Feb. 1 Cash 113,000.

00
Accounts Receivable 113,000.00

2 Accounts Payable 64,000.00

Cash 62,080.00
Purchase discounts 1,920.00

4 Purchases 170,000.00
Accounts Payable 170,000.00

5 Accounts Receivable 270,000.00

Sales 270,000.00

7 Advertising Expense 6,000.00

Cash 6,000.00

Cash 250,000.00
Sales 250,000.00

8 Accounts Payable 170,000.00

Cash 164,900.00
Purchase Discounts 5,100.00

9 Transportation In 4,000.00
Cash 4,000.00

10 Sales Returns and Allowances 70,000.00

Accounts Receivable 70,000.00

12 Cash 196,000.00
Sales Discounts 4,000.00
Accounts Receivable 200,000.00

14 Interest Expense 26,000.00

Cash 26,000.00

15 Salaries Expense 51,000.00

Cash 51,000.00

16 Accounts Receivable 392,000.00

Sales 392,000.00

18 Transaportation Out 4,000.00

Cash 4,000.00
19 Supplies 21,000.00
Cash 21,000.00

20 Purchases 125,000.00
Accounts Payable 125,000.00

22 Miscellaneous Expenses 7,000.00

Cash 7,000.00

23 Cash 384,160.00
Sales Discounts 7,840.00
Accounts Receivable 392,000.00

24 Purchases 373,000.00
Accounts Payable 373,000.00

Transportation In 9,000.00
Cash 9,000.00

25 Accounts Receivable 420,000.00

Sales 420,000.00

26 Sales Returns and Allowances 71,000.00

Accounts Receivable 71,000.00

28 Buenaflor, Withdrawal 400,000.00

Cash 400,000.00

Accounts Payable 25,000.00

Purchase Returns and Allowances 25,000.00
 CASH
Date Explanation PR Debit Credit

Feb 1 payment for accounts due 113,000.00

2 collected from customers 62,080.00
7 payment for advertising 6,000.00
7 sold merchandise 250,000.00
8 payment for accounts due 164,900.00
9 payment for freight charges 4,000.00
12 collected from customers 196,000.00
14 payment for interest expense 26,000.00
15 payment for salaries 51,000.00
18 payment for freight charges 4,000.00
19 payment for supplies 21,000.00
22 payment for miscellaneous 7,000.00
23 collected from customers 384,160.00
24 payment for freight charges 9,000.00
28 withdrawal 400,000.00
ACCOUNTS RECEIVABLE
Date Explanation PR Debit Credit

Feb 1 collected from customers 113,000.00

5 sold merchandise on account 270,000.00
10 received returns 70,000.00
12 collected from customers 200,000.00
16 sold merchandise on account 392,000.00
23 collected from customers 392,000.00
25 sold merchandise on account 420,000.00
26 received returns 71,000.00
MERCHANDISE INVENTORY
Date Explanation PR Debit Credit
beginning balance

SUPPLIES
Date Explanation PR Debit Credit
beginning balance
Feb.19 purchased supplies 21,000.00

PREPAID INSURANCE
Date Explanation PR Debit Credit
 beginning balance

LAND
Date Explanation PR Debit Credit
beginning balance

BUILDING
Date Explanation PR Debit Credit
beginning balance

ACCUMULATED DEPRECIATION - BUILDING

Date Explanation PR Debit Credit
beginning balance

EQUIPMENT
Date Explanation PR Debit Credit
beginning balance

ACCUMULATED DEPRECIATION - EQUIPMENT

Date Explanation PR Debit Credit
beginning balance
 ACCOUNTS PAYABLE
Date Explanation PR Debit Credit

Feb.02 64,000.00
Feb.04 170,000.00
Feb.08 170,000.00
Feb.20 125,000.00
Feb.24 373,000.00
Feb.28 25,000.00
SALARIES PAYABLE
Date Explanation PR Debit Credit

MORTGAGE PAYABLE
Date Explanation PR Debit Credit
beginning balance

BUENAFLOR CAPITAL
Date Explanation PR Debit Credit
beginning balance

BUENAFLOR WITHDRAWALS
Date Explanation PR Debit Credit
Feb.28 400,000.00

INCOME SUMMARY
Date Explanation PR Debit Credit
 SALES
Date Explanation PR Debit Credit
Feb.5 sold merchandise on account 270,000.00
Feb.7 sold merchandise on cash 250,000.00
Feb.16 sold merchandise on account 392,000.00
Feb.25 sold merchandise on account 420,000.00

SALES RETURNS AND ALLOWANCES

Date Explanation PR Debit Credit
Feb.10 returned merchandise 70,000.00
Feb.26 returned merchandise 71,000.00

SALES DISCOUNTS
Date Explanation PR Debit Credit
Feb.12 discount 4,000.00
Feb.23 discount 7,840.00

PURCHASES
Date Explanation PR Debit Credit
Feb.4 purchased merchandise 170,000.00
Feb.20 purchased merchandise 125,000.00
Feb.24 purchased merchandise 373,000.00

