Page 1

2021 Accounts and Explanation P.R. Debit Credit

1-Jul Cash 101 65,000.00
Milky Fish, Capital 301 65,000.00
Rita Bangus deposited cash for the business

2-Jul Furnitue & Fixtures 150 12,000.00

Cash 101 12,000.00
Acquired cabinet in cash

2-Jul Purchases 501 9,900.00

Accounts Payable 201 9,900.00
Purchased merchandise on account, terms 2/10, n/30

3-Jul Supplies 120 1,700.00

Cash 101 1,700.00
Bought office supplies in cash

4-Jul Accounts Receivable 105 37,500.00

Sales 401 37,500.00
Sold merchandise on account; FOB Destination, terms 2/10, n/30

5-Jul Freight-Out 502 500.00

Cash 101 500.00
Paid freight on July 4 sale

6-Jul Accounts Payable 201 1,600.00

Purchase Returns & Allowances 502 1,600.00
Received credit from Sugpo-Sugpo for merchandise returned

11-Jul Accounts Payable 201 8,300.00

Purchase Discounts 503 166.00
Cash 101 8,134.00
Paid Pusito Squidy for merchandise bought on account

13-Jul Cash 101 36,750.00

Sales Discount 410 750.00
Accounts Receivable 105 37,500.00
Collected from July 4 customers

14-Jul Purchases 501 10,800.00

Cash 101 10,800.00
Purchased merchandise on cash basis

15-Jul Salaries 504 3,500.00

Cash 101 3,500.00
Salaries paid

16-Jul Cash 101 25,000.00

Notes Payable 202 25,000.00
Acquired loan from Urduja Rural Bank signed a promissory note

17-Jul Cash 101 1,500.00

Purchase Returns & Allowances 502 1,500.00
Received refund from a supplier on cash purchase of July 14

18-Jul Purchases 501 17,200.00

Accounts Payable 201 17,200.00
Purchased merchandise from Malaga Tilapia 18,200 FOB Shipping
point , terms, 2/10, n/30

20-Jul Freight-In 504 900.00

Cash 101 900.00
Paid Freight on July 18 purchase

23-Jul Cash 101 18,100.00

Sales 401 18,100.00
Sold merchandise on account

26-Jul Purchases 501 9,300.00

Cash 101 9,300.00
Purchased merchandise on cash basis

27-Jul Accounts Payable 201 8,500.00

Cash 101 8,500.00
Paid Shiny Hipon on the July 18 purchase

28-Jul Milky Fish, Drawing 302 2,400.00

Cash 101 2,400.00
Jerry Alimasag got cash from the business

29-Jul Sales Returns & Allowances 405 900.00

Cash 101 900.00
Made refund to cash customers for defective merchandise

30-Jul Accounts Receivable 105 13,700.00

Sales 401 13,700.00
Sold merchandise on account, n/30

30-Jul Advertising 501 1,000.00

Rent Expense 503 3,500.00
Salaries 504 1,500.00
Utilities 505 400.00
Cash 101 6,400.00
Paid the expenses for the month
 Account: Cash Account No. 101
Date Explanation Ref Debit Date Explanation Ref Credit
1-Jul J-1 65,000.00 2-Jul J-1 12,000.00
13-Jul J-1 36,750.00 3-Jul J-1 1,700.00
16-Jul J-1 25,000.00 5-Jul J-1 500.00
17-Jul J-1 1,500.00 11-Jul J-1 8,134.00
23-Jul J-1 18,100.00 14-Jul J-1 10,800.00
15-Jul J-1 3,500.00
20-Jul J-1 900.00
26-Jul J-1 9,300.00
27-Jul J-1 8,500.00
28-Jul J-1 2,400.00
29-Jul J-1 900.00
30-Jul J-1 6,400.00

146,350.00 65,034.00

Balance 81,316.00

Account: Accounts Receivable Account No. 105

Date Explanation Ref Debit Date Explanation Ref Credit
4-Jul J-1 37,500.00 13-Jul J-1 37,500.00
30-Jul J-1 13,700.00

