Robi Santos put up a retail store business on January 1,2020.

He had the following transactions for the month (A

January 2             Robi invested P500,000 as initial capital of the business.
January 3             He purchased supplies worth P12,500 on account.
January 3             He purchased office equipment for P30,000 cash
January 3             He purchased office furniture for P14,000 on account.
January 4             He purchased merchandise for P55,000 cash.
January 5             He made additional purchase for P35,000 on account. Terms: FOB Shipping point,
2/10,n/30.
January 5             Paid transportation costs of P1000 cash for January 5 purchase
January 7             He purchased additional supplies for P1,500 cash
January 8             Sold merchandise for P24,000 on account. Cost is P19,200. Terms: FOB Destination
                                2/15,n/30.
January 9             Returned half of the merchandise purchased last January 4
January 9             Paid delivery charges for January 8 sales, P500 cash
January 11           Paid the purchase made last January 5
January 12           Chris purchased again merchandise for P30,000 for cash.
January 13           Obtained a loan from a friend, signed 10% interest bearing note,P20,000. ( Principal together w
January 14           Sold merchandise for P12,000 cash. Cost is P9,600
January 15           Made advance payment for insurance amounting to P7,500 cash for 3 months. Expense
method is used by Chris
January 18           Received collection from January 8 sales.
January 20           Sold merchandise for P15,000 on account. Terms, n/30. Cost is P12,000.
January 21           Paid advertising expense , P1,000 cash
January 22           Received merchandise returned by customers relating to January 20 sales, P5,000
January 23           Made withdrawal of P5,000 for personal use
January 24           Paid the following expenses : Salaries Exp – P18,000, Utilities Expense – P15,000
                                Miscellaneous Exp – P6,000

Additional Information:
1.       Unused supplies at the end of the month is P3,380
2.       Depreciation is full month on the date of purchase (Useful life for office furniture and office equipment is 5
3.       Interest income is to be recorded on full month basis (Simple interest will be applied)
4.       Prepaid insurance also needs to be adjusted.

Requirements:
1.       Journalize each transactions
2.       Post to ledger
3.       Prepare unadjusted trial balance
4.       Journalize adjusting entries
5.       Prepare adjusted trial balance
6.       Prepare income statement, statement of changes in equity, balance sheet and statement of cash flows
7.       Prepare closing entries (post to ledger)
8.       Prepare post closing trial balance
transactions for the month (Assuming Robi is using perpetual inventory method)

B Shipping point,

: FOB Destination

0,000. ( Principal together with interest is to be paid after 1 year)

r 3 months. Expense

20 sales, P5,000

pense – P15,000

ure and office equipment is 5 years)

