GENERAL JOURNAL - REQ1

Date Particulars F Debit

2016
Dec. 1 Cash on Hand P 1 5 0 0 0
Merchandise Inventory 3 5 0 0 0
Store Furniture and Fixture 1 8 0 0 0
Store Equipment 9 0 0 0
Bank Loan Payable
Angel, Capital
initial investment
Cash in Bank 1 3 0 0 0
Cash on Hand
current account opening
2 Accounts Receivable-Yellow 8 0 0 0
Sales
sale on account, 2/10,n/30 FOB shipping point
Rent Expense 1 5 0 0
Cash in Bank
3 months rent paid
Adevertising Expense 8 0 0
Cash in Bank
4 months advertising paid
Store Supplies Expense 1 2 0 0
Cash in Bank
store supplies bought
3 Accounts Receivable-Brown 5 0 0 0
Freight-out 6 0
Sales
Cash on Hand
Sales on account, 2/10,n/30, FOB destination
4 Sales Returns and allowances 1 0 0
Accounts Receivable-Yellow
debit memo received
5 Purchases 1 2 8 2 5
Accounts Payable-Macro
purchases on account, 10,5,2/10,n/30, FOB dest'n
(P150,000 x .90=P135,000 x .95=P128,250)
7 Sales Returns and allowances 2 0 0
Accounts Receivable-Brown
credit memo issued
Cash on Hand 2 0 0 0
Accounts Receivable-Yellow
partial collection
9 Accounts Receivable-Orange 7 6 0 0
Freight-out 1 0 0
 Sales
Accounts Payable-Orange
sales on account, 5,2/10,n/30, FOB dest'n, frt collect
(P80,000 x 95% = P76,000)
10 Cash in Bank 5 7 4 2
Sales Discount 1 5 8
Accounts Receivable-Yellow
full collection of account
(P80,000-1,000=P79,000 x .02 = P1,580 =discount)
(P79,000-20,000=P59,000 -1,580=P57,420 =balance)
Accounts Payable-Macro 1 5 0
Purchase Returns and Allowances
issued debit memo
12 Cash in Bank 4 7 0 4
Sales Discount 9 6
Accounts Receivable-Brown
full collection
(P50,000-2,000=P48,000 x 0.02= P960-48,000=P47,040)
15 Salaries and wages 2 5 0 0
Cash in Bank
salaries and wages paid
Insurance Expense 1 2 0 0
Cash in Bank
3-months insurance
Accounts Payable-Macro 1 2 6 7 5
Cash in Bank
Purchase Discount
full payment of account
(P126,750 x 0.02=P2,535 - 126,750= P124,215)
Angel, Drawings 2 0 0 0
Cash in Bank
personal use
Light and Water Expense 2 0 0
Cash in Bank
utility payment
Postage and Stamps Expense 1 0 0
Cash in bank
miscellaneous expense
Travelling expenses 4 0 0
Cash in bank
travelling expenses paid
18 Accounts Receivable-Yellow 9 0 0 0
Sales
sales on account, 2/10,1/15,n/30, FOB shipping point
Accounts Receivable-Brown 6 0 0 0
 Freight-out 6 0
Sales
Cash on Hand
sales on account, 2/10,1/15,n/30 FOB destination
20 Purchases 1 5 2 0 0
Accounts Payable-Macro
purchases on account, 5, 2/15,n/30 FOB destination
(P160,000 x .95 = P152,000)
22 Sales Returns and allowances 1 5 0
Accounts Receivable-Yellow
debit memo received
25 Sales Returns and allowances 2 0 0
Accounts Receivable-Brown
credit memo issued
26 Accounts Payable-Macro 2 0 0
Purchase Returns and Allowances
debit memo issued
30 Accounts Payable-Macro 1 5 0 0 0
Purchase Discount
Cash in Bank
full payment of account
(P152,000-2,000=P150,000 x .98 = P147,000-150,000-P3,000)
31 Cash in Bank 8 7 6 1
Sales Discount 8 8
Accounts Receivable-Yellow
full collection
(P90,000-1,500=P88,500 x 1%= P885 - 88500=P87,615)
Cash in Bank 5 7 4 2
Sales Discount 5 8
Accounts Receivable-Brown
full collection
(P60,000-2,000= P58,000 x 1% = P580 - 58,000=P57,420)
Salaries and wages 3 0 0 0
Cash in Bank
salaries and wages paid
 General Journal No. GJ1
Debit Credit