Balance 13,700.00

Account: Merchandise Inventory Account No. 115

Date Explanation Ref Debit Date Explanation Ref Credit

Balance -

Account: Supplies Account No. 120

Date Explanation Ref Debit Date Explanation Ref Credit
3-Jul J-1 1,700.00

Balance 1,700.00

Account: Furniture & Fixtures Account No. 150

Date Explanation Ref Debit Date Explanation Ref Credit
2-Jul J-1 12,000.00

Balance 12,000.00

Account: Accounts Payable Account No. 201

Date Explanation Ref Debit Date Explanation Ref Credit
6-Jul J-1 1,600.00 2-Jul J-1 9,900.00
11-Jul J-1 8,300.00 18-Jul J-1 17,200.00
27-Jul J-1 8,500.00

Balance 8,700.00

Account: Notes Payable Account No. 202

Date Explanation Ref Debit Date Explanation Ref Credit
16-Jul J-1 25,000.00

Balance 25,000.00
 Account: Milky Fish, Capital Account No. 301
Date Explanation Ref Debit Date Explanation Ref Credit
1-Jul J-1 65,000.00

Balance 65,000.00

Account: Milky Fish, Drawings Account No. 302

Date Explanation Ref Debit Date Explanation Ref Credit
28-Jul J-1 2,400.00

Balance 2,400.00

Account: Sales Account No. 401

Date Explanation Ref Debit Date Explanation Ref Credit
4-Jul J-1 37,500.00
23-Jul J-1 18,100.00
30-Jul J-1 13,700.00

Balance 69,300.00

Account: Sales Returns & Allowances Account No. 405

Date Explanation Ref Debit Date Explanation Ref Credit
29-Jul J-1 900.00

Balance 900.00

Account: Sales Discounts Account No. 410

Date Explanation Ref Debit Date Explanation Ref Credit
13-Jul J-1 750.00

Balance 750.00

Account: Purchases Account No. 501

Date Explanation Ref Debit Date Explanation Ref Credit
2-Jul J-1 9,900.00
14-Jul J-1 10,800.00
18-Jul J-1 17,200.00
26-Jul J-1 9,300.00

Balance 47,200.00

Account: Purchase Returns & Allowances Account No. 502

Date Explanation Ref Debit Date Explanation Ref Credit
6-Jul J-1 1,600.00
17-Jul J-1 1,500.00

Balance 3,100.00

Account: Purchase Discounts Account No. 503

Date Explanation Ref Debit Date Explanation Ref Credit
11-Jul J-1 166.00

Balance 166.00
 Account: Freight-In Account No. 504
Date Explanation Ref Debit Date Explanation Ref Credit
20-Jul J-1 900.00

Balance 900.00

Account: Advertising Account No. 505

Date Explanation Ref Debit Date Explanation Ref Credit
30-Jul J-1 1,000.00

Balance 1,000.00

Account: Freight-Out Account No. 506

Date Explanation Ref Debit Date Explanation Ref Credit
5-Jul J-1 500.00

Balance 500.00

Account: Rent Expense Account No. 510

Date Explanation Ref Debit Date Explanation Ref Credit
30-Jul J-1 3,500.00

Balance 3,500.00

Account: Salaries Account No. 530

Date Explanation Ref Debit Date Explanation Ref Credit
15-Jul J-1 3,500.00
30-Jul J-1 1,500.00

Balance 5,000.00

Account: Utilities Account No. 540

Date Explanation Ref Debit Date Explanation Ref Credit
30-Jul J-1 400.00

Balance 400.00

Account: Income Summary Account No. 601

Date Explanation Ref Debit Date Explanation Ref Credit

Balance -
 Dried Fish Distributors
Trial Balance
July 30, 2021

101 Cash ₱ 81,316.00

105 Accounts Receivable 13,700.00
115 Merchandise Inventory -
120 Supplies 1,700.00
150 Furniture & Fixtures 12,000.00
201 Accounts Payable ₱ 8,700.00
202 Notes Payable 25,000.00
301 Milky Fish, Capital 65,000.00
302 Milky Fish, Drawing 2,400.00
401 Sales 69,300.00
405 Sales Returns & Allowances 900.00
410 Sales Discount 750.00
501 Purchases 47,200.00
502 Purchase Returns & Allowances 3,100.00
503 Purchase Discounts 166.00
504 Freight-In 900.00
505 Advertising 1,000.00
506 Freight-Out 500.00
510 Rent Expense 3,500.00
530 Salaries 5,000.00
540 Utilities 400.00
Totals ₱ 171,266.00 ₱ 171,266.00
 Dried Fish Distributors
Income Statement
For the month ended July 30, 2021