statement of cash flows

 DATE ACCOUNT DR
JANUARY 2 CASH 500,000
SANTOS, CAPITAL

3 SUPPLIES 12,500
ACCOUNTS PAYABLE

3 OFFICE EQUIPMENT 30,000

CASH

3 OFFICE FURNITURE 14,000

ACCOUNTS PAYABLE

4 MERCHANDISE INVENTORY 55,000

CASH

5 MERCHANDISE INVENTORY 35,000

ACCOUNTS PAYABLE

5 MERCHANDISE INVENTORY 1,000

CASH

7 SUPPLIES 1,500
CASH

8 ACCOUNTS RECEIVABLE 24,000

SALES

COST OF GOODS SOLD 19,200

MERCHANDISE INVENTORY

9 CASH 27,500
MERCHANDISE INVENTORY

9 DELIVERY EXPENSE 500

CASH

11 ACCOUNTS PAYABLE 35,000

CASH
MERCHANDISE INVENTORY

12 MERCHANDISE INVENTORY 30,000

CASH
13 CASH 20,000
NOTE PAYABLE

14 CASH 12,000
SALES

COST OF GOODS SOLD 9,600

MERCHANDISE INVENTORY

15 INSURANCE EXPENSE 7,500

CASH

18 CASH 23,520
SALES DISCOUNT 480
ACCOUNTS RECEIVABLE

20 ACCOUNTS RECEIVABLE 15,000

SALES

COST OF GOODS SOLD 12,000

MERCHANDISE INVENTORY

21 ADVERTISING EXPENSE 1,000

CASH

22 SALES RETURN 5,000

ACCOUNTS RECEIVABLE

MERCHANDISE INVENTORY 4,000

COST OF GOODS SOLD

23 SANTOS, DRAWING 5,000

CASH

24 SALARIES EXPENSE 18,000

UTILITIES EXPENSE 15,000
MISCELLANEOUS EXPENSE 6,000
CASH
CR

500,000

12,500

30,000

14,000

55,000

35,000

1,000

1,500

24,000

19,200

27,500

500

34,300
700

30,000
20,000

12,000

9,600

7,500

24,000

15,000

12,000

1,000

5,000

4,000

5,000

39,000
ACCOUNT CASH BALANCE
DATE ITEM DR CR DR CR
01.02.2020 INITIAL DEPOSIT 500,000 500,000
01.03.2020 OFFICE EQUIPMENT 30,000 470,000
01.04.2020 MERCHANDISE INVENTORY 55,000 415,000
01.05.2020 FREIGHT IN 1,000 414,000
01.07.2020 SUPPLIES 1,500 412,500
01.09.2020 RETURN OF MERCHANDISE 27,500 440,000
01.09.2020 DELIVERY EXPENSE 500 439,500
01.11.2020 PAYMENT OF ACCOUNT 34,300 405,200
01.12.2020 MERCHANDISE INVENTORY 30,000 375,200
01.13.2020 NOTE PAYABLE 20,000 395,200
01.14.2020 SALES 12,000 407,200
01.15.2020 INSURANCE EXPENSE 7,500 399,700
01.18.2020 COLLECTION OF ACCOUNT 23,520 423,220
01.21.2020 ADVERTISING EXPENSE 1,000 422,220
01.23.2020 WITHDRAWAL 5,000 417,220
01.24.2020 EXPENSES 39,000 378,220

ACCOUNT ACCOUNTS RECEIVABLE BALANCE

DATE ITEM DR CR DR CR
01.08.2020 SALES 24,000 24,000
01.18.2020 COLLECTION 24,000 -
01.20.2020 SALES 15,000 15,000
01.22.2020 SALES RETURN 5,000 10,000

ACCOUNT SUPPLIES BALANCE

DATE ITEM DR CR DR CR
01.03.2020 PURCHASE ON ACCOUNT 12,500 12,500
01.07.2020 PURCHASE ON CASH 1,500 14,000

ACCOUNT MERCHANDISE INVENTORY BALANCE

DATE ITEM DR CR DR CR
01.04.2020 PURCHASE ON CASH 55,000 55,000
01.05.2020 PURCHASE ON ACCOUNT 35,000 90,000
01.05.2020 FREIGHT IN 1,000 91,000
01.08.2020 SALES 19,200 71,800
01.09.2020 CASH REFUND FOR RETURN 27,500 44,300
01.11.2020 PURCHASE DISCOUNT 700 43,600
01.12.2020 PURCHASE ON CASH 30,000 73,600
01.14.2020 SALES 9,600 64,000
01.20.2020 SALES 12,000 52,000
01.22.2020 SALES RETURN 4,000 56,000

ACCOUNT OFFICE EQUIPMENT BALANCE

DATE ITEM DR CR DR CR
01.03.2020 PURCHASE ON CASH 30,000 30,000

ACCOUNT OFFICE FURNITURE BALANCE

DATE ITEM DR CR DR CR
01.03.2020 PURCHASE ON ACCOUNT 14,000 14,000

ACCOUNT ACCOUNTS PAYABLE BALANCE

DATE ITEM DR CR DR CR
01.03.2020 SUPPLIES 12,500 12,500
01.03.2020 OFFICE FURNITURE 14,000 26,500
01.05.2020 MERCHANDISE INVENTORY 35,000 61,500
01.11.2020 PAYMENT 35,000 26,500

ACCOUNT NOTES PAYABLE BALANCE

DATE ITEM DR CR DR CR
01.13.2020 CASH 20,000 20,000
ACCOUNT SALES BALANCE
DATE ITEM DR CR DR CR
01.08.2020 ON ACCOUNT 24,000 24,000
01.14.2020 ON CASH 12,000 36,000
01.20.2020 ON ACCOUNT 15,000 51,000

