John B

Financia
Decemb

Particulars Unadjusted Trial Balance Adjustments

Debit Credit Debit
Cash ₱31,000
Accounts Receivables 83,000
Merchandise Inventory 627,000
Prepaid Insurance 54,000
Office Supplies 68,000
Office Equipment 370,000
Accumulated Depreciation ₱50,000
Accounts Payable 58,000
Bala, Capital 517,000
Bala, Withdrawals 87,000
Sales 2,675,000
Sales Returns and Allowances 26,000
Sales Discounts 23,000
Purchases 1,512,000
Purchases Returns and Allowances 14,000
Purchases Discounts 19,000
Transportation In 38,000
Salaries Expense 327,000 ₱9,000
Advertising Expense 61,000
Rent Expense 26,000
Totals 3,333,000 3,333,000
b. Insurance Expense 18,000
c. Depreciation Expense 25,000
d. Office Supplies Expense 53,000
e. Salaries Payable
Totals 105,000
Net Income
Grand Total

John Bala Maps

Income Statement
For The Year Ended December 31, 2021
Net Sales
Sales
Less: Sales Returns and Allowances
Sales Discounts
Net Sales
Cost of Sales
Merchandise Inventory 1/1/2021
Purchases ₱1,512,000
Less: Purchases Returns and Allowances ₱14,000
Purchases Discounts 19,000 33,000
Net Purchases 1,479,000
Transportation In 38,000
Net of Cost Purchases
Goods Available for Sale
Less: Merchandise Inventory 12/31/2021
Cost of Sales
Gross Profit
Operating Expense
Selling Expense
Salaries Expense 336,000
Insurance Expense 18,000
Advertising Expense 61,000
Rent Expense 26,000
Total Selling Expense
Administrative Expense
Depreciation Expense 25,000
Office Supplies Expense 53,000
Total Administrative Expense
Total Operating Expense
Profit

John Bala Maps

Balance Sheet
For The Year Ended December 31, 2021

Assets
Current Assets
Cash
Accounts Receivables
Merchandise Inventory
Prepaid Insurance
Office Supplies
Total Current Asset
Property, Plant, and Equipment
Office Equipment
Less: Accumulated Depreciation
Total Assets
Liabilities
Current Liabilities
Accounts Payable
 Salaries Payable
Total Liabilities
Owner's Equity
Bala, Capital
Total Liabilities and Owner's Equity
 John Bala Maps
Financial Worksheet
December 31, 2021

Adjustments Adjusted Trial Balance Income Statement Balance Sheet

Credit Debit Credit Debit Credit Debit Credit
₱31,000 ₱31,000
83,000 83,000
627,000 ₱627,000 ₱532,000 532,000
₱18,000 36,000 36,000
53,000 15,000 15,000
370,000 370,000
25,000 ₱75,000 ₱75,000
58,000 58,000
517,000 517,000
87,000 87,000
2,675,000 2,675,000
26,000 26,000
23,000 23,000
1,512,000 1,512,000
14,000 14,000
19,000 19,000
38,000 38,000
336,000 336,000
61,000 61,000
26,000 26,000

18,000 18,000
25,000 25,000
53,000 53,000
9,000 9,000 9,000
105,000 3,367,000 3,367,000 2,745,000 3,240,000 1,154,000 659,000
495,000 495,000
3,240,000 1,154,000

John Bala Maps

Statement of Changes in Equity
1 For The Year Ended December 31, 2021
John Bala, Owner's Equity, 1/1/2021 ₱517,000
₱2,675,000 Add: Profit 495,000
₱26,000 Total 1,012,000
23,000 49,000 Less: Withdrawals 87,000
₱2,626,000 John Bala, Owner's Equity, 12/31/2021 ₱925,000
 627,000

1,517,000
2,144,000
532,000 John Bala Maps
1,612,000 Post-closing Trial Balance
₱1,014,000 For The Year Ended December 31, 2021
Cash
Accounts Receivables
Merchandise Inventory
Prepaid Insurance
Office Supplies
Office Equipment
441,000 Accumulated Depreciation
Accounts Payable
Salaries Payable
Bala, Capital
78,000
519,000
₱495,000
John Bala Maps
Adjusting Entries
For The Year Ended December 31, 2021
Insurance Expense 182,000
1 Prepaid Insurance
To record expired expired insurance coverage
Assets
Depreciation Expense 25,000
₱31,000 Accumulated depreciation
83,000 To record the amount of depreciation for the year
532,000
36,000 Supplies Expense 53,000
15,000 Supplies
₱697,000 To record remaining office supplies

