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February 2019 General Ledger Overview

1. The document shows the general ledger of Teresita Buenaflor Shoes for the month of February 2019, including transactions for cash, accounts receivable, inventory, expenses and income. 2. Key transactions include the sale of shoes generating $1.33 million in sales revenue, purchases of $668,000, and Teresita withdrawing $400,000 from the business. 3. By the end of the month, the business had $221,180 cash on hand, $428,000 in accounts receivable, and $517,000 in accounts payable.

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Berna Mortejo
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177 views12 pages

February 2019 General Ledger Overview

1. The document shows the general ledger of Teresita Buenaflor Shoes for the month of February 2019, including transactions for cash, accounts receivable, inventory, expenses and income. 2. Key transactions include the sale of shoes generating $1.33 million in sales revenue, purchases of $668,000, and Teresita withdrawing $400,000 from the business. 3. By the end of the month, the business had $221,180 cash on hand, $428,000 in accounts receivable, and $517,000 in accounts payable.

Uploaded by

Berna Mortejo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

Feb.

1 Cash 113,000
Accounts Receivable 113,000

2 Accounts Payable 64,000


Cash 62,080
Purchase discount 1,920

4 Purchases 170,000
Accounts Payable 170,000

5 Accounts Receivable 270,000


Sales 270,000

7 Advertising Expense 6,000


Cash 6,000

7 Cash 250,000
Sale 250,000

8 Accounts Payable 170,000


Cash 164,900
Purchase Discount 5,100

9 Transportation In 4,000
Cash 4,000

10 Sales Returns & Allowances 70,000


Accounts Receivable 70,000

12 Cash 196,000
Sales Discount 4,000
Accounts Receivable 200,000

14 Interest Expense 26,000


Cash 26,000

15 Salaries Expense 51,000


Cash 51,000

16 Accounts Receivable 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 Discount 7,840
Accounts Receivable 392,000

24 Purchases 373,000
Accounts Payable 373,000
Transportation In 9,000
Cash 9,000

25 Accounts Receivable 420,000


Sales 420,000

26 Sales Returns & Allowances 71,000


Accounts Receivable 71,000

28 Buenaflor, Withdrawal 400,000


Cash 400,000
Accounts Payable 25,000
Purchase Returns & Allowances 25,000
TERESITA BUENAFLOR SHOES
GENERAL LEDGER
FOR THE MONTH OF FEBRUARY 2019

CASH
DATE TRANSACTION DEBIT CREDIT BALANCE
Beginning Balance 33,000
1 113,000 146,000
2 62,080 83,920
7 6,000 77,920
250,000 327,920
8 164,900 163,020
9 4,000 159,020
12 196,000 355,020
14 26,000 329,020
15 51,000 278,020
18 4,000 274,020
19 21,000 253,020
22 7,000 246,020
23 384,160 630,180
24 9,000 621,180
28 400,000 221,180

ACCOUNTS RECEIVABLE
DATE TRANSACTION DEBIT CREDIT BALANCE
Beginning Balance 192,000
Feb. 1 113,000 79,000
5 270,000 349,000
10 70,000 279,000
12 200,000 79,000
16 392,000 471,000
23 392,000 79,000
25 420,000 499,000
26 71,000 428,000

MERCHANDISE INVENTORY
DATE TRANSACTION DEBIT CREDIT BALANCE
Beginning Balance 413,000
28 397,000

SUPPLIES
DATE TRANSACTION DEBIT CREDIT BALANCE
Beginning Balance 51,000
Feb. 19 21,000 72,000
28 58,000 14,000

PREPAIDE INSURANCE
DATE TRANSACTION DEBIT CREDIT BALANCE
Beginning Balance 48,000
28 2,000 46,000

LAND
DATE TRANSACTION DEBIT CREDIT BALANCE
Beginning Balance 460,000

BUILDING
Beginning Balance 1,750,000

ACCUMULATED DEPRECIATION - BUILDING


DATE TRANSACTION DEBIT CREDIT BALANCE
Beginning Balance 350,000
28 9,000 359,000

EQUIPMENT
DATE TRANSACTION DEBIT CREDIT BALANCE
Beginning Balance 2,310,000

ACCUMULATED DEPRECIATION - EQUIPMENT


DATE TRANSACTION DEBIT CREDIT BALANCE
Beginning Balance 630,000
28 12,000 642,000

