Comprehensive Problem

Listed below are the Feb. 1, 2013 account balances of the Teresita Buenaflor Company:

Debit Credit
110 Cash 33,000
120 Accounts Receivable 192,000
130 Merchandise Inventory 413,000
140 Supplies 51,000
150 Prepaid Insurance 48,000
160 Land 460,000
170 Building 1,750,000
175 Accumulated Depreciation - Building 350,000
180 Equipment 2,310,000
185 Accumulated Depreciation - Equipment 630,000
210 Accounts Payable 108,000
220 Salaries Payable
230 Mortgage Payable 2,600,000
310 Buenaflor, Capital 1,569,000
320 Buenaflor, Withdrawals
330 Income Summary
410 Sales
420 Sales Returns and Allowances
430 Sales Discounts
510 Purchases
520 Purchase Returns and Allowances
530 Purchase Discounts
540 Transportation In
610 Salaries Expense
620 Supplies Expense
630 Insurance Expense
640 Depreciation Expense - Building
650 Depreciation Expense - Equipment
660 Transportation Out
670 Advertising Expense
680 Interest Expense
690 Miscellaneous Expense
5,257,000 5,257,000

During the month of February 2013, the following transactions occurred:

Feb. 1 Collected P113,000 from customers on account

2 Paid P64,000 of accounts due less discounts of 3%
4 Purchased merchandise, P170,000. Terms: FOB shipping point; 3/10, n/30
5 Sold merchandise on account to Gonzales Company, P270,000. Terms: FOB shipping
point; 2/10, n/30
7 Paid for advertising for the month of February, P6,000
7 Sold merchandise for cash, P250,000
8 Paid the amount due from the Feb. 4 transaction
9 Paid Iloilo freight P4,000 for delivering merchandise last Feb. 4
10 Received returns from the Gonzales Company , P70,000
12 Received payment from the Gonzales Company less returns and discounts
14 Paid P26,000 interest on the mortgage payable
15 Paid salaries, P51,000
 16 Sold merchandise on account to Ronzales Company, P392,000. Terms: FOB destination;
2/10, n/30
18 Paid P4,000 freight charges on the sale of Feb. 16
19 Acquired supplies for cash, P21,000
20 Purchased P125,000 of merchandise from Lozada Company on account. Terms:
FOB destination; 3/10, n/30
22 Paid P7,000 miscellaneous expenses
23 Received payment from Ronzales Company less discounts
24 Purchased P373,000 of merchandise on account from Agustin Company. Terms: FOB
shipping point; 3/10, n/30
24 Paid La Paz Express P9,000 freight for delivering merchandise acquired from Agustin
25 Sold merchandise to Ronzales Company on account, P420,000. Terms: FOB shipping
point; 2/10, n/30
26 Received returns from Ronzales Company, P71,000
28 Buenaflor withdrew P400,000 from the business
28 Returned merchandise purchased from Agustin on Feb. 24, P25,000
28 Salaries in the amount of P51,000 have accrued
28 Insurance coverage with premiums of P2,000 has expired at month-end
28 Depreciation on the building and on the equipment for the month amounted to
P9,000 and P12,000 respectively
28 Supplies on hand amounted to P14,000
28 A count of the merchandise inventory amounted to P397,000
Required:
1 Post the Feb. 1, 2013 account balances to the ledger accounts.
2 Record the transactions for the month of February in a journal and post the
transactions to the ledger.
3 Prepare a Trial Balance
4 Prepare a Statement for Performance, Statement of Changes in Owner's Equity,
Statement of Financial Position and Statement of Cash Flow
5 Prepare the closing entries for the month
6 Post the closing entries to the ledger accounts.
7 Prepare a Post-closing Trial Balance.
 _________________________________________
GENERAL JOURNAL
__________________________________________

Page 1
DATE PARTICULARS PR DEBIT CREDIT
Page 2
DATE PARTICULARS PR DEBIT CREDIT
Page 3
DATE PARTICULARS PR DEBIT CREDIT
Page 4 CLOSING ENTRIES
DATE PARTICULARS PR DEBIT CREDIT
 ___________________________
GENERAL LEDGER
____________________________

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT
 BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT
 BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

330 INCOME SUMMARY BALANCE

DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT
 BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT

BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT
 BALANCE
DATE PARTICULARS PR DEBIT CREDIT DEBIT CREDIT
 _________________________
Trial Balance
_________________________

NO. PARTICULARS DEBIT CREDIT

___________________________________
Statement of Cost of Goods Sold
___________________________________
__________________________________
Statement for Performance
_________________________________
 _____________________________
Statement of Changes in Owner's Equity
___________________________________
 ______________________________
Statement of Financial Position
________________________________
 ______________________________
Statement of Cash Flow
____________________________________
 _________________________________
Post-Closing Trial Balance
__________________________________

NO. PARTICULARS DEBIT CREDIT