370,000 Salaries Expense 9,000

75,000 295,000 Salaries Payable
₱992,000 To record accrued salaries
Liabilities

58,000
 9,000
₱67,000
Owner's Equity
925,000
₱992,000
 Date Account Titles and Explanation Debit Credit
2021
Dec. 31 Merchandise Inventory, End ₱532,000
Sales 2,675,000
Purchases Returns and Allowances 14,000
Purchase Discounts 56,400
Income Summary ₱3,277,400
To close temporary accounts with credit
balances and to establish the ending
merchandise inventory

Dec. 31 Income Summary 2,745,000

Merchandising Inventory, Beginning 627,000
Sales Returns and Allowance 26,000
Sales Discounts 23,000
Purchases 1,512,000
Transportation In 38,000
Salaries Expense 336,000
Advertising Expense 61,000
Rent Expense 26,000
Insurance Expense 18,000
Depreciation Expense 25,000
Office Supplies Expense 53,000

To close temporary accounts with debit

balances and to remove beginning inventory

Dec. 31 Income Summary 495,000

John Bala, Capital 495,000
To close the income summary account.

Dec. 31 John Bala, Capital 87,000

John Bala, Withdrawal 87,000
To close the withdrawal.
Maps
Balance
ember 31, 2021
₱31,000
83,000
532,000
36,000
15,000
370,000
₱75,000
58,000
9,000
925,000
₱1,067,000 ₱1,067,000

1, 2021

182,000

25,000

53,000

9,000
 Dores Marie Pat
Financial W
Decembe

Particulars Unadjusted Trial Balance Adjustments

Debit Credit Debit
Cash ₱100,000
Accounts Receivables 500,000
Merchandise Inventory 700,000
Prepaid Rent 300,000
Shop Equipment 1,600,000
Accumulated Depreciation ₱200,000
Accounts Payable 400,000
Salaries Payable
Pateno, Capital 1,300,000
Pateno, Withdrawals 100,000
Sales 2,900,000
Sales Discounts 100,000
Purchases 800,000
Purchases Returns and Allowances 200,000
Transportation In 100,000
Salaries Expense 400,000 ₱30,000
Advertising Expense 150,000
Utilities Expense 100,000
Supplies Expense 50,000
Rent Expense 100,000
Depreciation Expense 200,000
Totals 5,000,000 5,000,000 330,000
Net Income
Grand Total

Dores Marie Pateno Hobby Shop

Income Statement
For The Year Ended December 31, 2021
Net Sales
Sales
Less: Sales Discounts
Net Sales
Cost of Sales
Merchandise Inventory 1/1/2021
Purchases ₱800,000
Less: Purchases Returns and Allowances ₱200,000
Net Purchases 600,000
Transportation In 100,000
Net of Cost Purchases
Goods Available for Sale
Less: Merchandise Inventory 12/31/2021
Cost of Sales
Gross Profit
Operating Expense
Selling Expense
Salaries Expense 430,000
Advertising Expense 150,000
Utilities Expense 100,000
Rent Expense 100,000
Total Selling Expense
Administrative Expense
Depreciation Expense 200,000
Supplies Expense 50,000
Total Administrative Expense
Total Operating Expense
Profit

Dores Marie Pateno Hobby Shop

Balance Sheet
For The Year Ended December 31, 2021

Assets
Current Assets
Cash
Accounts Receivables
Merchandise Inventory
Prepaid Rent
Total Current Asset
Property, Plant, and Equipment
Shop Equipment
Less: Accumulated Depreciation
Total Assets
Liabilities
Current Liabilities
Accounts Payable
Salaries Payable
Total Liabilities
Owner's Equity
Pateno, Capital
Total Liabilities and Owner's Equity
 Dores Marie Pateno Hobby Shop
Financial Worksheet
December 31, 2021

Adjustments Adjusted Trial Balance Income Statement Balance Sheet

Credit Debit Credit Debit Credit Debit Credit
₱100,000 ₱100,000
500,000 500,000
700,000 ₱700,000 ₱500,000 500,000
₱100,000 200,000 200,000
1,600,000 1,600,000
200,000 ₱400,000 ₱400,000
400,000 400,000
30,000 30,000 30,000
1,300,000 1,300,000
100,000 100,000
2,900,000 2,900,000
100,000 100,000
800,000 800,000
200,000 200,000
100,000 100,000
430,000 430,000
150,000 150,000
100,000 100,000
50,000 50,000
100,000 100,000
200,000 200,000
330,000 5,230,000 5,230,000 2,730,000 3,600,000 3,000,000 2,130,000
870,000 870,000
3,600,000 3,000,000

Dores Marie Pateno Hobby Shop

Statement of Changes in Equity
1 For The Year Ended December 31, 2021
Dores Pateno, Owner's Equity, 1/1/2021 ₱1,300,000
₱2,900,000 Add: Profit 870,000
₱100,000 Total 2,170,000
₱2,800,000 Less: Withdrawals 100,000
Dores Pateno, Owner's Equity, 12/31/2021 ₱2,070,000
700,000