ACCOUNT SALES DISCOUNT BALANCE

DATE ITEM DR CR DR CR
01.18.2020 COLLECTION OF ACCOUNT 480 480

ACCOUNT SALES RETURN BALANCE

DATE ITEM DR CR DR CR
01.22.2020 RETURNED MERCHANDISE 5,000 5,000

ACCOUNT COST OF GOODS SOLD BALANCE

DATE ITEM DR CR DR CR
01.08.2020 SALE OF MERCHANDISE 19,200 19,200
01.14.2020 SALE OF MERCHANDISE 9,600 28,800
01.20.2020 SALE OF MERCHANDISE 12,000 40,800
01.22.2020 SALES RETURN 4,000 36,800

ACCOUNT DELIVERY EXPENSE BALANCE

DATE ITEM DR CR DR CR
01.09.2020 PAYMENT 500 500
ACCOUNT INSURANCE EXPENSE BALANCE
DATE ITEM DR CR DR CR
01.15.2020 PAYMENT 7,500 7,500

ACCOUNT ADVERTISING EXPENSE BALANCE

DATE ITEM DR CR DR CR
01.21.2020 PAYMENT 1,000 1,000

ACCOUNT SALARIES EXPENSE BALANCE

DATE ITEM DR CR DR CR
01.24.2020 PAYMENT 18,000 18,000

ACCOUNT UTILITIES EXPENSE BALANCE

DATE ITEM DR CR DR CR
01.24.2020 PAYMENT 15,000 15,000

ACCOUNT MISCELLANEOUS EXPENSE BALANCE

DATE ITEM DR CR DR CR
01.24.2020 PAYMENT 6,000 6,000

ACCOUNT SANTOS, CAPITAL BALANCE

DATE ITEM DR CR DR CR
01.02.2020 INITIAL DEPOSIT 500,000 500,000

ACCOUNT SANTOS, DRAWING BALANCE

DATE ITEM DR CR DR CR
01.23.2020 WITHDRAWAL 5,000 5,000
 ROBI SANTOS RETAIL STORE
UNADJUSTED TRIAL BALANCE
AS OF JANUARY 31, 2020

ACCOUNTS DR CR
CASH 378,220
ACCOUNTS RECEIVABLE 10,000
SUPPLIES 14,000
MERCHANDISE INVENTORY 56,000
OFFICE EQUIPMENT 30,000
OFFICE FURNITURE 14,000
ACCOUNTS PAYABLE 26,500
NOTES PAYABLE 20,000
SALES 51,000
SALES DISCOUNT 480
SALES RETURN 5,000
COST OF GOODS SOLD 36,800
DELIVERY EXPENSE 500
INSURANCE EXPENSE 7,500
ADVERTISING EXPENSE 1,000
SALARIES EXPENSE 18,000
UTILITIES EXPENSE 15,000
MISCELLANEOUS EXPENSE 6,000
SANTOS, CAPITAL 500,000
SANTOS, DRAWING 5,000
TOTAL 597,500 597,500
 DATE ACCOUNT DR
JANUARY 31 SUPPLIES EXPENSE 10,620
SUPPLIES

31 DEPRECIATION EXPENSE 733

ACCUMULATED DEPRECIATION-OFFICE EQUIPMENT
ACCUMULATED DEPRECIATION-OFFICE FURNITURE

31 INTEREST EXPENSE 167

INTEREST PAYABLE

31 PREPAID INSURANCE 6,250

INSURANCE EXPENSE
CR

10,620

500
233

167

6,250
ACCOUNT CASH
DATE ITEM DR CR
01.02.2020 INITIAL DEPOSIT 500,000
01.03.2020 OFFICE EQUIPMENT 30,000
01.04.2020 MERCHANDISE INVENTORY 55,000
01.05.2020 FREIGHT IN 1,000
01.07.2020 SUPPLIES 1,500
01.09.2020 RETURN OF MERCHANDISE 27,500
01.09.2020 DELIVERY EXPENSE 500
01.11.2020 PAYMENT OF ACCOUNT 34,300
01.12.2020 MERCHANDISE INVENTORY 30,000
01.13.2020 NOTE PAYABLE 20,000
01.14.2020 SALES 12,000
01.15.2020 INSURANCE EXPENSE 7,500
01.18.2020 COLLECTION OF ACCOUNT 23,520
01.21.2020 ADVERTISING EXPENSE 1,000
01.23.2020 WITHDRAWAL 5,000
01.24.2020 EXPENSES 39,000