ACCOUNTS PAYABLE
DATE TRANSACTION DEBIT CREDIT BALANCE
Beginning Balance 108,000
Feb. 2 64,000 44,000
4 170,000 214,000
8 170,000 44,000
20 125,000 169,000
24 373,000 542,000
28 25,000 517,000

SALARIES PAYABLE
DATE TRANSACTION DEBIT CREDIT BALANCE
Beginning Balance
28 51,000 51,000

MORTGAGE PAYABLE
DATE TRANSACTION DEBIT CREDIT BALANCE
Beginning Balance 2,600,000

BUENAFLOR, CAPITAL
DATE TRANSACTION DEBIT CREDIT BALANCE
Beginning Balance 1,569,000
28 CLOSING

BUENAFLOR, WITHDRAWAL
DATE TRANSACTION DEBIT CREDIT BALANCE
Beginning Balance
28 400,000 400,000

INCOME SUMMARY
DATE TRANSACTION DEBIT CREDIT BALANCE
Beginning Balance
28 397,000 397,000

SALES
DATE TRANSACTION DEBIT CREDIT BALANCE
5 270,000 270,000
7 250,000 520,000
16 392,000 912,000
25 420,000 1,332,000
28 CLOSING 1,332,000 -

SALES DISCOUNT
DATE TRANSACTION DEBIT CREDIT BALANCE
12 4,000 4,000
23 7,840 11,840
28 CLOSING 11,840 -

SALES RETURNS & ALLOWANCES


DATE TRANSACTION DEBIT CREDIT BALANCE
10 70,000 70,000
26 71,000 141,000
28 CLOSING 141,000 -

PURCHASES
DATE TRANSACTION DEBIT CREDIT BALANCE
4 170,000 170,000
20 125,000 295,000
24 373,000 668,000
28 668,000 -

PURCHASE DISCOUNT
DATE TRANSACTION DEBIT CREDIT BALANCE
2 1,920 1,920
8 5,100 7,020
28 CLOSING 7,020 -

PURCHASE RETURNS & ALLOWANCES


DATE TRANSACTION DEBIT CREDIT BALANCE
28 25,000 25,000
28 CLOSING 25,000 -

TRANSPORTATION IN
DATE TRANSACTION DEBIT CREDIT BALANCE
9 4,000 4,000
24 9,000 13,000

SALARIES EXPENSE
DATE TRANSACTION DEBIT CREDIT BALANCE
15 51,000 51,000
28 51,000 102,000
28 CLOSING 102,000 -

SUPPLIES EXPENSE
DATE TRANSACTION DEBIT CREDIT BALANCE
28 14,000 14,000
28 CLOSING 14,000 -

INSURANCE EXPENSE
DATE TRANSACTION DEBIT CREDIT BALANCE
28 2,000 2,000
28 CLOSING 2,000 -

DEPRECIATION EXPENSE - BUILDING


DATE TRANSACTION DEBIT CREDIT BALANCE
28 9,000 9,000

DEPRECIATION EXPENSE - EQUIPMENT


DATE TRANSACTION DEBIT CREDIT BALANCE
28 12,000 12,000

TRANSPORTATION OUT
DATE TRANSACTION DEBIT CREDIT BALANCE
18 4,000 4,000
28 CLOSING 4,000 -

ADVERTISING EXPENSE
DATE TRANSACTION DEBIT CREDIT BALANCE
7 6,000 6,000
28 CLOSING 6,000 -

INTEREST EXPENSE
DATE TRANSACTION DEBIT CREDIT BALANCE
14 26,000 26,000
28 CLOSING 26,000 -
MISCELLANEOUS EXPENSE
DATE TRANSACTION DEBIT CREDIT BALANCE
22 7,000 7,000
28 CLOSING 7,000 -
TERESITA BUENAFLOR SHOES
INCOME STATEMENT
FOR THE MONTH ENDED FEBRUARY 28, 2019
NET SALES
Gross Sales PHP 1,332,000 CURRENT ASSETS
Less: Sales discount PHP 11,840
Sales Returns & Allowances 141,000
Net sales 1,179,160
COST OF SALES
Merchandise Inventory 2/1 413,000
Purchases 668,000 Total Current Asset
Less: Purchase discount 7,020 NONCURRENT ASS
Purchase returns & Allowances 25,000
Net Purchases 635,980
Transportation In 13,000
Net Cost of Purchases 648,980
Goods Available for Sale 1,061,980
Less: Merchandise Inventory 2/28 397,000 Total Noncurrent A