0 P
0 P
0 P
0 P
P 2 5 0 0 0 0 P
5 2 0 0 0 0 P

0 P
1 3 0 0 0 0 P

0 p
8 0 0 0 0 p

0 p
1 5 0 0 0 p

0 p
8 0 0 0 p

0 p
1 2 0 0 0 p

0 p
0 p
5 0 0 0 0 p
6 0 0 p

0 p
1 0 0 0 p

0 p
1 2 8 2 5 0 p

0 p
2 0 0 0 p

0 p
2 0 0 0 0 p

0 p
0 p
 7 6 0 0 0 p
1 0 0 0 p

0 p
0 p
5 9 0 0 0 p

0 p
1 5 0 0 p

0 p
0 p
4 8 0 0 0 p

0 p
2 5 0 0 0 p

0 p
1 2 0 0 0 p

0 p
1 2 4 2 1 5 p
2 5 3 5 p

0 p
2 0 0 0 0 p

0 p
2 0 0 0 p

0 p
1 0 0 0 p

0 p
4 0 0 0 p

0 p
9 0 0 0 0 p

0 p
0 p
6 0 0 0 0 p
6 0 0 p

0 p
1 5 2 0 0 0 p

0 p
1 5 0 0 p

0 p
2 0 0 0 p

0 p
2 0 0 0 p

0 p
3 0 0 0 p
1 4 7 0 0 0 p

5 p
5 p
8 8 5 0 0 p

0 p
0 p
5 8 0 0 0 p

0 p
3 0 0 0 0 p
ADJUSTING ENTRIES:
Date Particulars F Debit
2016
Dec 31 Memo entry: physical count 12/31/2016, Merchandising
Inventory, end P420,000
#
31 Store Supplies Inventory P 2 0
Store Supplies Expense
#
31 Depreciation Expense 2 5
Accumulated Depreciation-Store Furniture & Fixtures
(P180,000/6years =P30,000/year / 12 months = P2,500 per month)
#
31 Depreciation Expense 1 5
Accumulated Depreciation-Store Equipment
(P90,000/5years =P18,000/year / 12 months = P1,500 per month)
#
31 Doubtful Accounts Expense 1 0 3
Allowance for Doubtful Accounts
(P356,000-6,500-4005= P345,495 x 3% = P10,365 )
#
31 Interest Expense 1 2
Accrued Interest Expense/Interest Payable
(P250,000 x 6% = P15,000 /yr / 12 mos. = P1,250 per month)
#
31 Unused Postage Stamp 2
Postage Stamp Expense
#
31 Taxes and Licenses Expense 5 0
Accrued Taxes and Licenses Expense /Taxes and Licenses Payable
#

CLOSING ENTRIES
Dec 31 Sales P 3 5 6 0
Purchase Returns and Allowances 3 5
Purchase Discount 5 5
Merchandise Inventory, end 4 2 0 0
Income and Expense Summary
#
Income and Expense Summary 7 4 4 3
Purchases
Sales Returns and Allowances
Sales Discount
Freight-out
Rent
 Advertising
Store Supplies Expense
Salaries and Wages
Insurance
Light and Water
Postage stamps
Travelling
Depreciation Expense
Doubtful Accounts Expense
Interest Expense
Taxes and Licenses Expense
Merchandise Inventory, beg.
#
Income and Expense Summary 4 0 6
Angel, Capital
#
Angel, Capital 2 0 0
Angel, Drawings
#

REVERSING ENTRIES
Jan-17 1 Store Supplies Expense P 2 0
Store Supplies Inventory
#
Accrued Interest Expense/Interest Payable 1 2
Interest Expense
#
Postage Stamp Expense 2
Unused Postage Stamp
#
Accrued Taxes and Licenses Expense /Taxes and Licenses Payable 5 0
Taxes and Licenses Expense
#
 General Journal No. GJ2
Debit Credit