ACCOUNT ACCOUNTS RECEIVABLE

DATE ITEM DR CR
01.08.2020 SALES 24,000
01.18.2020 COLLECTION 24,000
01.20.2020 SALES 15,000
01.22.2020 SALES RETURN 5,000

ACCOUNT SUPPLIES
DATE ITEM DR CR
01.03.2020 PURCHASE ON ACCOUNT 12,500
01.07.2020 PURCHASE ON CASH 1,500
01.31.2020 ADJUSTING 10,620

ACCOUNT MERCHANDISE INVENTORY

DATE ITEM DR CR
01.04.2020 PURCHASE ON CASH 55,000
01.05.2020 PURCHASE ON ACCOUNT 35,000
01.05.2020 FREIGHT IN 1,000
01.08.2020 SALES 19,200
01.09.2020 CASH REFUND FOR RETURN 27,500
01.11.2020 PURCHASE DISCOUNT 700
01.12.2020 PURCHASE ON CASH 30,000
01.14.2020 SALES 9,600
01.20.2020 SALES 12,000
01.22.2020 SALES RETURN 4,000

ACCOUNT PREPAID INSURANCE

DATE ITEM DR CR
01.31.2020 ADJUSTING 6,250

ACCOUNT OFFICE EQUIPMENT

DATE ITEM DR CR
01.03.2020 PURCHASE ON CASH 30,000

ACCOUNT ACCUMULATED DEPRECIATION - OFFICE EQUIPMENT

DATE ITEM DR CR
01.31.2020 ADJUSTING 500

ACCOUNT OFFICE FURNITURE

DATE ITEM DR CR
01.03.2020 PURCHASE ON ACCOUNT 14,000

ACCOUNT ACCUMULATED DEPRECIATION - OFFICE FURNITURE

DATE ITEM DR CR
01.31.2020 ADJUSTING 233
ACCOUNT ACCOUNTS PAYABLE
DATE ITEM DR CR
01.03.2020 SUPPLIES 12,500
01.03.2020 OFFICE FURNITURE 14,000
01.05.2020 MERCHANDISE INVENTORY 35,000
01.11.2020 PAYMENT 35,000

ACCOUNT NOTES PAYABLE

DATE ITEM DR CR
01.13.2020 CASH 20,000

ACCOUNT INTEREST PAYABLE

DATE ITEM DR CR
01.31.2020 ADJUSTING 167
 BALANCE ACCOUNT SALES
DR CR DATE ITEM DR CR
500,000 01.08.2020 ON ACCOUNT 24,000
470,000 01.14.2020 ON CASH 12,000
415,000 01.20.2020 ON ACCOUNT 15,000
414,000
412,500
440,000
439,500
405,200
375,200
395,200
407,200 ACCOUNT SALES DISCOUNT
399,700 DATE ITEM DR CR
423,220 01.18.2020 COLLECTION OF ACCOUNT 480
422,220
417,220
378,220

BALANCE ACCOUNT SALES RETURN

DR CR DATE ITEM DR CR
24,000 01.22.2020 RETURNED MERCHANDISE 5,000
-
15,000
10,000

BALANCE ACCOUNT COST OF GOODS SOLD

DR CR DATE ITEM DR CR
12,500 01.08.2020 SALE OF MERCHANDISE 19,200
14,000 01.14.2020 SALE OF MERCHANDISE 9,600
3,380 01.20.2020 SALE OF MERCHANDISE 12,000
01.22.2020 SALES RETURN 4,000

BALANCE ACCOUNT DELIVERY EXPENSE

DR CR DATE ITEM DR CR
55,000 01.09.2020 PAYMENT 500
90,000
91,000
71,800
44,300
43,600
 73,600
64,000 ACCOUNT INSURANCE EXPENSE
52,000 DATE ITEM DR CR
56,000 01.15.2020 PAYMENT 7,500
01.31.2020 ADJUSTING 6,250