PURCHASE RETURNS AND ALLOWANCES

Date Explanation PR Debit Credit
Feb.28 returned merchandise 25,000.00

PURCHASE DISCOUNTS
Date Explanation PR Debit Credit
Feb.2 discount 1,920.00
Feb.8 discount 5,100.00
 TRANSPORTATION IN
Date Explanation PR Debit Credit
Feb.9 freight charges 4,000.00
Feb.24 freight charges 9,000.00

SALARIES EXPENSE
Date Explanation PR Debit Credit
Feb.15 payment for salaries 51,000.00

SUPPLIES EXPENSE
Date Explanation PR Debit Credit

INSURANCE EXPENSE
Date Explanation PR Debit Credit

DEPRECIATION EXPENSE - BUILDING

Date Explanation PR Debit Credit

DEPRECIATION EXPENSE - EQUIPMENT

Date Explanation PR Debit Credit

TRANSPORTATION OUT
Date Explanation PR Debit Credit
Feb.18 freight charges 4,000.00

ADVERTISING EXPENSE
Date Explanation PR Debit Credit
Feb.7 payment for advertisement 6,000.00

INTEREST EXPENSE
Date Explanation PR Debit Credit
Feb.14 interest 26,000.00

MISCELLANEOUS EXPENSE
Date Explanation PR Debit Credit
Feb.22 7,000.00
 Balance
33,000.00
146,000.00
83,920.00
77,920.00
327,920.00
163,020.00
159,020.00
355,020.00
329,020.00
278,020.00
274,020.00
253,020.00
246,020.00
630,180.00
621,180.00
₱ 221,180.00

Balance
192,000.00
79,000.00
349,000.00
279,000.00
79,000.00
471,000.00
79,000.00
499,000.00
₱ 428,000.00

Balance
₱ 413,000.00

Balance
51,000.00
₱ 72,000.00

Balance
₱ 48,000.00

Balance
₱ 460,000.00

Balance
₱ 1,750,000.00

Balance
₱ 350,000.00

Balance
₱ 2,310,000.00

Balance
630,000.00
 Balance
108,000.00
44,000.00
214,000.00
44,000.00
169,000.00
542,000.00
₱ 517,000.00

Balance

Balance
2,600,000.00

Balance
₱ 1,569,000.00

Balance
₱ 400,000.00

Balance
 Balance
270,000.00
520,000.00
912,000.00
₱ 1,332,000.00

Balance
70,000.00
₱ 141,000.00

Balance
4,000.00
₱ 11,840.00

Balance
170,000.00
295,000.00
₱ 668,000.00

Balance
₱ 25,000.00

Balance
1,920.00
₱ 7,020.00
 Balance
4,000.00
₱ 13,000.00

Balance
₱ 51,000.00

Balance

Balance

Balance

Balance
 Balance
₱ 4,000.00

Balance
₱ 6,000.00

Balance
₱ 26,000.00

Balance
₱ 7,000.00
 TERESITA BUENAFLOR SHOES
Unadjusted Trial Balance
February 28, 2019

Debit Credit
Cash 221,180.00
Accounts Receivable 428,000.00
Merchandise Inventory 413,000.00
Supplies 72,000.00 d.)
Prepaid Insurance 48,000.00 b.)
Land 460,000.00
Building 1,750,000
Accumulated Depreciation - Building 350,000.00 c.)
Equipment 2,310,000.00
Accumulated Depreciation - Equipment 630,000.00 c.)
Accounts Payable 517,000.00
Salaries Payable a.)
Mortgage Payable 2,600,000.00
Buenaflor, Capital 1,569,000.00
Buenaflor, Withdrawals 400,000.00
Income Summary
Sales 1,332,000.00
Sales Returns and Allowances 141,000.00
Sales Discounts 11,840.00
Purchases 668,000.00
Purchase Returns and Allowances 25,000.00
Purchase Discounts 7,020.00
Transaportation In 13,000.00
Salaries Expense 51,000.00 a.)
Supplies Expense d.)
Insurance Expense b.)
Depreciation Expense - Building c.)
Depreciation Expense - Equipment c.)
Transportation Out 4,000.00
Advertising Expense 6,000.00
Interest Expense 26,000.00
Miscellaneous Expense 7,000.00

Profit
₱ 7,030,020.00 ₱ 7,030,020.00
 Adjustments Adjusted Trial Balance Income Statement
Debit Credit Debit Credit Debit
221,180.00
428,000.00
413,000.00 397,000.00 413,000.00
58,000.00 14,000.00
2,000.00 46,000.00
460,000.00
1,750,000.00
9,000.00 359,000.00
2,310,000.00
12,000.00 642,000.00
517,000.00
51,000.00 51,000.00
2,600,000.00
1,569,000.00
400,000.00

