Ink Books Supplies

INK Books & Supplies
Statement of Financial Position

31-Dec-21
Assets
Cash 255,000.00
Accounts Receivable 95,000.00
Inventory 545,000.00
Prepaid Insurance 22,500.00
Supplies 3,000.00
Allowance for doubtful accounts 5,000.00
Total Current Assets 920,500.00
Land 300,000.00
Building 450,000.00
Equipment 75,000.00
Furniture & Fixtures 125,000.00
Total Non-current Assets 950,000.00
Total Assets 1,875,500.00
Liabilities
Accounts Payable 66,750.00
Loans Payable 400,000.00
Mortgage Payable - PNB 475,000.00
Total Liabilities 941,750.00
Owner's Equity
Kim, Capital 933,750.00
Total Liabilities and Equity 1,875,500.00
-
Date Particulars F
Jan-05 Purchases
Accounts Payable
Jan-07 Accounts Payable

Cash
Jan-07 Freight-In
Cash
Feb-13 Purchases
Accounts Payable
Feb-14 Cash
Sales
Feb-20 Accounts Payable

Cash
Feb-28 Kim, Drawings

Cash
Mar-02 Accounts Receivable

Sales
Mar-03 Cash
Sales
Mar-15 Accounts Payable

Cash
Apr-07 Accounts Receivable

Sales
Apr-07 Accounts Receivable

Sales
Apr-14 Cash
Sales
Apr-30 Purchases
Accounts Payable
Jun-07 Purchases
Accounts Payable
Jun-27 Accounts Receivable
Sales
Jun-30 Accounts Payable

Cash
Jul-09 Cash
Freight-Out
Sales
Jul-14 Purchases
Accounts Payable
Jul-19 Accounts Payable

Cash
Sep-11 Purchases
Cash
Sep-19 Accounts Payable

Cash
Sep-20 Accounts Payable

Cash
Oct-31 Kim, Drawings

Cash
Nov-17 Purchases
Accounts Payable
Nov-18 Accounts Payable

Purchase Returns & Allowances
Nov-19 Salaries Expense

Cash
Nov-30 Accounts Payable

Cash
Nov-30 Utilities Expense

Cash
Dec-02 Salaries Expense
Cash
Dec-12 Accounts Receivable

Sales
Dec-14 Sales Returns & Allowances

Accounts Receivable
Dec-15 Mortgage Payable

Cash
Dec-17 Cash
Sales
Dec-17 Interest Payable

Cash
Debit Credit
286,000.00
286,000.00
29,000.00
29,000.00
4,000.00
4,000.00
90,000.00
90,000.00
200,000.00
200,000.00
65,000.00
65,000.00
10,000.00
10,000.00
100,000.00
100,000.00
50,000.00
50,000.00
62,000.00
62,000.00
20,000.00
20,000.00
30,000.00
30,000.00
70,000.00
70,000.00
75,000.00
75,000.00
35,000.00
35,000.00
10,000.00
10,000.00
10,000.00
10,000.00
89,000.00
6,000.00
95,000.00
95,000.00
95,000.00
12,000.00
12,000.00
370,000.00
370,000.00
20,000.00
20,000.00
5,000.00
5,000.00
15,000.00
15,000.00
150,000.00
150,000.00
5,000.00
5,000.00
33,000.00
33,000.00
28,000.00
28,000.00
30,000.00
30,000.00
50,000.00
50,000.00
25,000.00
25,000.00
1,000.00
1,000.00
15,000.00
15,000.00
400,000.00
400,000.00
4,000.00
4,000.00
2,499,000.00 2,499,000.00
101 - Ca
DATE 2022 PARTICULARS F DEBIT
Beginning Balance ₱ 255,000.00

Jan 14 sales transaction ₱ 200,000.00
Mar 3 sales transaction ₱ 50,000.00
Apr 14 sales transaction ₱ 70,000.00
Dec 17 sales transaction ₱ 400,000.00
july 9 sales trasaction ₱ 89,000.00
TOTAL Debit ₱ 1,064,000.00
102 - Accounts R

