Ju-One School Supplies

Journalizing

Date Account Title and Explanation PR Debit

Feb-01 2022 Cash in Bank 101 1,500,000.00
Merchandise Inventory 104 800,000.00
Furniture and Equipment 107 1,000,000.00
Transportation Equpment 109 36,000.00
Prepaid Insurance 106 25,000.00
J. Dela Cruz, Capital 301
To Record Initial Investment of the owner

Feb-02 2022 Purchases 401 300,000.00

Cash in Bank 101
To Record Purchase of Merchandise for Cash

Feb-02 2022 Freight-in 404 3,500.00

Cash in Bank 101
To Record the Payment of Freight-in

Feb-04 2022 Cash in Bank 101 5,000.00

Purchases Returns & Allowance 403
To Record Return Merchandise Purchased

Feb-04 2022 Cash in Bank 101 490,000.00

Sales 304
To Record Trade Discount In Merchandise

Feb-04 2022 Freight-out 502 4,000.00

Cash in Bank 101

Feb-06 2022 Purchases 401 400,000.00

Accounts Payable 201
To Record of Merchandise Payment in Discount

Feb-07 2022 Accounts Receivable 102 200,000.00

Sales 304
To Record Merchandise Sold on Account Term 3/15, N/30

Feb-08 2022 Cash in Bank 101 100,000.00

Sales 304
To Record Sold Merchandisefor Cash

Feb-09 2022 Purchases 401 600,000.00

Accounts Payable 201

#000000INTERNAL. This information is accessible to ADB Management and staff. It may be shared outside ADB
with appropriate permission.
 To Record Purchased Merchandise on Account, Term 3/10, N/30

Feb-09 2022 Sales Returns & Allowance 306 3,000.00

Account Receivable 102
To Record Return of Merchandise

Feb-12 2022 Accounts Payable 201 40,000.00

Purchased Discount 401
Cash in Bank 101
To Record Merchandise Payment on Discount

Feb-12 2022 Supplies Inventory 105 150,000.00

Accounts Payable 201
To Record Purchased Supplies in Account

Feb-13 2022 Accounts Receivable 102 350,000.00

Sales 304
To Record Sold Merchandise in Account. Term 3/15, n/30

Feb-15 2022 Purchases 401 450,000.00

Accounts Payable 201
To Record Purchased Merchandise on Account. Term 5/10, n/30

Feb-17 2022 Accounts Payable 201 4,500.00

Purchased Returns & Allowance 403
To Record Return Merchandise for Purchases

Feb-17 2022 Cash in Bank 101 191,090.00

Sales Discount 305 5,910.00
Accounts Receivable 102
To Record Discount

Feb-20 2022 Cash in Bank 101 582,000.00

Sales 304
To Record Sales of Merchandise with Trade Discount

Feb-23 2022 Sales Returns & Allowances 305 10,000.00

Cash in Bank 101
To Record Return of Merchandise Sold for Cash

Feb-25 2022 Cash in Bank 101 339,500.00

Sales Discount 305 10,500.00
Accounts Receivable 102
To Record Sales of Merchandise with Trade Discount

Feb-26 2022 Accounts Receivable 102 150,000.00

Sales 304

#000000INTERNAL. This information is accessible to ADB Management and staff. It may be shared outside ADB
with appropriate permission.
 To Record Sales on Account

Feb-27 2022 Salaries Expense 503 200,000.00

Utilities Expense 504 30,000.00
Taxes and Licenses 505 20,000.00
Rent Expense 507 100,000.00
Cash in Bank 101
To Record Paid Expense

Feb-28 2022 J. Dela Cruz, Drawing 301 50,000.00

Cash in Bank 101
To Record Withdrawal on Account

Feb-28 2022 Cash in Bank 101 300,000.00

Sales 104
To Record Sales on Cash

#000000INTERNAL. This information is accessible to ADB Management and staff. It may be shared outside ADB
with appropriate permission.
 GJ1
Credit

5,361,000.00

300,000.00

3,500.00

5,000.00

490,000.00

4,000.00

400,000.00

200,000.00

100,000.00

600,000.00

#000000INTERNAL. This information is accessible to ADB Management and staff. It may be shared outside ADB
with appropriate permission.
 3,000.00

20,000.00
380,000.00

150,000.00

350,000.00

450,000.00

4,500.00

197,000.00

582,000.00

10,000.00

350,000.00

150,000.00

#000000INTERNAL. This information is accessible to ADB Management and staff. It may be shared outside ADB
with appropriate permission.
 350,000.00