0 0 R
P 2 0 0 0

0 0
2 5 0 0

0 0
1 5 0 0

6 5
1 0 3 6 5

5 0 R
1 2 5 0

0 0 R
2 0 0

0 0 R
5 0 0 0

General Journal No. GJ3

0 0
0 0
3 5
0 0
7 8 5 0 3 5

7 0
2 8 0 2 5 0
6 5 0 0
4 0 0 5
2 2 0 0
5 0 0 0
 2 0 0 0
1 0 0 0 0
5 5 0 0 0
2 0 0 0
2 0 0 0
8 0 0
4 0 0 0
4 0 0 0
1 0 3 6 5
1 2 5 0
5 0 0 0
3 5 0 0 0 0

6 5
4 0 6 6 5

0 0
2 0 0 0 0

General Journal No. GJ4

0 0
P 2 0 0 0

5 0
1 2 5 0

0 0
2 0 0

0 0
5 0 0 0
GENERAL LEDGER
ASSETS
Cash on Hand
Date
2016 Particulars F Debit Credit
Dec. 1 initial investment GJ1 P 150,000
current deposit GJ1 P
3 freight-out GJ1
7 partial collection-Yellow GJ1 20000
18 freight out-Brown GJ1

Cash in Bank
Date
2016 Particulars F Debit Credit
Dec. 1 current account opening GJ1 P 130000
2 rent paid-3 months GJ1 P
advertising paid-4 months GJ1
store supplies GJ1
10 full collection-yellow GJ1 57420
12 full collection-brown GJ1 47040
15 salaries and wages GJ1
insurance - 3 months GJ1
full payment-macro GJ1
drawings GJ1
light and water GJ1
postage and stamps GJ1
travelling GJ1
30 full payment-macro GJ1
31 full collection-yellow GJ1 87615
full collection-brown GJ1 57420
salaries and wages GJ1
Accounts Receivable
Date
2016 Particulars F Debit Credit
Dec. 2 sales on account-yellow GJ1 P 80000
3 sales on account-brown GJ1 50000 P
4 debit memo-yellow GJ1
7 credit memo-brown GJ1
partial collection-yellow GJ1
9 sale on account-orange GJ1 76000
10 full col-yellow GJ1
12 full col-brown GJ1
18 sale on account-yellow GJ1 90000
sale on account-brown GJ1 60000
22 debit memo-yellow GJ1
25 credit memo-brown GJ1
31 full col-yellow GJ1
full col-brown GJ1

Merchandise Inventory
Date
2016 Particulars F Debit Credit
Dec 1 initial investment GJ1 P 350000
31 CLOSING OF BEG. INV GJ3
RECOGNITION OF END. INV GJ3 420,000

Store supplies inventory

Date
2016 Particulars F Debit Credit
Dec 31 unused store supplies GJ2 P 2000
Jan-17 1 reversing GJ4 P

Store Furniture and Fixture

Date
2016 Particulars F Debit Credit
Dec 1 initial investment GJ1 P 180,000

Accumulated Depreciation- Store Furniture and Fixture

 Date
2016 Particulars F Debit Credit
Dec 31 one month GJ2 P

Store Equipment
Date
2016 Particulars F Debit Credit
Dec 1 initial investment GJ1 P 90000

Accumulated Depreciation- Store Equipment

Date
2016 Particulars F Debit Credit
Dec 31 one month GJ2 P

Accounts Payable
Date
2016 Particulars F Debit Credit
Dec. 5 purchases on account-Macro GJ1 P
9 freight-out to Orange GJ1
10 debit memo-Macro GJ1 1500
15 full payment-Macro GJ1 126750
20 purchases on account-Macro GJ1
26 debit memo-Macro GJ1 2000
30 full payment-Macro GJ1 150,000

Bank Loan Payable

Date
2016 Particulars F Debit Credit
Dec. 1 initial investment J1 P
Angel, Capital
Date
2016 Particulars F Debit Credit
Dec 1 initial investment GJ1 P
31 CLOSING GJ3
31 CLOSING GJ3 P 20000

Angel, Drawing
Date
2016 Particulars F Debit Credit
Dec. 15 personal use GJ1 P 20000
31 CLOSING GJ3 P

Sales
Date
2016 Particulars F Debit Credit
Dec 2 on account-Yellow GJ1 P
3 on account-Brown GJ1
9 on account-Orange GJ1
18 on account-Yellow GJ1
on account-Brown GJ1
31 CLOSING GJ3 P 356000