Mar 2 sales transaction ₱ 100,000.00
Apr 7 sales transaction ₱ 20,000.00
7 sales transaction ₱ 30,000.00
June 27 sales transaction ₱ 10,000.00
Dec 12 sales transaction ₱ 25,000.00

TOTAL Debit ₱ 280,000.00
103 - Allowance for Do

104 - Inven

105 - Supp
106 - Prepaid I

101 - Cash
DATE 2021 PARTICULARS F
Jan 7 payment to buk bookshop

7 payment to delivery services
Feb 20 payment to buk bookshop
28 personal drawings
Mar 15 payment to Mrs. Bean
June 30 payment to Idea Bookstore
July 14 payment to Alas Publishing
19 payment to Alas Publishing
Sept 19 payment to Ace Bookstore
20 payment to Ace Bookstore
Oct 31 personal drawings
Nov 19 payment of salaries to Ann Sy
30 payment to bee bookshop
30 payment to safe electric company
Dec 2 payment of salaries to Ann Sy
15 payment to BC bank
17 payment to EZ bank
Sep 11 payment to Ace Bookstore
TOTAL Credit
Ending Balance
02 - Accounts Receivable
Dec 14 returns from client, Mr. Yang
TOTAL Credit
Ending Balance
owance for Doubtful Accounts

TOTAL Credit
Ending Balance
104 - Inventory
TOTAL Credit
Ending Balance
105 - Supplies
TOTAL Credit
Ending Balance
106 - Prepaid Insurance

TOTAL Credit
Ending Balance
20
CREDIT DATE 2021 PARTICULARS F
Beginning Balance
₱ 29,000.00
₱ 4,000.00
₱ 65,000.00
₱ 10,000.00
₱ 62,000.00
₱ 10,000.00
₱ 95,000.00 TOTAL Debit
₱ 12,000.00
₱ 20,000.00
₱ 5,000.00
₱ 15,000.00
₱ 33,000.00
₱ 28,000.00
₱ 30,000.00
₱ 50,000.00
₱ 15,000.00
₱ 4,000.00
₱ 370,000.00
₱ 857,000.00
₱ 207,000.00
202
Beginning Balance
₱ 1,000.00

₱ 279,000.00
203 - Accumulate
₱ -
₱ 5,000.00
CREDIT 204 - E
Beginning Balance
₱ -
₱ 545,000.00
TOTAL Debit
CREDIT 205 - Accumulat

₱ -
₱ 3,000.00
206 - Furni
Beginning Balance
₱ -
₱ 22,500.00
TOTAL Debit
207 - Accumulate
201 - Land
DEBIT DATE 2021 PARTICULARS F CREDIT
₱ 300,000.00
₱ 300,000.00 TOTAL Credit ₱ -

Ending Balance ₱ 300,000.00
202 - Building
₱ 450,000.00
₱ 450,000.00 TOTAL Credit ₱ -
- Accumulated Depreciation -Bldg.

204 - Equipment
₱ 75,000.00
₱ 75,000.00 TOTAL Credit ₱ -
5 - Accumulated Depreciation Eqt.

206 - Furniture & Fixtures

₱ 125,000.00
₱ 125,000.00 TOTAL Credit ₱ -
- Accumulated Depreciation - F&F

301 - Accoun
Jan 7 payment to buk bookshop

Feb 20 payment to buk bookshop
Mar 15 payment to Mrs. Bean
June 30 payment to Idea Bookstore
July 19 payment to Alas Publishing
Sept 19 payment to Ace bookstore
20 payment to Ace bookstore
Nov 18 return of defective goods
30 payment to bee bookshop
TOTAL Debit
Ending Balance
302 - Unearn
303 - Salarie
401 - Mortgag
Dec 15 payment to BC Bank