Dores Marie Pateno Hobby Shop

Reversing Entries
For The Year Ended December 31, 2021
 700,000 Salaries Payable 30,000
1,400,000 Salaries Expense 30,000
500,000
900,000
₱1,900,000 Dores Marie Pateno Hobby Shop
Post-closing Trial Balance
For The Year Ended December 31, 2021
Cash
Accounts Receivables
Merchandise Inventory
Prepaid Rent
780,000 Shop Equipment
Accumulated Depreciation
Accounts Payable
Salaries Payable
250,000 Bala, Capital
1,030,000
₱870,000

Dores Marie Pateno Hobby Shop

Adjusting Entries
For The Year Ended December 31, 2021
1 Salaries Expense 30,000
Salaries Payable
Assets To record accrued salaries

₱100,000 Rent Expense 100,000

500,000 Prepaid rent
500,000 To record expired rent
200,000
₱1,300,000

1,600,000
400,000 1,200,000
₱2,500,000
Liabilities

400,000
30,000
₱430,000
Owner's Equity
2,070,000
₱2,500,000
 Date Account Titles and Explanation Debit Credit
2021
Dec. 31 Merchandise Inventory, End ₱500,000
Sales 2,900,000
Purchases Returns and Allowances 200,000
Income Summary ₱3,600,000
To close temporary accounts with credit
balances and to establish the ending
merchandise inventory

Dec. 31 Income Summary 2,730,000

Merchandising Inventory, Beginning 700,000
Sales Discounts 100,000
Purchases 800,000
Transportation In 100,000
Salaries Expense 430,000
Advertising Expense 150,000
Utilities Expense 100,000
Supplies Expense 50,000
Rent Expense 100,000
Depreciation Expense 200,000

To close temporary accounts with debit

balances and to remove beginning
inventory

Dec. 31 Income Summary 870,000

Dores Pateno, Capital 870,000
To close the income summary account.

Dec. 31 Dores Pateno, Capital 100,000

Dores Pateno, Withdrawal 100,000
To close the withdrawal.
obby Shop
alance
mber 31, 2021
₱100,000
500,000
500,000
200,000
1,600,000
₱400,000
400,000
30,000
2,070,000
₱2,900,000 ₱2,900,000

hop

1, 2021

30,000

100,000
 Christine
Financial
Decembe

Particulars Unadjusted Trial Balance Adjustments

Debit Credit Debit
Cash 72,000
Accounts Receivables 136,000
Merchandise Inventory 598,000
Prepaid Advertising 75,000
Land 400,000
Office Supplies 42,000
Office Building 1,600,000
Office Equipment 570,000
Acc Dep - Off Build. 100,000
Acc Dep - Off Equipt. 150,000
Accounts Payable 74,000
Salaries Payable
Notes Payable due in 2 yrs. 200,000
Mortage Payable 1,100,000
Sousa, Capital 1,510,000
Sousa, Withdrawals 200,000
Sales 4,600,000
Sales Returns and Allowances 187,000
Sales Discounts 161,000
Purchases 2,643,000
Purchases Returns and Allowances 133,000
Purchases Discounts 172,000
Transportation In 72,000
Salaries Expense 862,000 21,000
Advertising expense 25,000
Interest Expense 208,000
Supplies Expense 17,000
Insurance Expense 25,000
Travel Expense 188,000
Depreciation Expense 35,000
Totals 8,039,000 8,039,000 98,000
Net Income
Grand Total

Christine Sousa Bags

Income Statement
For The Year Ended December 31, 2021
Net Sales
Sales
Less: Sales Returns and Allowances
 Sales Discounts
Net Sales
Cost of Sales
Merchandise Inventory 1/1/2021
Purchases 2,643,000
Less: Purchases Returns and Allowances 133,000
Purchases Discounts 172,000 305,000
Net Purchases 2,338,000
Transportation In 72,000
Net of Cost Purchases
Goods Available for Sale
Less: Merchandise Inventory 12/31/2021
Cost of Sales
Gross Profit
Operating Expense
Selling Expense
Salaries Expense 883,000
Advertising Expense 25,000
Travel Expense 188,000
Total Selling Expense
Administrative Expense
Insurance Expense 208,000
Interest Expense 17,000
Depreciation Expense 25,000
Supplies Expense 35,000
Total Administrative Expense
Total Operating Expense
Profit

Christine Sousa Bags

Balance Sheet
For The Year Ended December 31, 2021

Assets
Current Assets
Cash
Accounts Receivables
Merchandise Inventory
Prepaid Advertising
Total Current Asset
Property, Plant, and Equipment
Land
Office Supplies
Office Building
Office Equipment
 Less: Accumulated Depreciation - Off. Build
Accumulated Depreciation - Off. Equipt.
Total Assets
Liabilities
Current Liabilities
Accounts Payable
Salaries Payable
Notes Payable due in 2 yrs.
Mortage Payable
Total Liabilities
Owner's Equity
Pateno, Capital
Total Liabilities and Owner's Equity
 Christine Sousa Bags
Financial Worksheet
December 31, 2021