Sales Returns and Allowances

Date
2016 Particulars F Debit Credit
Dec. 4 debit memo-Yellow GJ1 P 1000
7 credit memo-Brown GJ1 2000
22 debit memo-Yellow GJ1 1500
25 credit memo-Brown GJ1 2000
31 CLOSING GJ3 P

Sales Discount
Date
2016 Particulars F Debit Credit
Dec. 10 full collection-Yellow GJ1 P 1580
12 full collection-Brown GJ1 960
 31 full collection-Yellow GJ1 885
full collection-Brown GJ1 580
CLOSING GJ3 P

Purchases
Date
2016 Particulars F Debit Credit
Dec. 5 on account-Macro GJ1 P 128250
20 on account-Macro GJ1 152000
31 CLOSING GJ3 P

Freight-in
Date
2016 Particulars F Debit Credit
Dec. J1 P

Purchase Returns and Allowances

Date
2016 Particulars F Debit Credit
Dec 10 debit memo-Marco GJ1 P
26 debit memo-Marco GJ1
31 CLOSING GJ3 P 3500

Purchase Discount
Date
2016 Particulars F Debit Credit
Dec 15 full payment-Macro GJ1 P
30 full payment-Macro GJ1
31 CLOSING GJ3 P 5535

Freight-out
 Date
2016 Particulars F Debit Credit
Dec. 3 FOB dest'n-Brown GJ1 P 600
9 FOB dest'n-Orange GJ1 1000
18 FOB dest'n-Brown GJ1 600
31 CLOSING GJ2 P

Rent Expense
Date
2016 Particulars F Debit Credit
Dec. 2 3 months paid GJ1 P 15000
31 prepaid GJ2 P
31 CLOSING GJ3

Advertising expense
Date
2016 Particulars F Debit Credit
Dec 2 4 months paid GJ1 P 8000
31 prepaid GJ2 P
31 CLOSING GJ3

Store Supplies Expense

Date
2016 Particulars F Debit Credit
Dec 2 bought supplies GJ1 P 12000
31 unused store supplies GJ2 P
31 CLOSING GJ3
Jan-17 1 REVERSING GJ4 P 2000

Salaries and Wages

Date
2016 Particulars F Debit
Dec 15 paid GJ1 P 25000
30 paid GJ1 30000
31 CLOSING GJ3 P

Insurance Expense
Date
 2016 Particulars F Debit
Dec 15 3 months paid GJ1 P 12000 P
31 prepaid 2 and a half month GJ2
31 CLOSING GJ3

Light and Water

Date
2016 Particulars F Debit
Dec 15 paid GJ1 P 2000
31 CLOSING GJ3 P

Postage stamps Expense

Date
2016 Particulars F Debit
Dec 15 miscellaneous paid GJ1 P 1000 P
31 unused GJ2
31 CLOSING GJ3
Jan-17 1 REVERSING GJ4 P 200

Travelling expenses
Date
2016 Particulars F Debit
Dec 15 paid GJ1 P 4000
31 CLOSING GJ3 P

Depreciation Expense
Date
2016 Particulars F Debit
Dec 31 depreciation-SFF GJ2 P 2500
depreciation-SE GJ2 1500
31 CLOSING GJ3 P

Doubtful Accounts Expense

Date
2016 Particulars F Debit
Dec 31 3% of net sales GJ2 P 10365
 31 CLOSING GJ3 P

Allowance for Doubtful Accounts

Date
2016 Particulars F Debit
Dec 31 3% of net sales GJ2 P

Interest Expense
Date
2016 Particulars F Debit
Dec 31 1 month GJ2 P 1250
31 CLOSING GJ3 P
Jan-17 1 REVERSING GJ4 P 1250

Accrued Interest Expense

Date
2016 Particulars F Debit
Dec 31 one month GJ2 P
Jan-17 1 REVERSING GJ4 P 1250

Unused Postage Stamp

Date
2016 Particulars F Debit
Dec 31 unused GJ2 P 200
Jan-17 1 REVERSING GJ4 P

Taxes and Licenses Expense

Date
2016 Particulars F Debit
Dec 31 unpaid GJ2 P 5000
31 CLOSING GJ3 P
Jan-17 1 REVERSING GJ4 P
Accrued Taxes and Licenses Expense
Date
2016 Particulars F Debit
Dec 31 unpaid GJ2 P
Jan-17 1 REVERSING GJ4 P 5000

