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
2023
Dec. 1 Notes Receivable 105 20,000
Sales 502 20,000
Recognize Sales Inexchange of Notes Receivable

2 Purchase 601 25,000

Cash in Bank 101 10,000
Accounts Payable 301 15,000
2/10 , n/30

2 Freight in 602 800

Cash in Bank 101 800
FOB Shipping Point, Collect

3 Cash in Bank 101 15,000

Accounts Receivable 104 15,000
Service Income 501 30,000
Rendered Landscaping Services to Guadalupe's Garden

4 Cash in Bank 101 20,000

Accounts Receivable 104 50,000
Sales 502 70,000
2/10 , 1/15 , n/30

4 Freight out 610 1,200

Cash in Bank 101 1,200
FOB Destination, Prepaid

5 Accounts Payable - Stephen Trading 301 500

Purchase Return and Allowances 601-B 500
Issued for Defective Goods

6 Purchases 601 20,000

Joseph de Jesus, Capital 401 20,000
Additional Investment

7 Sales Return and Allowances 502-B 1,000

Accounts Receivable 104 1,000
Issued for Defective Goods

8 Cash in Bank 101 50,000

Sales 502 50,000
Sold Merchandise

9 Accounts Payable 301 5,000

Cash in Bank 101 5,000
Partial Payment to Stephen

10 Stores Supplies 109 5,000

 Office Supplies 108 10,000
Cash in Bank 101 5,000
Accounts Payable 301 10,000
Purchase Supplie, Balance 2/10, n/30

12 Accounts Payable 301 9,500

Purchase Discounts 601-A 9,210
Cash in Bank 101 290
Paid Account to Stephen

15 Joseph de Jesus, Drawing 401-A 8,000

Purchases 601 8,000
Owner withdrew Merchandise

17 Accounts Payable 301 500

Store Supplies 109 500
Returned P500 store supplies

19 Cash in Bank 101 48,510

Sales Discount 502-A 490
Accounts Receivable 106 49,000
Collected Emmaniel Receivables

20 Accounts Payable 301 9,500

Cash in Bank 101 9,310
Store Supplies 109 131
Office Supplies 108 59
Paid Liabilities

26 Sales Return & Allowances 502-B 1,000

Cash in Bank 101 1,000
Received P1000 Defectice Merchandise

28 Accounts Receivable 104 50,000

Service Income 501 50,000
Rendered Landscaping to Shelom

31 Cash in Bank 101 15,000

Accounts Receivable 104 15,000
Collected Guadalupe Receivables
₱581,000 ₱581,000
 Cash Joseph de Jesus, Capital Purchases
95,000 842,950 325,000 8,000
15,000 10,000 20,000 25,000
20,000 800 20,000
50,000 1,200
48,510 5,000 862,950 362,000
15,000 5,000
9,210
9,310 Joseph de Jesus, Drawing
1,000 10,000 Freigh in
243,510 41,520 8,000 6,850
201,990 18,000 800
7,650
Sales
Notes Receivable 776,850 Freight out
20,000 20,000 9,500
70,000 1,200
20,000 50,000 10,700
916,850

Accounts Receivable Sales Returns and Allowances Purchase Returns and Allowances
95,000 1,000 12,500 14,700
15,000 49,000 1,000 500
50,000 15,000 1,000 15,200
50,000 14,500

210,000 65,000 Sales Discount Purchase Discount

145,000 15,000 10,000
490 290
15,490 10,290
Office Supplies on Hand
10,500 131
10,000 Service Income
20,500 131 140,000
20,369 30,000
50,000
220,000
Store Supplies on Hand
15,000
500
5,000 151
20,000 651
14,349

Accounts Payable
37,000
500 15,000
5,000 10,000
9,500
500
9,500
25,000 62,000
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 P 201,990
Petty Cash Fund 10,000
Investments in Trading Securities 100,000
Accounts Receivable 145,000
Allowance for Doubtful Accounts P 7000
Notes Receivable 20,000
Merchandise Inventory, January 1 17,800
Office Supplies on Hand 20,366.67
Store Supplies on Hand 19,443.43
Land 400,000
Buildings 440,000
Accumulated Depreciation-Building 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 862,950
Joseph de Jesus, Drawing 18,000
Service Income 220,000
Sales 916,850
Sales Discounts 15,490
Sales Returns and Allowances 14,500
Purchases 362,000
Purchases Discounts 10,290
Purchases Returns and Allowances 15,200
Freight in 7,650
Freight out 10,700
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
Totals 2,236,500 2,431,490
 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
Cash in Bank 201,990 201,990
Petty Cash Fund 10,000 10,000
Financial Assets at FV through Profit or Loss 100,000 100,000
Accounts Receivable 145,000 145,000
Allowance for Doubtful Accounts 7,000 4,600
Notes Receivable 20,000 20,000
Interest Receivable 200 200
Merchandise Inventory, January 1 17,800 17,800
Office Supplies on Hand 20,369 14,080 6,289
Store Supplies on Hand 19,441 14,500 4,941
Land 400,000 400,000
Buildings 440,000 440,000
Accumulated Depreciation-Building 57,600 28,800
Equipment 220,000 220,000
Accumulated Depreciation-Equipment 50,000 25,000
Furniture and Fixture 120,000 120,000
Accumulated Depriciation-Furniture 44,000 22,000
Accounts Payable 37,000
Notes Payable 12,000
Withholding Taxes Payable 5,600
Utilities Payable 7,200
Interest Payable 330
Mortgage Payable 200,000
Joseph de Jesus, Capital 862,950
Joseph de Jesus, Drawing 18,000 18,000
Service Income 220,000
Sales 916,850
Sales Discounts 15,490 15,490
Sales Returns and Allowances 14,500 14,500
Interest Income 200
Purchases 362,000 362,000
Purchases Discounts 10,290
Purchases Returns and Allowances 15,200
Freight in 7,650 7,650
Freight out 10,700 10,700
Salaries and Wages Expense 194,000 194,000
Depreciation Expense 75,800 75,800
Utilities Expense 26,000 7,200 7,200
Insurance Expense 28,450 28,450
Office Supplies Expense 14,080 14,080
Store Supplies Expense 14,500 14,500
Repairs and Maintenance Expenses 16,750 16,750
SSS, Philhealth, and Pag-ibig Expense 11,550 11,550
Doubtful Accounts Expense 4,600 4,600
Miscellaneous Expense 12,400 12,400
Interest Expense 6,400 330 6,730
Total 2,438,490 2,438,490 116,710 116,710 2,500,620
Net Income
nt Store
e