TOTAL Debit
Ending Balance
402 - Interes
Dec 17 Payment to EZ Bank
TOTAL Debit
403 - Loans
TOTAL Debit
Ending Balance
301 - Accounts Payable
DEBIT DATE 2021 PARTICULARS
Beginning Balance
₱ 29,000.00 Jan 25 purchase of books
₱ 65,000.00 Feb 13 purchase of books
₱ 62,000.00 Apr 30 purchase of books
₱ 10,000.00 June 7 purchase of books
₱ 12,000.00 Nov 17 purchase of books
₱ 20,000.00
₱ 5,000.00
₱ 5,000.00
₱ 28,000.00
₱ 236,000.00 TOTAL Credit

₱ 466,750.00
302 - Unearned Income

303 - Salaries Payable
401 - Mortgage Payable

Beginning Balance
₱ 15,000.00
₱ 460,000.00
402 - Interest Payable

₱ 4,000.00

Ending Balance
403 - Loans Payable

Beginning Balance
TOTAL Credit
₱ 400,000.00
F CREDIT DATE 2021 PARTICULARS
₱ 66,750.00 Beginning Balance

₱ 286,000.00
₱ 90,000.00
₱ 75,000.00
₱ 35,000.00
₱ 150,000.00
TOTAL Debit
₱ 702,750.00
Feb 28 personal drawings

Oct 31 personal drawings
TOTAL Debit
F CREDIT
₱ 475,000.00
₱ 475,000.00
F CREDIT
₱ -
₱ 4,000.00
F CREDIT
₱ 400,000.00
₱ 400,000.00
501 - Kim, Capital
ARTICULARS F DEBIT DATE 2021 PARTICULARS F
ng Balance 933,750.00
Debit ₱ 933,750.00 TOTAL Credit

Ending Balance
502 - Kim, Drawing

l drawings ₱ 10,000.00
l drawings ₱ 15,000.00
TOTAL Debit ₱ 25,000.00 TOTAL Credit

Ending Balance

6
CREDIT DATE 2021 PARTICULARS
₱ -
₱ 933,750.00
TOTAL Debit
Ending Balance
602 - Sales R
returns from client, Mr. Yang

₱ -
₱ 25,000.00
TOTAL Debit
603 - S
604 - In
DATE 2021 PARTICULARS
601 - Sales
F DEBIT DATE 2021 PARTICULARS F
Feb 14 sales transaction

Mar 02 sales transaction
03 sales transaction
Apr 07 sales transaction
June 27 sales transaction
July 09 sales transaction
Dec 12 sales transaction
₱ - TOTAL Credit
₱ 1,000,000.00
602 - Sales Returns & Allowances

₱ 1,000.00
Ending Balance
603 - Sales Discounts

604 - Income Summary

70
June 07 purchase of books
₱ 200,000.00 Jan 15 purchase of books
₱ 100,000.00 Feb 13 purchase of books
₱ 50,000.00 Apr 30 purchase of books
₱ 20,000.00 July 14 purchase of textbooks
₱ 30,000.00 Sept 11 purchase of books
₱ 70,000.00 Nov 17 purchase of books
₱ 10,000.00
₱ 25,000.00
₱ 400,000.00
₱ 1,000,000.00
702 - Purchas
₱ - TOTAL Debit
₱ 1,000.00 Ending Balance
703 - P
CREDIT 70
payment to delivery services of Ace

Jan 07 bookstore
TOTAL Debit
70
July 09 sales transaction
TOTAL Debit
706-
Nov 19 payment of salaries to Ann Sy

Dec 02
payment of salaries to Ann Sy
TOTAL Debit
707 -
Nov 19 payment of safe electric
TOTAL Debit
708 - B
709 -
710 - I
711 - De
712
701 - Purchases
₱ 35,000.00
₱ 286,000.00
₱ 90,000.00
₱ 75,000.00
₱ 95,000.00
₱ 370,000.00
₱ 150,000.00
₱ 1,101,000.00 TOTAL Credit