Prepaid Rent
Date
2016 Particulars F Debit
Dec 31 2 months advance paid GJ2 P 10000 P
0

Prepaid Advertising
Date
2016 Particulars F Debit
Dec 31 3 months advance paid GJ2 P 5000 P
0

Prepaid insurance
Date
2016 Particulars F Debit
Dec 31 2.5 months advance paid GJ2 P 10000 P
0

INCOME & EXPENSE SUMMARY

Date
2016 Particulars F Debit
Dec 31 CLOSING GJ2 0P
31 CLOSING GJ2 P 744370
31 CLOSING GJ2
 UNADJUSTED BALANCES
Account no. Particulars Debit
Balance Cash on Hand 38,800
Credit Debit Credit Cash in Bank (20,720)
P 150,000 P Accounts Receivable 76,000
130000 20,000 P Merchandise inventory 350,000
600 19,400 p Stores Furniture 180,000
39,400 p Stores Equipment 90,000
600 38,800 p Accounts Payable
38,800 Bank Loan, Payable
38,800 Angel, Capital
Angel, Drawing 20,000
Sales
SRA 6,500
SD 4,005
Purchases 280,250
PRA
PD
Freight-out 2,200
Rent 15,000
Advertising 8,000
Account no. Store Supplies 12,000
Balance Salaries and Wages 55,000
Credit Debit Credit Insurance 12,000
P 130,000 P Light and Water 2,000
15000 115,000 p Postage stamps 1,000
8000 107,000 p Travelling 4,000
12000 95,000 p 1,136,035
152,420 p
199,460 p
25000 174,460 p
12000 162,460 p
124215 38,245 p
20,000 18,245 p
2000 16,245 p
1000 15,245 p
4000 11,245 p
147000 (135,755) p
(48,140) p
9,280 p
30000 (20,720) p
(20,720)
(20,720)
 Account no. 120
Balance
Credit Debit Credit
P 80,000 P
130,000 p
1000 129,000 p
2000 127,000 p
20000 107,000 p
183,000 p
59000 124,000 p
48000 76,000 p
166,000 p
226,000 p
1500 224,500 p
2000 222,500 p
88500 134,000 p
58000 76,000 p
76,000
76,000

Account no.
Balance
Credit Debit Credit
P 350,000 P
350000 -
420,000

Account no.
Balance
Credit Debit Credit
P 2,000
2000 -

Account no.
Balance
Credit Debit Credit
P 180,000 P
180,000
180,000

Account no.
 Balance
Credit Debit Credit
2,500 P 2,500
2,500
2,500

Account no.
Balance
Credit Debit Credit
P 90,000
90,000

Account no.
Balance
Credit Debit Credit
1500 P 1,500
1,500
1,500
1,500

Account no.
Balance
Credit Debit Credit
128250 P 128,250 p
1000 129,250 p
127,750 p
1,000 p
152000 153,000 p
151,000 p
1,000 p

Account no.
Balance
Credit Debit Credit
250000 P 250,000 P
250,000
 Account no.
Balance
Credit Debit Credit
520000 P 520,000 P
40665 560,665
540,665

Account no.
Balance
Credit Debit Credit
P 20,000 p
20000 -

Account no.
Balance
Credit Debit Credit
80000 P 80,000 p
50000 130,000
76000 206,000 p
90000 296,000 p
60000 356,000 p
-

Account no.
Balance
Credit Debit Credit
P 1,000 p
3,000 p
4,500 p
6,500 p
6500 -

Account no.
Balance
Credit Debit Credit
P 1,580 p
2,540 p
 3,425 p
4,005 p
4005 -

