Joseph Landscaping and Plant Store

Trial Balance
November 30, 2023

Account Title Debit Credit

Cash in Bank P 95,000
Petty Cash Fund 10,000
Financial Assets at Fair Value through Profit or Loss 100,000
Accounts Receivable 95,000
Allowance for Doubtful Accounts 7,000
Merchandise Inventory, January 1 17,800
Office Supplies on Hand 10,500
Store Supplies on Hand 15,000
Land 400,000
Buildings 440,000
Accumulated Depreciation-Building P 57,600
Equipment 220,000
Accumulated Depreciation-Equipment 50,000
Furniture and Fixture 120,000
Accumulated Depreciation – Furniture 44,000
Accounts Payable 37,000
Notes Payable 12,000
Withholding Taxes Payable 5,600
Mortgage Payable 200,000
Joseph de Jesus, Capital 842,950
Joseph de Jesus, Drawing 10,000
Service Income 140,000
Sales 776,850
Sales Discounts 15,000
Sales Returns and Allowances 12,500
Purchases 325,000
Purchases Discounts 10,000
Purchases Returns and Allowances 14,700
Freight in 6,850
Freight out 9,500
Salaries and Wages Expense 194,000
Insurance Expense 28,450
Utilities Expense 26,000
Repairs and Maintenance Expense 16,750
SSS, Philhealth, and Pag-ibig Expense 11,550
Miscellaneous Expense 12,400
Interest Expense 6,400
Total P 2,197,700 P 2,197,700

Assume the value of:

Merchandise Inventory, November 30 14,500
 Date Account Titles and Explanation P/R Debit Credit
Dec. 1 Note Receivable, Argem Day Care Center 20,000
Sales 20,000
Sold merchandise to Argem Day Care Center for P20,

2 Purchases 25,000
Cash in Bank 10,000
Accounts Payable, Stephen Trading 15,000
Purchased merchandise from Stephen Trading (P25,00

2 Freight In 800
Cash in Bank 800
FOB SP Collect 800

3 Cash in Bank 15,000

Accounts Receivable, Guadalupe's Garden 15,000
Service Income 30,000
50% DP on account

4 Cash in Bank 20,000

Accounts Receivable, Emmanuel Merchandising 50,000
Sales 70,000
2/10, 1/15, n/30

4 Freight Out 1,200

Cash in Bank 1,200
FOB DP Prepaid

5 Accounts Payable, Stephen Trading 500

Purchase Returns & Allowances 500
Debit memo

6 Merchandise Inventory 20,000 Account title diff from domi

Capital, Joseph de Jesus 20,000

7 Sales Return & Allowances 1,000

Accounts Receivable, Emmanuel Merchandising 1,000
Credit memo

8 Cash in Bank 50,000

Sales 50,000
Sold Merchandise to Rafael Novelty Shop COD

9 Accounts Payable, Stephen Trading 5,000

Cash in Bank 5,000
Partial payment

10 Store Supplies 5,000

Office Supplies 10,000
Cash in Bank 5,000
 Accounts Payable, Gabriel Supermart 10,000
Terms 2/10, n/30

12 Accounts Payable, Stephen Trading 9,500

Cash in Bank 9,210
Purchase Discount (2/10) 290
Paid Stephen Trading in full

15 Drawing, Joseph de Jesus 8,000 purchased at 8000 og price

Cash in Bank 8,000
Withdrawal by Joseph de Jesus

17 Accounts Payable, Gabriel Supermart 500

Store Supplies 500
Returned store supplies to Gabriel Supermart

19 Cash in Bank 48,510

Sales Discount (1% of 50,000) 490
Accounts Receivable, Emmanuel Merchandising 49,000

20 Accounts Payable, Gabriel Supermart 9,500

Store Supplies 131
Office Supplies 59
Cash in Bank 9,310

26 Sales Returns & Allowances 1,000 no indent

Cash in Bank 1,000
Defective merchandise returned

28 Accounts Receivable, Shalom House of Prayer 50,000

Service Income 50,000
Rendered landscaping service

31 Cash in Bank 15,000

Accounts Receivable, Guadalupe's Garden 15,000
Collected account
Account title diff from domi
purchased at 8000 og price
 Cash Joseph de Jesus, Capital Purchases
95,000 842,950 325,000

Joseph de Jesus, Drawing

10,000 Freigh in
6,850

Sales
Notes Receivable 776,850 Freight out
9,500

Accounts Receivable Sales Returns and Allowances Purchase Returns and Allowances
95,000 12,500 14,700

Sales Discount Purchase Discount

15,000 10,000

Office Supplies on Hand

10,500
Service Income
140,000

Store Supplies on Hand

15,000

Accounts Payable
37,000
 Joseph Landscaping and Plant Store
Trial Balance
November 30, 2023