BALANCE
DR CR
6,250
ACCOUNT ADVERTISING EXPENSE
DATE ITEM DR CR
01.21.2020 PAYMENT 1,000

BALANCE
DR CR
30,000
ACCOUNT SALARIES EXPENSE
DATE ITEM DR CR
01.24.2020 PAYMENT 18,000

BALANCE
DR CR
500
ACCOUNT UTILITIES EXPENSE
DATE ITEM DR CR
01.24.2020 PAYMENT 15,000

BALANCE
DR CR
14,000
ACCOUNT MISCELLANEOUS EXPENSE
DATE ITEM DR CR
01.24.2020 PAYMENT 6,000

BALANCE
DR CR
233
ACCOUNT SUPPLIES EXPENSE
DATE ITEM DR CR
 01.31.2020 PAYMENT 10,620

BALANCE
DR CR
12,500
26,500 ACCOUNT DEPRECIATION EXPENSE
61,500 DATE ITEM DR CR
26,500 01.31.2020 PAYMENT 733

BALANCE
DR CR
20,000
ACCOUNT INTEREST EXPENSE
DATE ITEM DR CR
01.31.2020 PAYMENT 167

BALANCE
DR CR
167
ACCOUNT SANTOS, CAPITAL
DATE ITEM DR CR
01.02.2020 INITIAL DEPOSIT 500,000

ACCOUNT SANTOS, DRAWING

DATE ITEM DR CR
01.23.2020 WITHDRAWAL 5,000
 BALANCE
DR CR
24,000
36,000
51,000

BALANCE
DR CR
480

BALANCE
DR CR
5,000

BALANCE
DR CR
19,200
28,800
40,800
36,800

BALANCE
DR CR
500
 BALANCE
DR CR
7,500
1,250

BALANCE
DR CR
1,000

BALANCE
DR CR
18,000

BALANCE
DR CR
15,000

BALANCE
DR CR
6,000

BALANCE
DR CR
 10,620

BALANCE
DR CR
733

BALANCE
DR CR
167

BALANCE
DR CR
500,000

BALANCE
DR CR
5,000
 ROBI SANTOS RETAIL STORE
ADJUSTED TRIAL BALANCE
AS OF JANUARY 31, 2020

ACCOUNTS DR CR
CASH 378,220
ACCOUNTS RECEIVABLE 10,000
SUPPLIES 3,380
MERCHANDISE INVENTORY 56,000
PREPAID INSURANCE 6,250
OFFICE EQUIPMENT 30,000
ACCUMULATED DEPRECIATION - OFFICE EQUIPMENT 500
OFFICE FURNITURE 14,000
ACCUMULATED DEPRECIATION - OFFICE FURNITURE 233
ACCOUNTS PAYABLE 26,500
NOTES PAYABLE 20,000
INTEREST PAYABLE 167
SALES 51,000
SALES DISCOUNT 480
SALES RETURN 5,000
COST OF GOODS SOLD 36,800
DELIVERY EXPENSE 500
INSURANCE EXPENSE 1,250
ADVERTISING EXPENSE 1,000
SALARIES EXPENSE 18,000
UTILITIES EXPENSE 15,000
MISCELLANEOUS EXPENSE 6,000
SUPPLIES EXPENSE 10,620
DEPRECIATION EXPENSE 733
INTEREST EXPENSE 167
SANTOS, CAPITAL 500,000
SANTOS, DRAWING 5,000
TOTAL 598,400 598,400
 ROBI SANTOS RETAIL STORE
STATEMENT OF FINANCIAL PERFORMANCE
FOR THE MONTH ENDED, JANUARY 31, 2020

GROSS SALES 51,000

LESS: SALES DISCOUNT 480
SALES RETURN 5,000 - 5,480
NET SALES 45,520
LESS: COST OF GOODS SOLD - 36,800
GROSS PROFIT 8,720
LESS: EXPENSES
DELIVERY EXPENSE 500
INSURANCE EXPENSE 1,250
ADVERTISING EXPENSE 1,000
SALARIES EXPENSE 18,000
UTILITIES EXPENSE 15,000
MISCELLANEOUS EXPENSE 6,000
SUPPLIES EXPENSE 10,620
DEPRECIATION EXPENSE 733
INTEREST EXPENSE 167 - 53,270
NET LOSS - 44,550
 ROBI SANTOS RETAIL STORE
STATEMENT OF CHANGES IN EQUITY
FOR THE MONTH ENDED, JANUARY 31, 2020