Net Sales
Gross Sales ₱ 69,300.00
Less: Sales Return & Allowances 900.00
Sales Discount 750.00 1,650.00
Net Sales 67,650.00
Cost of Sales
Merchandise Inventory, 7/1/2021 ₱ -
Purchases 47,200.00
Less: Purchase Rerurns & Allowances 3,100.00
Purchase Discounts 166.00 3,266.00
Net Purchases 43,934.00
Freight-In 900.00
Net Cost of Purchases 44,834.00
Goods Available for Sale 44,834.00
Less: Merchandise Inventory, 7/30/2021 17,114.00
Cost of Sales 27,720.00
Gross Profit ₱ 39,930.00

Operating Expenses
Selling Expenses
Advertising Expense 1,000.00
Freight-Out 500.00
Total Selling Expenses ₱ 1,500.00

Administrative Expenses
Rent Expense 3,500.00
Salaries Expense 5,000.00
Utilities Expense 400.00
Total Administrative Expenses 8,900.00
Total Operating Expenses 10,400.00
Operating Profit ₱ 29,530.00
Other Income -
Interest Expense -
Profit ₱ 29,530.00
 Dried Fish Distributors
Statement of Chages in Equity
For the month ended July 30, 2021

Frawny Capital, July 1 ₱ 65,000.00

Add: Profit 29,530.00
Total 94,530.00
Less: Milky Fish, Drawings 2,400.00
Milky Fish, Capital July 30 ₱ 92,130.00
 Dried Fish Distributors
Balance Sheet
As of July 30, 2021

Assets

Current Assets
Cash ₱ 81,316.00
Accounts Receivable 13,700.00
Merchandise Inventory 17,114.00
Supplies 1,700.00
Total Current Assets ₱ 113,830.00
Non-Current Assets
Furniture & Fixtures 12,000.00

Total Assets ₱ 125,830.00

Liabilities

Current Liabilities
Accounts Payable ₱ 8,700.00
Notes Payable 25,000.00
Total Current Liabilities ₱ 33,700.00

Non-Current Liabilities -

Total Liabilities ₱ 33,700.00

Owner's Equity

Milky Fish, Capital July 30, 2021 92,130.00

Total Liabilities and Equity ₱ 125,830.00

 Page 2
2021 Accounts and Explanation P.R. Debit Credit
30-Jul Sales 401 69,300.00
Purchase Returns & Allowances 502 3,100.00
Purchase Discounts 503 166.00
Merchandise Inventory, End 115 17,114.00
Income Summary 601 89,680.00
To close temporary accounts with credit balances and establish
ending inventory

30-Jul Income Summary 60,150.00

Sales Returns & Allowances 900.00
Sales Discount 750.00
Purchases 47,200.00
Freight-In 900.00
Advertising 1,000.00
Freight-Out 500.00
Rent Expense 3,500.00
Salaries 5,000.00
Utilities 400.00
To close temporary accounts with debit balances

30-Jul Income Summary 29,530.00

Milky Fish, Capital 29,530.00
To close the income summary account

30-Jul Milky Fish, Capital 2,400.00

Milky Fish, Drawing 2,400.00
To close the withdrawal account
 Account: Cash Account No. 101
Date Explanation Ref Debit Date Explanation Ref Credit
1-Jul J-1 65,000.00 2-Jul J-1 12,000.00
13-Jul J-1 36,750.00 3-Jul J-1 1,700.00
16-Jul J-1 25,000.00 5-Jul J-1 500.00
17-Jul J-1 1,500.00 11-Jul J-1 8,134.00
23-Jul J-1 18,100.00 14-Jul J-1 10,800.00
15-Jul J-1 3,500.00
20-Jul J-1 900.00
26-Jul J-1 9,300.00
27-Jul J-1 8,500.00
28-Jul J-1 2,400.00
29-Jul J-1 900.00
30-Jul J-1 6,400.00

146,350.00 65,034.00

Balance 81,316.00

Account: Accounts Receivable Account No. 105

Date Explanation Ref Debit Date Explanation Ref Credit
4-Jul J-1 37,500.00 13-Jul J-1 37,500.00
30-Jul J-1 13,700.00

