Cash in bank Account no.

___101__
Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustments 1 5 0 0 0－ 1 5 0

Petty cash fund Account no. ___102___

Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustments 5 0 0 0 - 5 0

Accounts receivable Account no. __103__

Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustments 1 7 0 0 0 0 - 1 7 0 0

Allowance for bad debts/doubtful accts Account no. __104__

Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustments 1 2 0 0 -
31 Adjusting Journal Entry 1 5 0 0－ 1 7

Loans receivable Account no. __105__

Date Particulars F Debit Credit Balance
Dec 1 Balance before adjustments 1 0 0 0 0 - 1 0 0
 Accrued interest receivable Account no. __106__
Date Particulars F Debit Credit Balance
Dec 31 Adjusting Journal Entry 5 0－
31 Reversing Entry 5 0－

Merchandise inventory Account no. __107__

Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustments 8 0 0 0 0 -
31 Adjusting Journal Entry 1 1 0 5 0 0 0－
31 Closing Entry 2 8 0 0 0 0－ 1 0 5 0

Prepaid insurance Account no. __108__

Date Particulars F Debit Credit Balance
Dec 31 Adjusting Journal Entry 1 1 5 0 0 －
31 Reversing Entry 3 1 5 0 0－

Unused supplies Account no. __109__

Date Particulars F Debit Credit Balance
Dec 31 Adjusting Journal Entry 1 1 0 0 0 －
31 Reversing Entry 3 1 0 0 0－

Buildings Account no. __110__

 Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustments 2 0 0 0 0 0 - 2 0 0 0

Accumulated depreciation-Bldg. Account no. __111__

Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustments 4 0 0 0
31 Adjusting Journal Entry 1 4 0 0 0 - 8 0

Furniture and Equipment Account no. __112__

Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustments 5 0 0 0 0 - 5 0 0

Accumulated depreciation-F/Equipt. Account no. __113__

Date Particulars F Debit Credit Balance
Dec 31 Blanace before adjustments 5 0 0 0 -
31 Adjusting Journal Entry 1 5 0 0 0 - 1 0 0

Accounts payable Account no. __201__

Date Particulars F Debit Credit Balance
Dec 31 Balance before adjusments 8 0 0 0 0 - 8 0 0
 Notes payable Account no. __202__
Date Particulars F Debit Credit Balance
Nov 16 Blanace before adjustments 2 0 0 0 0 - 2 0 0

Accrued interest payable Account no. __203__

Date Particulars F Debit Credit Balance
Dec 31 Adjusting Journal Entry 1 7 5 -
31 Reversing Entry 3 7 5 -

Unearned commission Account no. __204__

Date Particulars F Debit Credit Balance
Oct 1 Balance before adjustments 6 0 0 0 -
Dec 31 Adjusting Journal Entry 1 1 5 0 0 - 4 5

Unearned rent Account no. __205__

Date Particulars F Debit Credit Balance
Dec 31 Adjusting Journal Entry 1 1 1 2 5 -
31 Reversing Entry 3 1 1 2 5 -

K. Kulapo, capital Account no. __301__

Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustments 4 3 8 0 0 0 -
31 Closing Entry 2 5 8 5 0 - 4 3 2 1

K. Kulapo, drawings Account no. __302__

Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustments 6 0 0 0 -
31 Closing Entry 2 1 5 0 -
31 Closing Entry 2 5 8 5 0 -

Income & Expense summary Account no. __303__

Date Particulars F Debit Credit Balance
Dec 31 Adjusting Journal Entry 1 1 0 5 0 0 0 -
31 Closing Entry 2 1 0 4 8 5 0 -
31 Closing Entry 2 1 5 0 -

Sales Account no. __401__

Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustments 5 2 0 0 0 0 -
31 Closing Entry 2 5 2 0 0 0 0 -

Sales returns & allowances Account no. __402__

Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustments 3 0 0 0 -
31 Closing Entry 2 3 0 0 0 -
 Sales discounts Account no. __403__
Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustments 2 0 0 0 -
31 Closing Entry 2 2 0 0 0 -

Rent income Account no. __404__

Date Particulars F Debit Credit Balance
Oct 1 Balance before adjustments 1 5 0 0 -
Dec 31 Adjusting Journal Entry 1 1 1 2 5 -
31 Closing Entry 2 3 7 5 -
31 Reversing Entry 3 1 1 2 5 - 1 1

Commission income Account no. __405__

Date Particulars F Debit Credit Balance
Dec 31 Adjusting Journal Entry 1 1 5 0 0 -
31 Closing Entry 2 1 5 0 0 -

Interest income Account no. __406__

Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustments 3 0 0 -
31 Adjusting Journal Entry 1 5 0 -
31 Closing Entry 2 3 5 0 -
31 Reversing Entry 3 5 0 -