Cost of Sales 664,980 TOTAL ASSETS
GROSS PROFIT 514,180
OPERATING EXPENSES
Salaries Expense 102,000 CURRENT LIABILITI
Supplies Expense 58,000
Insurance Expense 2,000
Depreciation Expense - Building 9,000 Total Noncurrent Li
Depreciation Expense - Equipment 12,000 NONCURRENT LIAB
Transportation Out 4,000
Advertising Expense 6,000 TOTAL LIABILITIES
Interest Expense 26,000
Miscellaneous Expense 7,000
Operating Expense 226,000
Profit 288,180
TOTAL OWNER'S EQ
TOTAL LIABILITIES
TERESITA BUENAFLOR SHOES TERESITA BUENAFL
BALANCE SHEET STATEMENT OF CHANG
FEBRUARY 28, 2019 For the Month ended Fe
ASSETS Sousa, Capital beg.
CURRENT ASSETS Add:
Cash PHP 221,180 Total
Accounts receivable 428,000 Less:
Merchandise Inventory 397,000 Buenaflor, Owner's Equity
Supplies 14,000
Prepaid Insurance 46,000
Total Current Assets 1,106,180
NONCURRENT ASSETS
Land 460,000
Building 1,750,000
Less: Accu. Depreciation - Building 359,000
Equipment 2,310,000
Less: Accu. Depreciation - Equipment 642,000
Total Noncurrent Assets 3,519,000
TOTAL ASSETS 4,625,180

LIABILITIES
CURRENT LIABILITIES
Accounts Payable PHP 517,000
Salaries Payable 51,000
Total Noncurrent Liabilities 568,000
NONCURRENT LIABILITIES
Mortgage Payable 2,600,000
TOTAL LIABILITIES 3,168,000
OWNER'S EQUITY
Buenaflor, Capital 2/1/2019 PHP 1,569,000
Less: Buenaflor, Withdrawal 400,000
Add: Net Income 288,180
TOTAL OWNER'S EQUITY 1,457,180
TOTAL LIABILITIES & OWNER'S EQUITY 4,625,180
TERESITA BUENAFLOR SHOES
STATEMENT OF CHANGES IN EQUITY
For the Month ended February 28, 2019
Sousa, Capital beg. PHP 1,569,000
Profit 288,180
Total 1,857,180
Withdrawals 400,000
Buenaflor, Owner's Equity 1,457,180
TERESITA BUENAFLOR SHOES
ADJUSTING ENTRIES
FOR THE MONTH OF FEBRUARY 2019
Feb. 28 Salaries Expense 51,000
Salaries Payable 51,000

Insurance Expense 2,000


Prepaid Insurance 2,000

Depreciation Expense - Building 9,000


Depreciation Expense - Equipment 12,000
Accu. Depreciation - Building 9,000
Accu. Depreciation - Equipment 12,000

Supplies Expense 58,000


Supplies 58,000

TERESITA BUENAFLOR SHOES


CLOSING ENTRIES
FOR THE MONTH ENDED FEBRUARY 2019
Merchandise Inventory 2/28 397,000
Sales 1,332,000
Purchase Discount 7,020
Purchase Returns & Allowances 25,000
Income Summary 1,761,020

Income Summary 1,472,840


Merchandise Inventory 2/1 413,000
Sales Discount 11,840
Sales Returns & Allowances 141,000
Purchases 668,000
Transportation In 13,000
Salaries Expense 102,000
Supplies Expense 58,000
Insurance Expense 2,000
Depreciation Expense - Building 9,000
Depreciation Expense - Equipment 12,000
Transportation Out 4,000
Advertising Expense 6,000
Interest Expense 26,000
Miscellaneous Expense 7,000

Income Summary 1,569,000


Buenaflor, Capital 1,569,000

Sousa, Capital 400,000


Sousa Withdrawal 400,000

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