BEGINNING CAPITAL 500,000

LESS: NET LOSS - 44,550
LESS: DRAWINGS - 5,000
ENDING CAPITAL 450,450
 ROBI SANTOS RETAIL STORE
STATEMENT OF FINANCIAL POSITION
AS OF JANUARY 31, 2020

ASSETS
Current Assets
CASH 378,220
ACCOUNTS RECEIVABLE 10,000
SUPPLIES 3,380
MERCHANDISE INVENTORY 56,000
PREPAID INSURANCE 6,250
Total Current Assets 453,850

Non Current Assets

OFFICE EQUIPMENT 30,000
ACCUMULATED DEPRECIATION - OFFICE EQUIPMENT - 500 29,500
OFFICE FURNITURE 14,000
ACCUMULATED DEPRECIATION - OFFICE FURNITURE - 233 13,767
Total Non Current Assets 43,267

TOTAL ASSETS 497,117

L STORE
AL POSITION
, 2020

LIABILITIES
ACCOUNTS PAYABLE 26,500
NOTES PAYABLE 20,000
INTEREST PAYABLE 167

TOTAL LIABILITIES 46,667

EQUITY
SANTOS, CAPITAL 450,450

TOTAL EQUITY 450,450

TOTAL LIABILITIES AND EQUITY 497,117

 ROBI SANTOS RETAIL STORE
STATEMENT OF CASH FLOW
FOR THE MONTH ENDED, JANUARY 31, 2020

OPERATING ACTIVITIES
PURCHASE OF MERCHANDISE INVENTORY - 55,000
FREIGHT IN - 1,000
PURCHASE OF SUPPLIES - 1,500
CASH REFUND FROM PURCHASE RETURN 27,500
DELIVERY EXPENSE - 500
PAYMENT OF ACCOUNTS PAYABLE - 34,300
PURCHASE OF MERCHANDISE INVENTORY - 30,000
CASH RECEIVED FROM NOTE 20,000
CASH SALES 12,000
PAYMENT OF INSURANCE EXPENSE - 7,500
COLLECTION OF ACCOUNTS RECEIVABLE 23,520
PAYMENT OF ADVERTISING EXPENSE - 1,000
PAYMENT OF EXPENSES - 39,000 - 86,780
INVESTING ACTIVITIES
PURCHASE OF OFFICE EQUIPMENT - 30,000 - 30,000
FINANCING ACTIVITIES
INITIAL DEPOSIT 500,000
WITHDRAWAL - 5,000 495,000
TOTAL CASH FROM CURRENT PERIOD 378,220
CASH, BEGINNING -
CASH, ENDING 378,220
 ACCOUNT DR CR
31 SALES 51,000
INCOME SUMMARY 51,000

31 INCOME SUMMARY 95,550

SALES DISCOUNT 480
SALES RETURN 5,000
COST OF GOODS SOLD 36,800
DELIVERY EXPENSE 500
INSURANCE EXPENSE 1,250
ADVERTISING EXPENSE 1,000
SALARIES EXPENSE 18,000
UTILITIES EXPENSE 15,000
MISCELLANEOUS EXPENSE 6,000
SUPPLIES EXPENSE 10,620
DEPRECIATION EXPENSE 733
INTEREST EXPENSE 167

31 SANTOS, CAPITAL 44,550

INCOME SUMMARY 44,550

31 SANTOS, CAPITAL 5,000

SANTOS, DRAWING 5,000
ACCOUNT CASH
DATE ITEM DR CR
01.02.2020 INITIAL DEPOSIT 500,000
01.03.2020 OFFICE EQUIPMENT 30,000
01.04.2020 MERCHANDISE INVENTORY 55,000
01.05.2020 FREIGHT IN 1,000
01.07.2020 SUPPLIES 1,500
01.09.2020 RETURN OF MERCHANDISE 27,500
01.09.2020 DELIVERY EXPENSE 500
01.11.2020 PAYMENT OF ACCOUNT 34,300
01.12.2020 MERCHANDISE INVENTORY 30,000
01.13.2020 NOTE PAYABLE 20,000
01.14.2020 SALES 12,000
01.15.2020 INSURANCE EXPENSE 7,500
01.18.2020 COLLECTION OF ACCOUNT 23,520
01.21.2020 ADVERTISING EXPENSE 1,000
01.23.2020 WITHDRAWAL 5,000
01.24.2020 EXPENSES 39,000