Ending Balance
702 - Purchase Returns & Allowances

return defective goods

₱ - TOTAL Credit
-₱ 5,000.00
703 - Purchase Discounts

704 - Freight - In
₱ 4,000.00
Ending Balance
705 - Freight-Out
₱ 6,000.00

Ending Balance
706- Salaries Expense

₱ 33,000.00
₱ 50,000.00

Ending Balance
707 - Utilities Expense
₱ 30,000.00

Ending Balance
708 - Bad Debts Expense

709 - Supplies Expense

710 - Insurance Expense
711 - Depreciation Expense

712 - Cost of Sales
CREDIT
₱ -
₱ 1,101,000.00
CREDIT
₱ 5,000.00
₱ 5,000.00
CREDIT
CREDIT
₱ -
₱ 4,000.00
CREDIT
₱ -
₱ 6,000.00
CREDIT
₱ -
₱ 83,000.00
CREDIT
₱ -
₱ 30,000.00
CREDIT
CREDIT
CREDIT
CREDIT
CREDIT
Unadjusted Trial Balance
For the period ended December 31, 2022
Cash ₱ 207,000.00
Allowance for doubtful accounts ₱ 5,000.00
Accounts Receivable ₱ 279,000.00
Inventory ₱ 545,000.00
Supplies ₱ 3,000.00
Prepaid Insurance ₱ 22,500.00
Land ₱ 300,000.00
Building ₱ 450,000.00
Equipment ₱ 75,000.00
Furnitures & Fixtures ₱ 125,000.00
Loans Payable ₱ 400,000.00
Accounts Payable ₱ 466,750.00
Mortgage Payable ₱ 460,000.00
Interest Payable ₱ 4,000.00
Kim, Capital ₱ 933,750.00
Kim, Drawing ₱ 25,000.00
Sales ₱ 1,000,000.00
Sales Returns & Allowances ₱ 1,000.00
Purchases ₱ 1,101,000.00
Purchase Returns & Allowances ₱ 5,000.00
Freight-In ₱ 4,000.00
Freight-Out ₱ 6,000.00
Salaries Expense ₱ 83,000.00
Utilities Expense ₱ 30,000.00
₱ 3,265,500.00 ₱ 3,265,500.00
2022
Date Particulars F Debit
Dec 31 Allowance for doubtful accounts ₱ 8,950.00

Accounts Receivable
Bad Debt Expense ₱ 13,950.00

Allowance for doubtful accounts
to adjust bad debts 279000*.05
Insurance Expense ₱ 5,625.00

Prepaid Insurance
to adjust expired portion of insurance
Supplies Expense ₱ 1,250.00

Supplies
to adjust used supplies
₱ 20,825.00
Credit
₱ 8,950.00
₱ 13,950.00
₱ 5,625.00
₱ 1,250.00
₱ 20,825.00
7
to adjust bad debts

103 - Allo
1
to adjust prepaid insurance
708 - Bad Debt Expense
PARTICULARS F DEBIT DATE 2021 PARTICULARS
st bad debts ₱ 13,950.00

103 - Allowance for Doubtful Accounts

₱ 8,950.00 to adjust bad debts

106 - Prepaid Insurance

prepaid insurance ₱ 22,500.00 to adjust expired portion of insurance

101 - Cash
to adjust prepaid insurance
TOTAL Debit ₱ -
PARTICULARS F CREDIT DATE 2021 PARTICU
to adjust expired portio

TOTAL Credit ₱ -
ts
PARTICULARS F CREDIT
DATE 2021 PARTICU
st bad debts ₱ 13,950.00
TOTAL Credit ₱ 13,950.00
expired portion of insurance ₱ 23,650.00 DATE 2021 PARTICU

prepaid insurance ₱ 22,500.00

710 - Insurance Expense
PARTICULARS F DEBIT DATE 2021 PARTICULAR
to adjust expired portion of insurance ₱ 23,650.00