50,000.00

300,000.00

#000000INTERNAL. This information is accessible to ADB Management and staff. It may be shared outside ADB
with appropriate permission.
 Ju-One School Supplies
Unadjusted Trial Balance
February 2022
Account Title Debit Credit
Cash in Bank 2,408,090.00
Accounts Receivable 150,000.00
Merchandise Inventory 800,000.00
Supplies Inventory 40,000.00
Prepaid Insurance 36,000.00
Furniture and Equipment 1,000,000.00
Transportation Equipment 2,000,000.00
Accounts Payable 1,060,500.00
J. Dela Cruz, Capital 5,361,000.00
J. Dela Cruz, Drawing 50,000.00
Sales 2,172,000.00
Sales Discounts 16,410.00
Sales Returns and Allowances 13,000.00
Purchases 1,750,000.00
Purchase Discounts 20,000.00
Purchases Returns and Allowances 9,500.00
Freight-in 3,500.00
Freight-out 6,000.00
Salaries Expense 200,000.00
Utilities Expense 30,000.00
Taxes and Licenses 20,000.00
Rent Expense 100,000.00
TOTAL 8,623,000.00 8,623,000.00
 Ju-One School Supplies
Adjustments
February 2022
Account Title Debit Credit
Supplies Inventory 30,000.00
Prepaid Insurance 3,000.00
Salaries Expense 25,000.00
Depreciation Expense 45,833.33
Accumulated Depreciation-E and F 15,833.33
Accumulated Depreciation- T E 30,000.00
Uncollectible Accounts 4,500.00
Estimated Uncollectible Accounts 4,500.00
Supplies Expense 30,000.00
Insuranse Expense 3,000.00
Accrued Salaries Expense 25,000.00
TOTAL 108,333.33 108,333.33
 WORKSHEET
Ju-One School Supplies
February 2022
UNADJUSTED TRIAL BALANCE ADJUSTMENT
ACCOUNT TITLE
Debit Credit Debit Credit
Cash in Bank 2,408,090.00
Accounts Receivable 150,000.00
Merchandise Inventory 800,000.00
Supplies Inventory 40,000.00 30,000.00
Prepaid Insurance 36,000.00 3,000.00
Furniture and Equipment 1,000,000.00
Transportation Equipment 2,000,000.00
Accounts Payable 1,060,500.00
J. Dela Cruz, Capital 5,361,000.00
J. Dela Cruz, Drawing 50,000.00
Sales 2,172,000.00
Sales Discounts 16,410.00
Sales Returns and Allowances 13,000.00
Purchases 1,750,000.00
Purchase Discounts 20,000.00
Purchases Returns and Allowances 9,500.00
Freight-in 3,500.00
Freight-out 6,000.00
Salaries Expense 200,000.00 25,000.00
Utilities Expense 30,000.00
Taxes and Licenses 20,000.00
Rent Expense 100,000.00
TOTAL 8,623,000.00 8,623,000.00

Merchandise Inventory, End

Depreciation Expense 45,833.33
Accumulated Depreciation-E and F 15,833.33
Accumulated Depreciation- T E 30,000.00
Uncollectible Account 4,500.00
Estimated Uncollectible Accounts 4,500.00
Supplies Expense 30,000.00
Insuranse Expense 3,000.00
Accrued Salaries Expense 25,000.00
TOTAL 108,333.33 108,333.33
PROFIT
 WORKSHEET
One School Supplies
February 2022
ADJUSTED TRIAL BALANCE STATEMENT OF COMPREHENSIVE INCOME STATEMENT OF FINANCIAL POSITION

Debit Credit Debit Credit Debit Credit

2,408,090.00 2,408,090.00
150,000.00 150,000.00
800,000.00 800,000.00
10,000.00 10,000.00
33,000.00 33,000.00
1,000,000.00 1,000,000.00
2,000,000.00 2,000,000.00
1,060,500.00 1,060,500.00
5,361,000.00 5,361,000.00
50,000.00 50,000.00
2,172,000.00 2,172,000.00
16,410.00 16,410.00
13,000.00 13,000.00
1,750,000.00 1,750,000.00
20,000.00 20,000.00
9,500.00 9,500.00
3,500.00 3,500.00
6,000.00 6,000.00
225,000.00 225,000.00
30,000.00 30,000.00
20,000.00 20,000.00
100,000.00 100,000.00