ACCOUNT ACCOUNTS RECEIVABLE

DATE ITEM DR CR
01.08.2020 SALES 24,000
01.18.2020 COLLECTION 24,000
01.20.2020 SALES 15,000
01.22.2020 SALES RETURN 5,000

ACCOUNT SUPPLIES
DATE ITEM DR CR
01.03.2020 PURCHASE ON ACCOUNT 12,500
01.07.2020 PURCHASE ON CASH 1,500
01.31.2020 ADJUSTING 10,620

ACCOUNT MERCHANDISE INVENTORY

DATE ITEM DR CR
01.04.2020 PURCHASE ON CASH 55,000
01.05.2020 PURCHASE ON ACCOUNT 35,000
01.05.2020 FREIGHT IN 1,000
01.08.2020 SALES 19,200
01.09.2020 CASH REFUND FOR RETURN 27,500
01.11.2020 PURCHASE DISCOUNT 700
01.12.2020 PURCHASE ON CASH 30,000
01.14.2020 SALES 9,600
01.20.2020 SALES 12,000
01.22.2020 SALES RETURN 4,000

ACCOUNT PREPAID INSURANCE

DATE ITEM DR CR
01.31.2020 ADJUSTING 6,250

ACCOUNT OFFICE EQUIPMENT

DATE ITEM DR CR
01.03.2020 PURCHASE ON CASH 30,000

ACCOUNT ACCUMULATED DEPRECIATION - OFFICE EQUIPMENT

DATE ITEM DR CR
01.31.2020 ADJUSTING 500

ACCOUNT OFFICE FURNITURE

DATE ITEM DR CR
01.03.2020 PURCHASE ON ACCOUNT 14,000

ACCOUNT ACCUMULATED DEPRECIATION - OFFICE FURNITURE

DATE ITEM DR CR
01.31.2020 ADJUSTING 233
ACCOUNT ACCOUNTS PAYABLE
DATE ITEM DR CR
01.03.2020 SUPPLIES 12,500
01.03.2020 OFFICE FURNITURE 14,000
01.05.2020 MERCHANDISE INVENTORY 35,000
01.11.2020 PAYMENT 35,000

ACCOUNT NOTES PAYABLE

DATE ITEM DR CR
01.13.2020 CASH 20,000

ACCOUNT NOTES PAYABLE

DATE ITEM DR CR
01.31.2020 ADJUSTING 167
 BALANCE ACCOUNT SALES
DR CR DATE ITEM DR CR
500,000 01.08.2020 ON ACCOUNT 24,000
470,000 01.14.2020 ON CASH 12,000
415,000 01.20.2020 ON ACCOUNT 15,000
414,000 01.31.2020 CLOSING 51,000
412,500
440,000
439,500
405,200
375,200
395,200
407,200 ACCOUNT SALES DISCOUNT
399,700 DATE ITEM DR CR
423,220 01.18.2020 COLLECTION OF ACCOUNT 480
422,220 01.31.2020 CLOSING 480
417,220
378,220

BALANCE ACCOUNT SALES RETURN

DR CR DATE ITEM DR CR
24,000 01.22.2020 RETURNED MERCHANDISE 5,000
- 01.31.2020 CLOSING 5,000
15,000
10,000

BALANCE ACCOUNT COST OF GOODS SOLD

DR CR DATE ITEM DR CR
12,500 01.08.2020 SALE OF MERCHANDISE 19,200
14,000 01.14.2020 SALE OF MERCHANDISE 9,600
3,380 01.20.2020 SALE OF MERCHANDISE 12,000
01.22.2020 SALES RETURN 4,000
01.31.2020 CLOSING 36,800