Account no.
Balance
Credit Debit Credit
P 128,250 p
280,250 p
280250 -

Account no.
Balance
Credit Debit Credit
P -
-
-

Account no.
Balance
Credit Debit Credit
1500 P 1,500 p
2000 3,500 p
-

Account no.
Balance
Credit Debit Credit
2535 P 2,535 p
3000 5,535 p
-

Account no.
 Balance
Credit Debit Credit
P 600 p
1,600 p
2,200 p
2200 -

Account no.
Balance
Credit Debit Credit
P 15,000 p
10000 5,000
5000 -

Account no.
Balance
Credit Debit Credit
P 8,000 p
6000 2,000
2000 -

Account no.
Balance
Credit Debit Credit
P 12,000 p
2000 10,000
10000 -
P 2,000

Account no.
Balance
Credit Debit Credit
P 25,000 p
55,000 p
55000 -

Account no.
Balance
Credit Debit Credit
P 12,000 p
10000 2,000
2000 -

Account no.
Balance
Credit Debit Credit
P 2,000
2000 -

Account no.
Balance
Credit Debit Credit
P 1,000 p
200 800
800 -
P 200

Account no.
Balance
Credit Debit Credit
P 4,000 p
4000 -

Account no.
Balance
Credit Debit Credit
P 2,500
4,000
4000 -

Account no.
Balance
Credit Debit Credit
P 10,365
 10365 -

Account no.
Balance
Credit Debit Credit
10,365 P 10,365

Account no.
Balance
Credit Debit Credit
P 1,250
1250 -
P 1,250

Account no.
Balance
Credit Debit Credit
1,250 P 1,250
-

Account no.
Balance
Credit Debit Credit
P 200
200 -

Account no.
Balance
Credit Debit Credit
P 5,000
5000 -
5000 P 5,000
 Account no.
Balance
Credit Debit Credit
5,000 P 5,000
-
-

Account no.
Balance
Credit Debit Credit
P 10,000
10,000

Account no.
Balance
Credit Debit Credit
P 5,000
5,000

Account no.
Balance
Credit Debit Credit
P 10,000
10,000

Account no.
Balance
Credit Debit Credit
785035 P 785,035
40,665
40665 -
Credit

1,000
250,000
520,000

356,000

3,500
5,535

1,136,035
 Angel Mercantile
Unadjusted Trial Balance
31-Dec-20

Particulars Folio Debit Credit

Cash on Hand P 38,800
Cash in Bank (20,720)
Accounts Receivable 76,000
Merchandise inventory 350,000
Stores Furniture 180,000
Stores Equipment 90,000
Accounts Payable P 1,000
Bank Loan, Payable 250,000
Angel, Capital 520,000
Angel, Drawing 20,000
Sales 356,000
SRA 6,500
SD 4,005
Purchases 280,250
PRA 3,500
PD 5,535
Freight-out 2,200
Rent 15,000
Advertising 8,000
Store Supplies Expense 12,000
Salaries and Wages 55,000
Insurance 12,000
Light and Water 2,000
Postage stamps 1,000
Travelling 4,000
T O T A L P 1,136,035 P 1,136,035
 C. Wiljohn Hair and Clip
Post-Closing Trial Balance
August 31, 2020

Particulars Folio Debit Credit

Cash on Hand P 38,800.00
Accounts Receivable 76,000.00
Less: Allowance for Doubtful Accounts P 10,365.00
Merhandise Inventory 420,000.00
Store Supplies nventory 2,000.00
Unused postage stamp 200.00
Prepaid Rent 10,000.00
Prepaid Advertising 6,000.00
Prepaid REnt 10,000.00
Store Furniture and Fixtures 180,000.00
Accumulated Depreciation-SFF 2,500.00
Store Equipment 90,000.00
Accumulated Depreciation-SE 1,500.00
Cash in Bank -credit balance 20,720.00
Accounts Payable 1,000.00
Accrued Interest 1,250.00
Accrued Taxes and Licenses 5,000.00
Bank Loan Payable 250,000.00
Angel, Capital 547,665.00
TOTAL P 833,000.00 P 840,000.00
 Angel Mercantile
Worksheet
December 31, 2016

