GOLDEN GATE MERCHANDISING

Income Statement
for the month of september 2021

INCOME
Sales P 141,000
Donation 10,000
Total Income: P 151,000

EXPENSES
Office Supplies P 15,000
Rental 5,000
Transportation 4,500
Utility 4,500
Depreciation Expense 3,602.10
Insurance Expense -2,000
Advertising Expense 4,000
Bad Debts 7,800
Total Expenses: P 42,402.10

NET INCOME P 108,597.9

 GOLDEN GATE MERCHANDISING
Closing Entry
for the year ended December,2021

DR
Dec. 31 Sales P 141,00
Donation 10,000
Income and Expenses Summary
To close the income accounts to income and expense summary

Dec. 31 Income and Expense Summary

Office Supplies P 15,000
Rental 5,000
Transportation 4,500
Utility 4,500
Insurance Expense 3,602.10
Depreciation Expense -2,000
Advertising Expense 4,000
Bad Debts 7,800
To close the expense to income and expense summary

Dec. 31 Net Income 108,597.90

Income and Expense Summary
To close the net income to income and expense summary
 CR

P 151,000

42,402.10
15,000

108,597.90
 GOLDEN GATE MERCHANDISING
Adjustments

Date F
Dec 31 a) Depreciation Expense
Accumulated Depreciation - Service Vehicle
To adjust the Depreciated value - Service Vehicle
#
b) Prepaid Insurance
Insurance Expense
To adjust the prepaid insurance
#
c) Sales
Unearned Sales
To adjust the amount of unearned sales
#
d) Advertising Expense
Accrued Advertising Expenses
To record the accrued advertising expense
#
e) Owner's Withdrawal
Cash
To adjust the owner's withdrawal from capital
#
f) Bad Debts
Allowance for bad debts
To adjust the A/R of Mr. Crow
#
TOTAL
NDISING

Debit Credit
P 3,602.10
P 3,602.10

2,000
2,000

9,000
9,000

4,000
4,000

50,000
50,000

7,800
7,800

P 76,402.10 P 76,402.10
Account title: SALES

Date PARTICULARS F Debit Debit

2021 Balance
Sept. 18 Sales GJ-1
31-Dec Adjustments
Dec. 31 Income and Expense Summary 0 P 141,000

Account title: DONATION - MS. CRAIG

Date PARTICULARS F Debit Debit

2021 Balance
Sept. 7 Ms. Craig GJ-1

Dec. 31 Income and Expense Summary 0 P 10,000

Account tite: OFFICE SUPPLIES

Date PARTICULARS F Debit Debit

2021 Balance
Sept. 2 NBS GJ-1 P 15,000 P 15,000

Dec. 31 Income and Expense Summary 0 P 15,000

Account tite: RENTAL

Date PARTICULARS F Debit Debit

2021 Balance
Sept. 5 Mr. Cruz GJ-1 P 5,000 P 5,000

Dec. 31 Income and Expense Summary 0 P 5,000

Account tite: TRANSPORTATION

Date PARTICULARS F Debit Debit

2021 Balance
Sept. 25 Cebu Pacific GJ-1 P 4,500 P 4,500

Dec. 31 Income and Expense Summary 0 P 4,500

Account tite: UTILITY

Date PARTICULARS F Debit Debit

 2021 Balance
Sept. 10 Meralco GJ-1 P 4,500 P 4,500

Dec. 31 Income and Expense Summary 0 P 4,500

Account tite: DEPRECIATION EXPENSE

Date PARTICULARS F Debit Debit

2021 Balance
31-Dec Adjustments P 3,602.10 P 3,602.10

Dec. 31 Income and Expense Summary 0 P 3,602.10

Account tite: INSURANCE EXPENSE

Date PARTICULARS F Debit Debit

2021 Balance
31-Dec Adjustments

Dec. 31 Income and Expense Summary 0 P 2,000

Account tite: ADVERTISING EXPENSE

Date PARTICULARS F Debit Debit

2021 Balance
31-Dec Adjustments P 4,000 P 4,000

Dec. 31 Income and Expense Summary 0 P 4,000

Account tite: BAD DEBTS

Date PARTICULARS F Debit Debit

2021 Balance
31-Dec Adjustments

Dec. 31 Income and Expense Summary 0 P 7,800

Account No: 401

Credit Credit
Balance
P 150,000 P 150,000
P 9,000 P 141,000
0

Account No: 402

Credit Credit
Balance
P 10,000 P 10,000

Account No: 501

Credit Credit
Balance

Account No: 502

Credit Credit
Balance

Account No: 503

Credit Credit
Balance

Account No: 504

Credit Credit
 Balance

Credit Credit
Balance

Credit Credit
Balance
P 2,000 P 2,000

Credit Credit
Balance

Credit Credit
Balance
P 7,800 P 7,800

0
Account title: INCOME AND EXPENSE SUMMARY
Date PARTICULARS F Debit Debit
2021 Balance
Dec. 31 SALES P 141,000 P 141,000
DONATION 151,000 10,000
CLOSING ENTRY 0

CLOSING ENTRY 42,402.10

OFFICE SUPPLIES
RENTAL
TRANSPORTATION
UTILITY
DEPRECIATION EXPENSE
INSURANCE EXPENSE
ADVERTISING EXPENSE
BAD DEBTS
EXPENSES 0

NET INCOME 108,597.90

CLOSING ENTRY 0
Credit Credit
Balance

151,000 0

P 15,000 P 15,000
5,000 5,000
4,500 4,500
4,500 4,500
-2,000 -2,000
3,602 3,602
4,000 4,000
7,800 7,800
42,402.10 0

108,597.90 0