1,332,000.00
141,000.00 141,000.00
11,840.00 11,840.00
668,000.00 668,000.00
25,000.00
7,020.00
13,000.00 13,000.00
51,000.00 102,000.00 102,000.00
58,000.00 58,000.00 58,000.00
2,000.00 2,000.00 2,000.00
9,000.00 9,000.00 9,000.00
12,000.00 12,000.00 12,000.00
4,000.00 4,000.00
6,000.00 6,000.00
26,000.00 26,000.00
7,000.00 7,000.00
1,472,840.00
288,180.00
₱ 132,000.00 ₱ 132,000.00 ₱ 7,102,020 ₱ 7,499,020 ₱ 1,761,020.00
Income Statement Balance Sheet
Credit Debit Credit
221,180.00
428,000.00
397,000.00 397,000.00
14,000.00
46,000.00
460,000.00
1,750,000.00
359,000.00
2,310,000.00
642,000.00
517,000.00
51,000.00
2,600,000.00
1,569,000.00
400,000.00

1,332,000.00

25,000.00
7,020.00

1,761,020.00 6,026,180.00 5,738,000.00

288,180.00
₱ 1,761,020.00 ₱ 6,026,180.00 ₱ 6,026,180.00
 TERESITA BUENAFLOR SHOES
Income Statement
For the month ended Feb.28,2019
Revenue
Sales
Less: Sales Returns and Allowances
Sales Discounts
Net Sales
Cost of Sales
Merchandise Inventory, 2/1/2019
Purchases 668,000.00
Less: Purchases Rets. & Allow. 25,000.00
Purchases Discounts 7,020.00 32,020.00
Net Purchases 635,980.00
Transportation In 13,000.00
Net Cost Of Purchases
Goods Available for Sale
Less: Merchandising Inventory, 2/28/2019
Cost of Sales

Salaries Expense 102,000.00

Advertising Expense 6,000.00
Transportation Out 4,000.00
Depreciation Expense-Building 9,000.00
Depreciation Expense-Office Equipment 12,000.00
Officce Supplies Expense 58,000.00
Insurance Expense 2,000.00
Interest Expense 26,000.00
Miscellaneous Expense 7,000.00
Total Operating Expenses
Profit
S

019

1,332,000.00
141,000.00
11,840.00
1,179,160.00

413,000.00

648,980.00
1,061,980.00
397,000.00
664,980.00
514,180.00

226,000.00
₱ 288,180.00
 TERESITA BUENAFLOR SHOES
Balance Sheet
Feb. 28,2019
Assets
Current Assets
Cash 221,180.00
Accounts Receivable 428,000.00
Merchandise Inventory 397,000.00
Office Supplies 14,000.00
Prepaid Insurance 46,000.00
Total Current Assets
Property and Equipment (net)
Land 460,000.00
Building 1,750,000.00
Less: Accumulated Depreciation 359,000.00 1,391,000.00
Office Equipment 2,310,000.00
Less: Accumulated Depreciation 642,000.00 1,668,000.00
Total Assets
Liabilities
Current Liabilities
Accounts Payable 517,000.00
Salaries Payable 51,000.00
Total Current Liabilities
Non Current Liabilities
Mortgage Payable
Total Liabilities
Owner's Equity
Buenaflor, Capital, 2/28/2019
Total Liabilities and Equity
 1,106,180.00

3,519,000.00
₱ 4,625,180.00

568,000.00

2,600,000.00
3,168,000.00

1,457,180
₱ 4,625,180.00
 TERESITA BUENAFLOR SHOES
Statement of Changes in Equity
For the month ended Feb.28,2019
Buenaflor, Owner's Equity, 2/1/2019 1,569,000.00
Add: Profit 288,180.00
Total 1,857,180.00
Less: Withdawals 400,000.00
Buenaflor, Owner's Equity, 2/28/2019 ₱ 1,457,180.00
 Closing Entries for Teresita Buenaflor Shoes
Date Account Title Debit Credit
Feb.28 Merchandise Inventory Ending 397,000.00
Income Summary 397,000.00

28 Sales 1,332,000.00
Purchase Return and Allowances 25,000.00
Purchase Discounts 7,020.00
Income Summary 1,364,020.00

28 Income Summary 1,059,840.00

Sales Return & Allowances 141,000.00
Sales Discounts 11,840.00
Purchases 668,000.00
Transportation In 13,000.00
Salaries Expense 102,000.00
Supplies Expense 58,000.00
Insurance Expense 2,000.00
Depreciation Expense-bldg. 9,000.00
Depreciation Expense-Equipment 12,000.00
Transportation Out 4,000.00
Advertising Expense 6,000.00
Interest Expense 26,000.00
Miscellaneous Expense 7,000.00

28 Income Summary 288,180.00

Buenaflor, Capital 288,180.00

28 Buenaflor, Capital 400,000.00

Buenaflor, Withdrawals 400,000.00
 Teresita Buenaflor Shoes
Post Closing Trial Balance
Feb.28,2018
Cash 221,180.00
Accounts Receivable 428,000.00
Merchandise Inventory 397,000.00
Supplies 14,000.00
Prepaid Insurance 46,000.00
Land 460,000.00
Building 1,750,000.00
Accumulated Depreciation - Building 359,000.00
Equipment 2,310,000.00
Accumulated Depreciation - Equipment 642,000.00
Accounts Payable 517,000.00
Salaries Payable 51,000.00
Mortgage Payable 2,600,000.00
Buenaflor, Capital 1,457,180.00
₱ 5,626,180 ₱ 5,626,180