Adjusted Income Statement of

Trial balance Statement Financial Position
Credit Debit Credit Debit Credit
201,990
10,000
100,000
145,000
11,600 11,600
20,000
200
17,800 12,850 12,850
6,289
4,941
400,000
440,000
86,400 86,400
220,000
75,000 75,000
120,000
66,000 66,000
37,000 37,000
12,000 12,000
5,600 5,600
7,200 7,200
330 330
200,000 200,000
82,950 862,950
18,000
220,000 220,000
916,850 916,850
15,490
14,500
200 200
362,000
10,290 10,290
15,200 15,200
 7,650
10,700
194,000
75,800
33,200
28,450
14,080
14,500
16,750
11,550
4,600
12,400
6,730
1,746,620 840,200 1,175,390 1,699,270 1,364,080
335,190 335,190
1,175,390 1,175,390 169,927 1,699,270
 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
Cash in Bank 201,990 201,990
Petty Cash Fund 10,000 10,000
Financial Assets at Fair Value Through Profit or Loss 100,000 100,000
Accounts Receivable 145,000 145,000
Allowance for Doubtful Accounts 7,000 4,600
Notes Receivable 20,000 20,000
Merchandise Inventory, January 1 17,800 17,800
Office Supplies on Hand 20,367 14,080 6,287
Store Supplies on Hand 19,443 14,500 4,943
Land 400,000 400,000
Buildings 440,000 440,000
Accumulated Depreciation - Building 57,600 28,800
Equipment 220,000 220,000
Accumulated Depreciation - Equipment 50,000 25,000
Furniture and Fixture 120,000 120,000
Accumulated Depreciation - Furniture 44,000 22,000
Accounts Payable 37,000
Notes Payable 12,000
Withholding Taxes Payable 5,600
Mortgage Payable 200,000
Joseph de Jesus, Capital 862,950
Joseph de Jesus, Drawing 18,000 18,000
Service Income 220,000
Sales 916,850
Sales Discounts 15,490 15,490
Sales Returns and Allowances 14500 14500
Purchases 362000 362000
Purchases Discounts 10290
Purchases Returns and Aloowances 15200
Freight in 7,650 7,650
Freight out 10,700 10,700
Salaries and Wages Expense 194000 194000
Insurance Expense 28450 28450
Utilities Expense 26,000 7,200 33,200
Repairs and Maintenance Expense 16,750 16,750
SSS, Philhealth, Pag-ibig Expense 11,550 11,550
Miscellaneous Expense 12,400 12,400
Interest Expense 6,400 330 6,730
Accrued Interest Income 200 200
Interest Income 200
Accrued Utilities Expense 7,200
Accrued Interest Expense 330
Office Supplies Expense 14,080 14,080
Store Supplies Expense 14,500 14,500
Doubtful Accounts Expense 4,600 4,600
Depreciation Expense 75,800 75,800
Merchandise Inventory, December 31 12,850 12,850
Income Summary 4,950 4,950
Total 2,438,490 2,438,490 134,510 134,510 2,526,620
tore

Adjusted Income Statement of

Trial balance Statement Financial Position
Credit Debit Credit Debit Credit
201,990
10,000
100,000
145,000
11,600 11,600
20,000

6,287
4,943
400,000
440,000
86,400 86,400
220,000
75,000 75,000
120,000
66,000 66,000
37,000 37,000
12,000 12,000
5,600 5,600
200,000 200,000
862,950 862,950
18,000
220,000 220,000
916,850 916,850
15,490
14500
362000
10290 10290
15200 15200
7,650
10,700
194000
28450
 33,200
16,750
11,550
12,400
6,730
200
200 200
7,200 7,200
330 330
14,080
14,500
4,600
75,800

4,950 12,850
2,526,620 827,350 1,162,540 1,699,270 1,364,080
335,190 335,190
1,162,540 1,162,540 1,699,270 1,699,270
 ADJUSTING ENTRIES
(a) Interest Receivable = Accrued Interest Income
Interest Income
Adjusting Entries
(b) Utilities Expense
Utilities Payable
Adjusting Entries
(c) Interet Expense
Interest Payable

(d) Office Supplies Expense

Store Supplies Expense
Office Supplies on Hand
Store Supplies on Hand

(e) Doubtful Accounts Expense

Allowance for Doubtful Accounts
4600
(f) Depreciation Expense
Accumulated Depreciation - Building
25000

Depeciation Expense
Accumulated Decpreciation - Equipment
25000

Depreciation Expense

Accumulated Depreciation - Furniture

22000
COUMPOUNT ENTRY
(f) Depreciation Expense
Accumulated Depreciation - Building
Accumulated Depreciation- Equipment
Accumulated Depreciation - Furniture

(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)