105 - Supplies
TOTAL Debit ₱ -
709 - Supplies Expense

to adjust used supplies ₱ 1,250.00

TOTAL Credit ₱ -
to adjust used supplies ₱ 1,250.00
TOTAL Credit ₱ -

Adjusted Trial Balance
Cash ₱ 207,000.00
Accounts Receivable ₱ 270,050.00
Inventory ₱ 545,000.00
Supplies ₱ 1,750.00
Prepaid Insurance ₱ 16,875.00
Land ₱ 300,000.00
Building ₱ 450,000.00
Equipment ₱ 75,000.00
Furnitures & Fixtures ₱ 125,000.00
Loans Payable ₱ 400,000.00
Accounts Payable ₱ 466,750.00
Mortgage Payable ₱ 460,000.00
Interest Payable ₱ 4,000.00
Kim, Capital ₱ 933,750.00
Kim, Drawing ₱ 25,000.00
Sales ₱ 1,000,000.00
Sales Returns & Allowances ₱ 1,000.00
Purchases ₱ 1,101,000.00
Purchase Returns & Allowances ₱ 5,000.00
Freight-In ₱ 4,000.00
Freight-Out ₱ 6,000.00
Salaries Expense ₱ 83,000.00
Utilities Expense ₱ 30,000.00
Supplies Expense ₱ 1,250.00
Insurance Expense ₱ 5,625.00
Bad debts Expense ₱ 13,950.00
₱ 3,265,500.00 ₱ 3,265,500.00

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INK Books & Supplies

Statement of Financial Position

Total Liabilities and Equity 1,875,500.00

Jan-07 Accounts Payable

Feb-20 Accounts Payable

Feb-28 Kim, Drawings

Mar-02 Accounts Receivable

Mar-15 Accounts Payable

Apr-07 Accounts Receivable

Apr-07 Accounts Receivable

Jun-30 Accounts Payable

Jul-19 Accounts Payable

Sep-19 Accounts Payable

Sep-20 Accounts Payable

Oct-31 Kim, Drawings

Nov-18 Accounts Payable

Nov-19 Salaries Expense

Nov-30 Accounts Payable

Nov-30 Utilities Expense

Dec-12 Accounts Receivable

Dec-14 Sales Returns & Allowances

Dec-15 Mortgage Payable

Dec-17 Interest Payable

Beginning Balance ₱ 255,000.00

TOTAL Debit ₱ 1,064,000.00

Beginning Balance ₱ 95,000.00

Dec 12 sales transaction ₱ 25,000.00

103 - Allowance for Do

Beginning Balance ₱ 5,000.00

TOTAL Debit ₱ 5,000.00

Beginning Balance ₱ 545,000.00

Beginning Balance ₱ 3,000.00

TOTAL Debit ₱ 3,000.00

Beginning Balance ₱ 22,500.00

Jan 7 payment to buk bookshop

owance for Doubtful Accounts

106 - Prepaid Insurance

₱ 1,000.00 TOTAL Debit

CREDIT 205 - Accumulat

₱ 300,000.00 TOTAL Credit ₱ -

- Accumulated Depreciation -Bldg.

5 - Accumulated Depreciation Eqt.

206 - Furniture & Fixtures

- Accumulated Depreciation - F&F

Jan 7 payment to buk bookshop

Dec 15 payment to BC Bank

Dec 17 Payment to EZ Bank

₱ 236,000.00 TOTAL Credit

302 - Unearned Income

401 - Mortgage Payable

402 - Interest Payable

₱ 4,000.00 TOTAL Credit

403 - Loans Payable

₱ 66,750.00 Beginning Balance

F CREDIT DATE 2021 PARTICULARS

Feb 28 personal drawings

F CREDIT DATE 2021 PARTICULARS

Debit ₱ 933,750.00 TOTAL Credit

502 - Kim, Drawing

TOTAL Debit ₱ 25,000.00 TOTAL Credit

ARTICULARS F DEBIT DATE 2021 PARTICULARS F

returns from client, Mr. Yang

Feb 14 sales transaction