Purchases Account no. __501__

Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustments 4 9 0 0 0 0 -
 31 Closing Entry 2 4 9 0 0 0 0 -

Purchase discounts Account no. __502__

Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustments 3 0 0 0-
31 Closing Entry 2 3 0 0 0-

Freight-in Account no. __503__

Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustments 2 0 0 0-
31 Closing Entry 2 2 0 0 0 -

Salaries and wages Account no. __601__

Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustments 2 4 0 0 0 -
31 Closing Entry 2 2 4 0 0 0 -

Insurance expense Account no. __602__

Date Particulars F Debit Credit Balance
Apr 1 Balance before adjustments 6 0 0 0 -
Dec 31 Adjusting Journal Entry 1 1 5 0 0－
31 Closing Entry 2 4 5 0 0－
31 Reversing Entry 3 1 5 0 0 - 1 5
 Delivery expense Account no. __603__
Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustments 1 0 0 0 -
31 Closing Entry 2 1 0 0 0 －

Office supplies Account no. __604__

Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustments 3 0 0 0 -
31 Adjusting Journal Entry 1 1 0 0 0－
31 Closing Entry 2 2 0 0 0 －
31 Reversing Entry 3 1 0 0 0 -

Permit, taxes and licenses Account no. __605__

Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustments 3 5 0 0 -
31 Closing Entry 2 3 5 0 0 －

Bad debts/doubtful expense Account no. __606__

Date Particulars F Debit Credit Balance
Dec 31 Adjusting Journal Entry 1 5 0 0－
31 Closing Entry 2 5 0 0 －

Depreciation Account no. __607__

Date Particulars F Debit Credit Balance
Dec 31 Adjusting Journal Entry 1 9 0 0 0－
31 Closing Entry 2 9 0 0 0 －
 Advertising expense Account no. __608__
Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustmentss 4 5 0 0 -
31 Closing Entry 2 4 5 0 0 －

Transportation and traveling Account no. __609__

Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustments 3 0 0 0 -
31 Closing Entry 2 3 0 0 0 －

Interest expense Account no. __610__

Date Particulars F Debit Credit Balance
Dec 31 Balance before adjustments 1 0 0 0 -
31 Adjusting Journal Entry 1 7 5－
31 Closing Entry 2 1 0 7 5 －
31 Reversing Entry 3 7 5－
Account no. ___101__
Balance
0 0－

ccount no. ___102___

Balance
0 0 -

Account no. __103__

Balance
0 0 -

Account no. __104__

Balance
-
0 0－

Account no. __105__

Balance
0 0 -
Account no. __106__
Balance
－
－

Account no. __107__

Balance
-
－
0 0－

Account no. __108__

Balance

Account no. __109__

Balance
－
－

Account no. __110__

 Balance
0 0 -

Account no. __111__

Balance
-
0 0 -

Account no. __112__

Balance
0 0 -

Account no. __113__

Balance
-
0 0 -

Account no. __201__

Balance
0 0 -
Account no. __202__
Balance
0 0 -

Account no. __203__

Balance
-
-

Account no. __204__

Balance
-
0 0 -

Account no. __205__

Balance
-
-

Account no. __301__

Balance
 -
5 0 -

Account no. __302__

Balance
-
-
-

Account no. __303__

Balance
0
-
-

Account no. __401__

Balance
-
-

Account no. __402__

Balance
-
-
Account no. __403__
Balance
-
-

Account no. __404__

Balance
-
-
-
2 5 -

Account no. __405__

Balance
-
-

Account no. __406__

Balance
-
-
-
-

Account no. __501__

Balance
-
 -

Account no. __502__

Balance
-
-

Account no. __503__

Balance
-
-

Account no. __601__

Balance
-
-

Account no. __602__

Balance
-
－
－
0 0 -
Account no. __603__
Balance
-
－

Account no. __604__

Balance
-
－
－
-

Account no. __605__

Balance
-
－

Account no. __606__

Balance
－
－

Account no. __607__

Balance
－
－
Account no. __608__
Balance
-
－

Account no. __609__

Balance
-
－

Account no. __610__

Balance
-
－
－
7 5－
 Adjusting Entries Page ___1_
DATE PARTICULARS F DEBIT CRED
Dec 31 Merchandise Inventory 107 1 0 5 0 0 0 －
Income & Expense Summary 303