BALANCE ACCOUNT DELIVERY EXPENSE

DR CR DATE ITEM DR CR
55,000 01.09.2020 PAYMENT 500
90,000 01.31.2020 CLOSING 500
91,000
71,800
44,300
43,600
 73,600
64,000 ACCOUNT INSURANCE EXPENSE
52,000 DATE ITEM DR CR
56,000 01.15.2020 PAYMENT 7,500
01.31.2020 ADJUSTING 6,250
01.31.2020 CLOSING 1,250

BALANCE
DR CR
6,250
ACCOUNT ADVERTISING EXPENSE
DATE ITEM DR CR
01.21.2020 PAYMENT 1,000
01.31.2020 CLOSING 1,000

BALANCE
DR CR
30,000
ACCOUNT SALARIES EXPENSE
DATE ITEM DR CR
01.24.2020 PAYMENT 18,000
01.31.2020 CLOSING 18,000

BALANCE
DR CR
500
ACCOUNT UTILITIES EXPENSE
DATE ITEM DR CR
01.24.2020 PAYMENT 15,000
01.31.2020 CLOSING 15,000

BALANCE
DR CR
14,000
ACCOUNT MISCELLANEOUS EXPENSE
DATE ITEM DR CR
01.24.2020 PAYMENT 6,000
01.31.2020 CLOSING 6,000

BALANCE
DR CR
233
ACCOUNT SUPPLIES EXPENSE
DATE ITEM DR CR
 01.31.2020 PAYMENT 10,620
01.31.2020 CLOSING 10,620

BALANCE
DR CR
12,500
26,500 ACCOUNT DEPRECIATION EXPENSE
61,500 DATE ITEM DR CR
26,500 01.31.2020 PAYMENT 733
01.31.2020 CLOSING 733

BALANCE
DR CR
20,000
ACCOUNT INTEREST EXPENSE
DATE ITEM DR CR
01.31.2020 PAYMENT 167
01.31.2020 CLOSING 167

BALANCE
DR CR
167
ACCOUNT SANTOS, CAPITAL
DATE ITEM DR CR
01.02.2020 INITIAL DEPOSIT 500,000
01.31.2020 INCOME SUMMARY 44,550
01.31.2020 DRAWING 5,000

ACCOUNT SANTOS, DRAWING

DATE ITEM DR CR
01.23.2020 WITHDRAWAL 5,000
01.31.2020 CLOSING 5,000

ACCOUNT INCOME SUMMARY

DATE ITEM DR CR
01.31.2020 DEBIT ACCOUNTS 51,000
01.31.2020 CREDIT ACCOUNT 95,550
01.31.2020 CLOSING 44,550
 BALANCE
DR CR
24,000
36,000
51,000
-

BALANCE
DR CR
480
-

BALANCE
DR CR
5,000
-

BALANCE
DR CR
19,200
28,800
40,800
36,800
-

BALANCE
DR CR
500
-
 BALANCE
DR CR
7,500
1,250
-

BALANCE
DR CR
1,000
-

BALANCE
DR CR
18,000
-

BALANCE
DR CR
15,000
-

BALANCE
DR CR
6,000
-

BALANCE
DR CR
 10,620
-

BALANCE
DR CR
733
-

BALANCE
DR CR
167
-

BALANCE
DR CR
500,000
455,450
450,450

BALANCE
DR CR
5,000
-

BALANCE
DR CR
51,000
- 44,550
-
 ROBI SANTOS RETAIL STORE
POST CLOSING TRIAL BALANCE
AS OF JANUARY 31, 2020

ACCOUNTS DR CR
CASH 378,220
ACCOUNTS RECEIVABLE 10,000
SUPPLIES 3,380
MERCHANDISE INVENTORY 56,000
PREPAID INSURANCE 6,250
OFFICE EQUIPMENT 30,000
ACCUMULATED DEPRECIATION - OFFICE EQUIPMENT 500
OFFICE FURNITURE 14,000
ACCUMULATED DEPRECIATION - OFFICE FURNITURE 233
ACCOUNTS PAYABLE 26,500
NOTES PAYABLE 20,000
INTEREST PAYABLE 167
SANTOS, CAPITAL 450,450
TOTAL 497,850 497,850