Professional Documents
Culture Documents
CLOSING ENTRIES
May-30 Income Summary ₱ 55,481
Purchases
Sales Discount
Utilities Expense
Rent Expense
Salaries Expense
To close the expense (debit) accounts.
30 Sales ₱ 57,230
Purchase Return and Allowances ₱ 1,200
Purhase Discount ₱ 983
Income Summary
To close the income (credit) accounts.
510 Purchases
₱ 27,880
₱ 983
₱ 48,167
₱ 35,000
₱ 16,550
₱ 15,000
₱ 4,800
₱ 50,350
₱ 331
₱ 800
₱ 2,000
₱ 2,000
₱ 59,413
₱ 3,932
110 Cash
Balance
Date Explanation PR Debit Credit Debit
1 ₱ 100,000 ₱ 100,000
5 ₱ 5,680 ₱ 105,680
8 ₱ 27,880 ₱ 77,800
10 ₱ 48,167 ₱ 29,633
12 ₱ 16,219 ₱ 45,852
25 ₱ 15,000 ₱ 60,852
30 ₱ 4,800 ₱ 56,052
150 Equipment
Balance
Date Explanation PR Debit Credit Debit
8 ₱ 27,880 ₱ 27,880
210 Accounts Payable
Balance
Credit Date Explanation PR Debit Credit
1 ₱ 50,350
2 ₱ 1,200
10 ₱ 49,150
Balance
Credit
410 Sales
Balance
Debit Credit Date Explanation PR Debit Credit
₱ 50,350 3 ₱ 16,550
₱ 49,150 5 ₱ 5,680
₱ - 11 ₱ 35,000
30 ₱ 57,230
Balance
Debit Credit
₱ 2,000
₱ -
Balance
Debit Credit
₱ 55,481
₱ 3,932
₱ -
Balance
Debit Credit
₱ -
NR Enterprises
Trial Balance
May-30
Inventory Beginning 0
Add: Purchases ₱ 50,350
Less: Purchase Return and Allowances ₱ 1,200
Purchase Discount ₱ 983 -₱ 2,183
Total ₱ 48,167
Add: Freight In 0
Cost of Goods Available for Sale ₱ 48,167
Less: Ending Inventory 0 lalabas lang dito sa COGS, kung ano yung en
COST OF GOODS SOLD ₱ 48,167
ang dito sa COGS, kung ano yung ending balance nya (no journal entry) - physical count
NR Enterprises
Income Statement
May-30
Sales ₱ 57,230
Less: SRA ₱ -
SD ₱ 331 -₱ 331
Net Sales ₱ 56,899
Less: COGS -₱ 48,167
Gross Profit ₱ 8,732
Less: Utilities Expenses ₱ 800
Rent Expenses ₱ 2,000
Salaries Expenses ₱ 2,000 -₱ 4,800
NET INCOME ₱ 3,932
NR Enterprises
Statement of Changes in Equity
May-30
ASSETS
Cash ₱ 56,052
Accounts Receivable ₱ 20,000
Merchandise Inventory ₱ -
Equipment ₱ 27,880
TOTAL ASSETS ₱ 103,932
LIABILITIES
Accounts Payable 0
EQUITY
NR, Capital ₱ 103,932
TOTAL LIABILITIES AND EQUITY ₱ 103,932