31 Accrued Interest Receivable 106 5 0 －

Interest Income 406

31 Prepaid Insurance 108 1 5 0 0 －

Insurance Expense 602

31 Interest Expense 610 7 5 －

Accrued Interest Payable 203

31 Unearned Commission 204 1 5 0 0 －

Commission Income 405

31 Unused Office Supplies 109 1 0 0 0 －

Office Supplies Expense 604

31 Rent Income 404 1 1 2 5 －

Unearned Rent 205

31 Depreciation Expense 607 9 0 0 0 －

Accumulated Depreciation - Bldg. 111
Accumulated Depreciation - F/Equipt. 113

31 Doubtful Expense 606 5 0 0 －

Allowance for Doubtful Accounts 104
Page ___1___
CREDIT

1 0 5 0 0 0 －

5 0 －

1 5 0 0 －

7 5 －

1 5 0 0 －

1 0 0 0 －

1 1 2 5 －

4 0 0 0 －
5 0 0 0 －

5 0 0 －
 Preliminary
Trial Balance
Debit Credit
Cash in Bank 15,000
Petty Cash Fund 5,000
Accounts Receivable 170,000
Allowance for Doubtful Accounts 1,200
Loans Receivable 10,000
Merchandise Inventory 80,000
Building 200,000
Accumulated Depreciation- Building 4,000
Furniture and Equipment 50,000
Accumulated Depreciation- Furniture and Equipment 5,000
Accounts Payable 80,000
Notes Payable 20,000
Unearned Commission 6,000
K. Kulapo, capital 438,000
K. Kulapo, drawings 6,000
Sales 520,000
Sales Returns and Allowances 3,000
Sales discounts 2,000
Rent Income 1,500
Interest Income 300
Purchases 490,000
Purchases Discounts 3,000
Freight-in 2,000
Salaries and Wages 24,000
Insurance expense 6,000
Delivery expense 1,000
Office Supplies 3,000
Permit, Taxes and Licenses 3,500
Advertising expense 4,500
Transportation and Traveling 3,000
Interest expense 1,000
Total 1,079,000 1079000
Merchandise Inventory (End)
Accrued Interest Receivable
Prepaid Insurance
Accrued Interest Payable
Commission Income
Unused Supplies
Unearned Rent
Depreciation expense
Doubtful expense
Total
Result of Operation-Net Income
Total
 Adjusted Income BALANCE
Adjustments
Trial Balance Statement SHEET
Debit Credit Debit Credit Debit Credit Debit
15,000 15,000
5,000 5,000
170,000 170,000
500 1,700
10,000 10,000
80,000 80,000
200,000 200,000
4,000 8,000
50,000 50,000
5,000 10,000
80,000
20,000
1,500 4,500
438,000
6,000 6,000
520,000 520,000
3,000 3,000
2,000 2,000
1125 375 375
50 350 350
490,000 490,000
3,000 3,000
2,000 2,000
24,000 24,000
1,500 4,500 4,500
1,000 1,000
1,000 2,000 2,000
3,500 3,500
4,500 4,500
3,000 3,000
75 1,075 1,075

105,000 105,000
50 50 50
1,500 1,500 1,500
75 75
1,500 1,500 1,500
1,000 1,000 1,000
1125 1125
9,000 9,000 9,000
500 500 500
14750 14750 1,088,625 1088625 630075 630225 563,550
150
630225 630,225 563,550
BALANCE
SHEET
Credit

1,700

8,000

10,000
80,000
20,000
4,500
438,000

75

1,125
563400
150
563550
 K & K ENTERPRISES
Statement of Financial Performance
For the year ended, December 31, 2020

Sales 520,000
Less: Sales returns and allowances 3,000
Sales discounts 2,000 5,000
Net Sales
Less: Cost of Sales:
Merchandise inventory, beg. 80,000
Purchases 490,000
Freight-in 2,000
Purchase discounts 489,000
Goods Available for Sale 569,000
Less: Merchandise inventory, end 105,000
Cost of Sale
Gross Profit
Add: Rent Income 375
Commission Income 1,500
Interest Income 350
Gross Income
Less: Operating Expenses:
Administrative Expense:
Taxes, permit and licenses 3,500
Salaries and wages 24,000
Office supplies 2,000
Depreciation 9,000
Doubtful expense 500
Insurance expense 4,500
Interest expense 1,075 44,575
Selling Expense:
Advertising expense 4,500
 Delivery expense 1,000
Transportation and travel 3,000 8,500
Total Operating Expenses
Net Income
 REFERENCE &
GUIDE!!

515,000

464,000
51,000

2,225
53,225
53,075
150
 K&K ENTERPRISES
Statement of Financial Position
As of December 31, 2020

ASSETS
Current Assets:
Cash and Cash Equivalents
Accounts Receivable 170,000
Less: Allowance for Doubtful Accounts 1,700
Loans Receivable
Accrued Interest Receivable
Merchandise Inventory
Prepaid Insurance
Unused Supplies
Total Current Assets
Non-Current Assets
Buildings
Furniture and Equipment
Total
Less: Accumulated Depreciation
Total Non-current Assets-net
TOTAL ASSETS

LIABILITIES AND OWNER'S EQUITY

Current Liabilities:
Accounts Payable
Notes Payable
Accrued Interest Payable
Unearned commision
Unearned Rent
TOTAL LIABILITIES
 Owner's Equity
K. Kulapo, Capital beginning
Add: Net income
Total
Less: Drawings
K. Kulapo, Capital end
TOTAL LIABILITIES AND OWNER'S EQUITY
on
REFERENCE &
GUIDE!!