Account Title Debit Credit

Cash in Bank P 95,000
Petty Cash Fund 10,000
Financial Assets at Fair Value through Profit or Loss 100,000
Accounts Receivable 95,000
Allowance for Doubtful Accounts 7,000
Merchandise Inventory, January 1 17,800
Office Supplies on Hand 10,500
Store Supplies on Hand 15,000
Land 400,000
Buildings 440,000
Accumulated Depreciation-Building P 57,600
Equipment 220,000
Accumulated Depreciation-Equipment 50,000
Furniture and Fixture 120,000
Accumulated Depreciation – Furniture 44,000
Accounts Payable 37,000
Notes Payable 12,000
Withholding Taxes Payable 5,600
Mortgage Payable 200,000
Joseph de Jesus, Capital 842,950
Joseph de Jesus, Drawing 10,000
Service Income 140,000
Sales 776,850
Sales Discounts 15,000
Sales Returns and Allowances 12,500
Purchases 325,000
Purchases Discounts 10,000
Purchases Returns and Allowances 14,700
Freight in 6,850
Freight out 9,500
Salaries and Wages Expense 194,000
Insurance Expense 28,450
Utilities Expense 26,000
Repairs and Maintenance Expense
16,750
SSS, Philhealth, and Pag-ibig Expense 11,550
Miscellaneous Expense 12,400
Interest Expense 6,400
Total P 2,197,700 P 2,197,700

Assume the value of:

Merchandise Inventory, November 30 14,500
 Joseph Landscaping And Plant Store
Trial Balance
December 31, 2019
Account Title Debit Credit
Cash in Bank
Petty Cash Fund
Investments in Trading Securities
Accounts Receivable
Allowance for Doubtful Accounts
Notes Receivable
Merchandise Inventory, January 1
Office Supplies on Hand
Store Supplies on Hand
Land
Buildings
Accumulated Depreciation-Building
Equipment
Accumulated Depreciation-Equipment
Furniture and Fixture
Accumulated Depreciation – Furniture
Accounts Payable
Notes Payable
Withholding Taxes Payable
Mortgage Payable
Joseph de Jesus, Capital
Joseph de Jesus, Drawing
Service Income
Sales
Sales Discounts
Sales Returns and Allowances
Purchases
Purchases Discounts
Purchases Returns and Allowances
Freight in
Freight out
Salaries and Wages Expense
Insurance Expense
Utilities Expense
Repairs and Maintenance Expense
SSS, Philhealth, and Pag-ibig Expense
Miscellaneous Expense
Interest Expense
Totals
 Joseph Landscaping And Plant Store
Adjusted Trial Balance
December 31, 2023
Unadjusted Adjusted
Trial balance Adjustments Trial balance
Account Title Debit Credit Debit Credit Debit
ant Store
ce

Adjusted Income Statement of

Trial balance Statement Financial Position
Credit Debit Credit Debit Credit
 ADJUSTING ENTRIES
(a)

(b)

(c)

(d)

(e)

(f)

(f)

(i)
Posting to T-Accounts
 Joseph Landscaping And Plant Store
Adjusted Trial Balance
December 31, 2023
Account Title Debit Credit
Cash in Bank
Total
 Joseph Landscaping and Plant Store
Statement of Financial Position
December 31, 2023
ASSETS
Current Assets

Non-Current Assets

Total Assets

LIABILITIES AND OWNER'S EQUITY

Current Liabilities

Non-Current Liabilities

Total Liabilities

Owner's Equity

Total Liabilities and Owner's Equity 0

Notes to the Financial Statement

Note 5: Cash

Note 6: Trade and other receivables

Note 7: Prepaid Expenses

Note 8: Property, Plant and Equipment

Note 9: Trade and other payables

 Joseph Landscaping and Plant Store
Income Statement
For the year ended December 31, 2023

Note

Joseph Landscaping and Plant Store

Statement of Changes in Owner's Equity
For the year ended December 31, 2023
Note 1: Net Sales Revenue and Service Income

Note 2: Cost of sales

Note 3: Administrative expenses

Note 4: Distribution expenses

 Joseph Landscaping and Plants Store
Statement of Cash Flows
For the year ended December 31, 2023
Cash flows from operating activities
Inflow

Outflow

Net cash from operating activities

Cash flows from financing activities

Outflow

Net increase in Cash in Bank

Cash in Bank, January 1
Cash in Bank, December 31
 Recall that Merchandise Inventory, December 31 was recorded as part of the adjusting entry shown as follow
Dec. 31

To record adjustment for ending balance of inventory.

The following closing entries used the INDIRECT METHOD.

Dec. 31

Close all nominal accounts with CREDIT balances.

Dec. 31

Close all nominal accounts with DEBIT balances.

Dec. 31

Close Income Summary account to drawing account.

Close Drawing account to Capital account.

sting entry shown as follows:

Income Summary

Joseph de Jesus, Drawing

Joseph de Jesus, Capital

Joseph Landscaping And Plant Store
Post-Closing Trial Balance
December 31, 2019
Account Title Debit Credit
 REVERSING ENTRIES
January 1, 2020
(a)

(b)

(c)