Adjustments Adjusted Trial Balance Income Statement Balance Sheet

Credit Debit Credit Debit Credit Debit
72,000 72,000
136,000 136,000
598,000 598,000 723,000 723,000
25,000 50,000 50,000
400,000 400,000
17,000 25,000 25,000
1,600,000 1,600,000
570,000 570,000
15,000 115,000
20,000 170,000
74,000
21,000 21,000
200,000
1,100,000
1,510,000
200,000 200,000
4,600,000 4,600,000
187,000 187,000
161,000 161,000
2,643,000 2,643,000
133,000 133,000
172,000 172,000
72,000 72,000
883,000 883,000
25,000 25,000
208,000 208,000
17,000 17,000
25,000 25,000
188,000 188,000
35,000 35,000
98,000 8,095,000 8,095,000 5,042,000 5,628,000 3,776,000
586,000
5,628,000

Christine Sousa Bags

Statement of Changes in Equity
1 For The Year Ended December 31, 2021
Dores Pateno, Owner's Equity, 1/1/2021
4,600,000 Add: Profit
187,000 Total
 161,000 348,000 Less: Withdrawals
₱4,252,000 Dores Pateno, Owner's Equity, 12/31/2021

598,000
Christine Sousa Bags
Reversing Entries
For The Year Ended December 31, 2021
Salaries Payable 21,000
Salaries Expense
2,410,000
3,008,000
723,000 Dores Marie Pateno Hobby Shop
2,285,000 Post-closing Trial Balance
₱1,967,000 For The Year Ended December 31, 2021
Cash
Accounts Receivables
Merchandise Inventory
Prepaid Advertising
Land
1,096,000 Office Supplies
Office Building
Office Equipment
Accumulated Depreciation - Off. Build
Accumulated Depreciation - Off. Equipt.
Accounts Payable
285,000 Salaries Payable
1,381,000 Notes Payable due in 2 yrs.
₱586,000 Mortage Payable
Pateno, Capital

1 Christine Sousa Bags

Adjusting Entries
Assets For The Year Ended December 31, 2021
Supplies Expense
72,000 Office Supplies
136,000 To record consumed supplies
723,000
50,000 Advertising Expense
₱981,000 Prepaid Advertising
To record expired rent
400,000
25,000 Salaries Expense
1,600,000 Salaries Payable
570,000 To record accrued salaries
 -115,000
-170,000 2,310,000 Depreciation Expense
₱3,291,000 Acc Dep - Off Build.
Liabilities Acc Dep - Off Equipt.
To record depreciation of the office building and offide equipment
74,000
21,000
200,000
1,100,000
1,395,000
Owner's Equity
1,896,000
₱3,291,000
 Balance Sheet Date Account Titles and Explanation Debit
Credit 2021
Dec. 31 Merchandise Inventory, End ₱723,000
Sales 4,600,000
Purchases Returns and Allowances 133,000
Purchase Discounts 172,000
Income Summary
To close temporary accounts with
credit balances and to establish the
ending merchandise inventory
115,000
170,000 Dec. 31 Income Summary 5,042,000
74,000 Merchandising Inventory, Beginning
21,000 Sales Returns and Allowance
200,000 Sales Discounts
1,100,000 Purchases
1,510,000 Transportation In
Salaries Expense
Advertising Expense
Interest Expense
Supplies Expense
Insurance Expense
Travel Expense
Depreciation Expense
To close temporary accounts with debit
balances and to remove beginning
inventory

Dec. 31 Income Summary 1,896,000

Christine Sousa, Capital
To close the income summary account.

3,190,000 Dec. 31 Christine Sousa, Capital 200,000

586,000 Christine Sousa, Withdrawal
3,776,000 To close the withdrawal.

Bags
es in Equity
mber 31, 2021
₱1,510,000
586,000
2,096,000
 200,000
₱1,896,000

Bags
ries
mber 31, 2021

21,000

s Marie Pateno Hobby Shop

ost-closing Trial Balance
Year Ended December 31, 2021
72,000
136,000
723,000
50,000
400,000
25,000
1,600,000
570,000
115,000
170,000
74,000
21,000
200,000
1,100,000
1,896,000
3,576,000 3,576,000

ne Sousa Bags
sting Entries
ded December 31, 2021
17,000
17,000

25,000
25,000

21,000
21,000
 35,000
15,000
20,000
ilding and offide equipment
Credit

₱5,628,000

598,000
187,000
161,000
2,643,000
72,000
883,000
25,000
208,000
17,000
25,000
188,000
35,000

1,896,000

200,000