Balance 13,700.00

Account: Merchandise Inventory Account No. 115

Date Explanation Ref Debit Date Explanation Ref Credit
30-Jul J-2 17,114.00

Balance 17,114.00

Account: Supplies Account No. 120

Date Explanation Ref Debit Date Explanation Ref Credit
3-Jul J-1 1,700.00

Balance 1,700.00

Account: Furniture & Fixtures Account No. 150

Date Explanation Ref Debit Date Explanation Ref Credit
2-Jul J-1 12,000.00

Balance 12,000.00
 Account: Accounts Payable Account No. 201
Date Explanation Ref Debit Date Explanation Ref Credit
6-Jul J-1 1,600.00 2-Jul J-1 9,900.00
11-Jul J-1 8,300.00 18-Jul J-1 17,200.00
27-Jul J-1 8,500.00

Balance 8,700.00

Account: Notes Payable Account No. 202

Date Explanation Ref Debit Date Explanation Ref Credit
16-Jul J-1 25,000.00

Balance 25,000.00

Account: Milky Fish, Capital Account No. 301

Date Explanation Ref Debit Date Explanation Ref Credit
30-Jul J-2 2,400.00 1-Jul J-1 65,000.00
30-Jul J-2 29,530.00

Balance 92,130.00

Account: Milky Fish, Drawings Account No. 302

Date Explanation Ref Debit Date Explanation Ref Credit
28-Jul J-1 2,400.00 30-Jul J-2 2,400.00

Balance -
 Account: Sales Account No. 401
Date Explanation Ref Debit Date Explanation Ref Credit
30-Jul J-2 69,300.00 4-Jul J-1 37,500.00
23-Jul J-1 18,100.00
30-Jul J-1 13,700.00

Balance -

Account: Sales Returns & Allowances Account No. 405

Date Explanation Ref Debit Date Explanation Ref Credit
29-Jul J-1 900.00 30-Jul J-2 900.00

Balance -

Account: Sales Discounts Account No. 410

Date Explanation Ref Debit Date Explanation Ref Credit
13-Jul J-1 750.00 30-Jul J-2 750.00

Balance -

Account: Purchases Account No. 501

Date Explanation Ref Debit Date Explanation Ref Credit
2-Jul J-1 9,900.00 30-Jul J-2 47,200.00
14-Jul J-1 10,800.00
18-Jul J-1 17,200.00
26-Jul J-1 9,300.00

Balance -

Account: Purchase Returns & Allowances Account No. 502

Date Explanation Ref Debit Date Explanation Ref Credit
30-Jul J-2 3,100.00 6-Jul J-1 1,600.00
17-Jul J-1 1,500.00

Balance -

Account: Purchase Discounts Account No. 503

Date Explanation Ref Debit Date Explanation Ref Credit
11-Jul J-2 166.00 11-Jul J-1 166.00

Balance -

Account: Freight-In Account No. 504

Date Explanation Ref Debit Date Explanation Ref Credit
20-Jul J-1 900.00 30-Jul J-2 900.00

Balance -
 Account: Advertising Account No. 505
Date Explanation Ref Debit Date Explanation Ref Credit
30-Jul J-1 1,000.00 30-Jul J-2 1,000.00

Balance -

Account: Freight-Out Account No. 506

Date Explanation Ref Debit Date Explanation Ref Credit
5-Jul J-1 500.00 30-Jul J-2 500.00

Balance -

Account: Rent Expense Account No. 510

Date Explanation Ref Debit Date Explanation Ref Credit
30-Jul J-1 3,500.00 30-Jul J-2 3,500.00

Balance -

Account: Salaries Account No. 530

Date Explanation Ref Debit Date Explanation Ref Credit
15-Jul J-1 3,500.00 30-Jul J-2 5,000.00
30-Jul J-1 1,500.00

Balance -

Account: Utilities Account No. 540

Date Explanation Ref Debit Date Explanation Ref Credit
30-Jul J-1 400.00 30-Jul J-2 400.00

Balance -

Account: Income Summary Account No. 601

Date Explanation Ref Debit Date Explanation Ref Credit
30-Jul J-2 60,150.00 30-Jul J-2 89,680.00
30-Jul J-2 29,530.00

Balance -
 Dried Fish Distributors
Post-Closing Trial Balance
July 30, 2021

101 Cash ₱ 81,316.00

105 Accounts Receivable 13,700.00
115 Merchandise Inventory 17,114.00
120 Supplies 1,700.00
150 Furniture & Fixtures 12,000.00
201 Accounts Payable ₱ 8,700.00
202 Notes Payable 25,000.00
301 Milky Fish, Capital 92,130.00
Totals ₱ 125,830.00 ₱ 125,830.00