20,000

168,300
10,000
50
105,000
1,500
1,000
305,850

200,000
50,000
250,000
18,000
232,000
537,850

QUITY

80,000
20,000
4,500
1,125
75
105,700
438,000
150
438,150
6,000
432,150
537,850
 Closing Entries Page __2__
DATE PARTICULARS F DEBIT CREDIT
Dec 31 Income & Expense summary 303 1 0 4 8 5 0 －
Sales 401 5 2 0 0 0 0 －
Rent income 404 3 7 5 －
Commission income 405 1 5 0 0 －
Interest income 406 3 5 0 －
Purchase discount 502 3 0 0 0 －
Merchandise inventory (beginning) 107
Sales returns & allowances 402
Sales discounts 403
Purchases 501 4
Freight-in 503
Salaries and wages 601
Insurance expense 602
Delivery expense 603
Office supplies 604
Permit, taxes and licenses 605
Doubtful expense 606
Depreciation 607
Advertising expense 608
Transportation and traveling 609
Interest expense 610

31 Income & Expense summary 303 1 5 0 －

K. Kulapo, drawings 302

31 K.Kulapo, capital 301 5 8 5 0 －

K. Kulapo, drawings 302
Page __2__
CREDIT

8 0 0 0 0 －
3 0 0 0 －
2 0 0 0 －
9 0 0 0 0 －
2 0 0 0 －
2 4 0 0 0 －
4 5 0 0 －
1 0 0 0 －
2 0 0 0 －
3 5 0 0 －
5 0 0 －
9 0 0 0 －
4 5 0 0 －
3 0 0 0 －
1 0 7 5 －

1 5 0 －

5 8 5 0 －
 K&K ENTERPRISES
POST-CLOSING TRIAL BALANCE
AS OF DECEMBER 31, 2020

Cash in Bank
Petty Cash Fund
Accounts Receivable
Allowance for doubtful Accounts
Loans Receivable
Accrued Interest Receivable
Merchandise Inventory
Prepaid Insurance
Unused Supplies
Buildings
Accumulated depreciation-Building
Furniture and Equipment
Accumulated depreciation-Furniture and Equipment
Accounts Payable
Notes Payable
Accrued Interest Payable
Unearned Commission
Unearned Rent
K. Kulapo, Capital
Total
LANCE
020

DEBIT CREDIT
15,000
5,000
170,000
1,700
10,000
50
105,000
1,500
1,000
200,000
8,000
50,000
10,000
80,000
20,000
75
4,500
1,125
432,150
557,550 557,550
 Reversing Entries Page __3_
DATE PARTICULARS F DEBIT CREDIT
Jan 1 Interest income 406 5 0－
Accrued interest receivable 106

1 Insurance expense 602 1 5 0 0－

Prepaid insurance 108 1

1 Accrued interest payable 203 7 5－

Interest expense 610

1 Office supplies 604 1 0 0 0－

Unused supplies 109 1

1 Unearned rent 205 1 1 2 5－

Rent income 404 1
 Page __3__
CREDIT

5 0－

5 0 0－

7 5－

0 0 0－

1 2 5－
 K&K ENTERPRISES_____________
________________________________________
______________
___________________________
____________Preliminary Trial Balance_____________
____________________
______As of January 31, 2021_______

PARTICULARS DEBIT CREDIT

Cash in bank 1 5 0 0 0 －
Petty cash fund 5 0 0 0 －
Accounts receivable 1 7 0 0 0 －
Allowance for bad debts/doubtful accts 1 7 0 0 －
Loans receivable 1 0 0 0 0 －
Merchandise inventory 1 0 5 0 0 0 －
Buildings 2 0 0 0 0 0 －
Accumulated depreciation- Bldg. 8 0 0 0 －
Furniture & Equipment 5 0 0 0 0 －
Accumulated depreciation- F/Equipt. 1 0 0 0 0 －
Accounts payable 8 0 0 0 0 －
Notes payable 2 0 0 0 0 －
Unearned commission 4 5 0 0 －
K.Kulapo, capital 4 3 2 1 5 0 －
Rent income 1 1 2 5 －
Interest Income 5 0 －
Insurance expense 1 5 0 0 －
Office supplies 1 0 0 0 －
Interest expense 7 5 －
Total 5 5 7 5 5 0 － 5 5 7 5 5 0 －