurance 2,000.00

c. Depreciation Expense 9,000.00

Accumulated Depreciation - building 9,000.00

Depreciation Expense 12,000.00

Accumulated Depreciation- equipment 12,000.00

d. Supplies Expense 58,000.00

Supplies 58,000.00

e. Merchandise Inventory, 02/28/19 397,000.00

Income Summary 397,000.00
 TERESITA BUENAFLOR SHOES
Unadjusted Trial Balance
February 28, 2019

Debit Credit
Cash ₱221,180.00
Accounts Receivable 428,000.00
Merchandise Inventory 413,000.00
Supplies 72,000.00
Prepaid Insurance 48,000.00
Land 460,000.00
Building 1,750,000.00
Accumulated Depreciation - Building ₱350,000.00
Equipment 2,310,000.00
Accumulated Depreciation - Equipment 630,000.00
Accounts Payable 517,000.00
Salaries Payable
Mortgage Payable 2,600,000.00
Buenaflor, Capital 1,569,000.00
Buenaflor, Withdrawals 400,000.00
Income Summary
Sales 1,332,000.00
Sales Returns and Allowances 141,000.00
Sales Discounts 11,840.00
Purchases 668,000.00
Purchase Returns and Allowances 25,000.00
Purchase Discounts 7,020.00
Transaportation In 13,000.00
Salaries Expense 51,000.00 a.
Supplies Expense d.
Insurance Expense b.
Depreciation Expense - Building c.
Depreciation Expense - Equipment c.
Transportation Out 4,000.00
Advertising Expense 6,000.00
Interest Expense 26,000.00
Miscellaneous Expense 7,000.00

₱7,030,020.00 ₱7,030,020.00
 Adjustments Adjusted Trial Balance Income Statement
Debit Credit Debit Credit Debit
221180.00
428,000.00
413,000.00 413,000.00
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
141,000.00 141,000.00
11,840.00 11,840.00
668,000.00 668,000.00
25,000.00
7,020.00
13,000.00 13,000.00
51,000.00 102,000.00 102,000.00
58,000.00 58,000.00 58,000.00
2,000.00 2,000.00 2,000.00
9,000.00 9,000.00 9,000.00
12,000.00 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

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

288,180.00
1,761,020.00
Income Statement Balance Sheet
Credit Debit Credit
₱221,180.00
428,000.00
₱ 397,000.00 397,000
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

1,332,000.00

25,000.00
7,020.00

₱ 1,761,020.00 ₱6,026,180.00 ₱5,738,000.00

288,180.00
1,761,020.00 6,026,180.00 6,026,180.00
 Teresita Buenaflor Shoes
Income Statement
For the month of February 2019

Net Sales
Gross Sales
Less: Sales Returns and Allowances ₱ 141,000.00
Sales Discount 11,840.00
Net Sales
Cost of Sales
Merchandise Inventory, 2/1/2019 ₱ 413,000.00
Purchases ₱ 668,000.00
Less: Purchases Return and Allowances ₱ 25,000.00
Purchase Discount 7,020.00 32,020.00
Net Purchases ₱ 635,980.00
Transportation In 13,000.00
Net Cost of Purchases 648,980.00
Goods Available for Sale ₱ 1,061,980.00
Less: Merchandise Inventory, 2/28/2019 397,000.00
Cost of Sales
Gross Profit
Operating Expense
Selling Expense
Transportation Out ₱ 4,000.00
Advertising Expense 6,000.00
Total Selling Expenses ₱ 10,000.00
Administrative Expense
Salaries Expense ₱ 102,000.00
Supplies 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
Other Operating Expenses
Interest Expense 26,000.00
Miscellaneous Expense 7,000.00
Total Other Operating Expenses 33,000.00
Operating Profit

NET INCOME
₱ 1,332,000.00

152,840.00
1,179,160.00

664,980.00
₱ 514,180.00

₱ 288,180.00

₱ 288,180.00
 Teresita Buenaflor Shoes
Statement of Changes in Equity
For the month of February 2019

Buenfalor, Owner's Equity, 2/1/2019 ₱ 1,569,000.00

Add: Profit 288,180.00
Total 1,857,180.00
Less: Withdrawals 400,000.00
Buenfalor, Owner's Equity, 2/28/2019 ₱ 1,457,180.00
 Teresita Buenaflor Shoes
Balance Sheet
For the month of February 2019

Assets
Curent Assets
Cash ₱ 221,180.00
Accounts Receivable 428,000.00
Merchandise Inventory 397,000.00
Supplies 14,000.00
Prepaid Inssurance 46,000.00
Total Current Assets 1,106,180.00

Non Current Assests

Land 460,000.00
Building ₱ 1,750,000.00
Less: Accumulated Depreciation-Building 359,000.00 1,391,000.00
Equipment 2,310,000.00
Less: Accumulated Depreciation-Equipmen 642,000.00 1,668,000.00
Total Non-Current Assets 3,519,000.00

Total Asset ₱ 4,625,180.00

Liabilities and Owner's Equity

Liabilities
Current Liabilities
Accounts Payable 517,000.00
Salaries Payable 51,000.00
Total Current Liabilities 568,000.00

Non Current Liabilities

Mortgage Payable 2,600,000.00

Total Liabilities 3,168,000.00

Owner's Equity
Buenaflor, Capital 2/1/2019 1,569,000.00
Less: Buenaflor, Withdrawals 400,000.00
Add: Net Income 288,180.00
Total Owner's Equity 1,457,180.00

Total Liabilities and Owner's Equity ₱ 4,625,180.00