1,100,000.00 1,100,000.00
45,833.33 45,833.00
15,833.33 15,833.33
30,000.00 30,000.00
4,500.00 4,500.00
4,500.00 4,500.00
30,000.00 30,000.00
3,000.00 3,000.00
25,000.00 25,000.00
8,698,333.33 8,698,333.33 2,247,243.00 3,301,500.00 7,551,090.00 6,496,833.33
1,054,256.67 1,054,256.67
 Ju-One School Supplies
Statement of Comprehensive Income
For The Month Ended February 28,2022
Revenue
Sales 2,172,000.00
Less: Salesdiscount 16,410.00
Sales Returns & Allowances 13,000.00 29,410.00
Net Sales 2,142,590.00

Cost Of Sales
Merchandise Inventory 800,000.00
Purchases 1,175,000.00
Less: Purchase Discounts 20,000.00
Purchase Returns & Allowances 9,500.00 29,500.00
Net Purchases 1,720,500.00
Freight-in 3,500.00
Delivered Cost of Purchases 1,724,000.00
Goods Available for Sale 2,524,000.00
Less: Merchandise Inventory, End 1,100,000.00
Cost of Goods Sold 1,424,000.00
Gross Profit 718,590.00

Operating Expenses
Insurance Expenses 3,000.00
Freight-out 6,000.00
Salaries Expense 225,000.00
Utilities Epense 30,000.00
Taxes and Licenses 20,000.00
Supplies Expense 30,000.00
Rent Expense 100,000.00
Uncollectible Accounts 4,500.00
Depreciation Expenses 45,833.33 464,333.33
Profit 254,256.67
 Ju-One School Supplies
Statement of Financial Report
As of February 2022
Assets
Current Assets
Cash in Bank 2,408,090.00
Accounts Receivable 150,000.00
Estimated Uncollectible Accounts 4,500.00 145,500.00
Merchandise Inventory 1,100,000.00
Supplies Inventory 10,000.00
Prepaid Insurance 33,000.00
Total Current Assets 3,696,590.00

Non-Current Assets
Furniture and Equipment 1,000,000.00
Less: Accumulated Depreciation- F& E 15,833.33 984,166.67
Transportation Equipment 2,000.00
Less: Accumulated Depreciation- Trans. Equipment 30,000.00 1,970,000.00
Total Non-Current Assets 2,954,166.67

Total Assets 6,650,756.67

Liabilities
Current Liabilities
Accounts Payable 1,060,500.00
Accrued Salaries Expense 25,000.00
Total Current Liabilities 1,085,000.00
Owner's Equity
J. Dela Cruz, Capital 5,565,256.67

Total Liabilities and Owner's Equity 6,650,256.67

 Ju-One School Supplies
Statement of Changes In Equity
For The Month Ended February 28, 2022
J. Dela Cruz, Capital 5,361,000.00
Add Profit 254,256.67
TOTAL 5,615,256.67
Less: J Dela Cruz, Drawing 50,000.00
J. Dela Cruz, Capital, End 5,565,256.67
 Closing Entries
Sales 2,172,000.00
Sales Discount 16,410.00
Sales Returns & Allowances 13,000.00
Income Summary 2,142,590.00
To close Sales and its Related Accounts

Merchandise Inventory, End 1,100,000.00

Purchase Discount 20,000.00
Purchase Returns & Allowances 9,500.00
Income & Expenses Summary 1,424,000.00
Merchandise Inventory 800,000.00
Purchases 1,170,000.00
Freight-in 3,500.00
To close cost of Sales and Establishment Merchandise

Expense Summary 464,333.33

Insurance Expense 3,000.00
Freight-Out 6,000.00
Salaries Expense 225,000.00
Utilities Expense 30,000.00
Taxes and Licenses 20,000.00
Supplies Expense 30,000.00
Rent Expense 100,000.00
Uncollectible Accounts 4,500.00
Depreciation Expense 45,833.33
To close Expenses to Income

Income Summary 304,256.67

J. Dela Cruz, Capital 254,256.67
J. Dela Cruz, Drawing 50,000.00
To close Income Account to Income Summary
 Ju-One School Supplies
Post-Closing Trial Balance
For The Month Ended February 28, 2022
Account Title Debit Credit
Cash in Bank 2,408,090.00
Accounts Receivable 150,000.00
Estimated Uncollectible Accounts 4,500.00
Merchandise Inventory 1,100,000.00
Supplies Inventory 10,000.00
Prepaid Insurance 33,000.00
Furniture and Equipment 1,000,000.00
Accumulated Depreciation- F&E 15,833.33
Transportation Equipment 2,000,000.00
Accumulated Depreciation- Trans. Equipment 30,000.00
Accounts Payable 1,060,500.00
Accrued Salaries Expense 25,000.00
J. Dela Cruz, Capital 5,565,256.67
TOTAL 6,701,090.00 6,701,090.00