Particulars Unadjusted Trial Balance Adjustments

Debit Credit Debit Credit
Cash on Hand P 38,800
Cash in Bank (20,720)
Accounts Receivable 76,000
Merchandise inventory 350,000
Stores Furniture & Fixtures 180,000
Stores Equipment 90,000
Accounts Payable P 1,000
Bank Loan, Payable 250,000
Angel, Capital 520,000
Angel, Drawing 20,000
Sales 356,000
SRA 6,500
SD 4,005
Purchases 280,250
PRA 3,500
PD 5,535
Freight-out 2,200
Rent 15,000 (9)
Advertising 8,000 (10)
Store Supplies Expense 12,000 (2)
Salaries and Wages 55,000
Insurance 12,000 (11)
Light and Water 2,000
Postage stamps 1,000 (7)
Travelling 4,000
TOTAL 1,136,035 1,136,035
Adjustments:
Merchandise inventory, end (1)
Store Supplies Inventory (2) 2000
Depreciation Expense (3) 2500
(4) 1500
Accumulated Depreciation-SFF (3)
Accumulated Depreciation-SE (4)
Doubtful Accounts Expense (5) 10365
Allowance for Doubtful Accounts (5)
Interest Expense (6) 1250
Accrued Interest Expense (6)
Unused Postage Stamp (7) 200
Taxes and Licenses Expense (8) 5000
Accrued Taxes and Licenses Expense (8)
Prepaid Rent (9) 10000
Prepaid Advertising (10) 6000
Prepaid Insurance (11) 10000

TOTAL P 48,815 P
Net Profit
TOTAL
 Angel Mercantile
Worksheet
December 31, 2016
Statement of Comprehensive
djustments Adjusted Trial Balance Income Statement of Financial Position
Credit Debit Credit Debit Credit Debit Credit
P 38,800 P 38,800
(20,720) (20,720)
76,000 76,000
350,000 P 350,000
180,000 180,000
90,000 90,000
P 1,000 P
250,000
520,000
20,000 20,000
356,000 P 356,000
6,500 6,500
4,005 4,005
280,250 280,250
3,500 3,500
5,535 5,535
2,200 2,200
10,000 5,000 5,000
6,000 2,000 2,000
2,000 P 10,000 P 10,000
55,000 55,000
10,000.0 2,000 2,000
2,000 2,000
200 800 800
4,000 4,000

420,000 420,000
2,000 2,000
4,000 4,000

2500 2,500
1500 1,500
10,365 10,365
10365 10,365
1,250 1,250
1250 1,250
200 200
5,000 5,000
 5000 5,000
10,000 10,000
6,000 6,000
10,000 10,000

48,815 P 1,156,650 P 1,156,650 P 744,370 P 785,035 P 832,280 P

40,665
P 785,035 P 785,035 P 832,280 P
ment of Financial Position
Credit

1,000
250,000
520,000

2,500
1,500

10,365

1,250
 5,000

791,615
40,665
832,280
 Angel Mercantile
Statement of Comprehensive Income Statement
For the Month Ended December 31, 2016 For the Mo

Gross Sales P 356,000.00 Capital, beginning

Less: Sales Returns P 6,500.00 Add: Additional Investm
Sales Discount 4,005.00 10,505.00 Profit
Net Sales P 345,495.00 Total
Less: Cost of Goods Sold Less: Withdrawal
Merchandising inventory, beg P 350,000.00 Capital, ending
Add: Net Purchases
Purchases P 280250
Less: Purchase Returns P 3500
Purchase Discount 5535 9035 271,215.00
Total Goods Available for Sale P 621,215.00
Less: Merchandising Inv., end 420,000.00 201,215.00
Gross Profit P 144,280.00
Less: Operating Expenses
Freight-out P 2,200
Rent 5,000
Advertising 2,000
Store Supplies Expense 10,000
Salaries and Wages 55,000
Insurance 2,000
Light and Water 2,000
Postage stamps 800
Travelling 4,000
Depreciation 4000
Doubtful Accounts Expense 10365
Interest Expense 1250
Taxes and Licenses Expense 5000 103,615.00
Net Profit P 40,665.00
 Angel Mercantile Angel Mercantile
Statement of Changes in Ownwer's Equity Statement of Financial Position
For the Month Ended December 31, 2016 As of December 31, 2016

Capital, beginning P 520,000.00 ASSETS

Add: Additional Investment P - Current Assets:
Profit 40,665.00 40,665.00 Cash on Hand
P 560,665.00 Accounts Receivable P
Less: Withdrawal 20,000.00 Less: Allowance for Doubtful Accounts
Capital, ending P 540,665.00 Merhandise Inventory
Store Supplies nventory
Unused postage stamp
Prepaid Rent
Prepaid Advertising
Prepaid REnt
Total Current Assets
Non-Current Asset
Store Furniture and Fixtures P
Less: Accumulated Depreciation-SFF
Store Equipment P
Less: Accumulated Depreciation-SE
TOTAL ASSETS

LIABILITIES AND CAPITAL

LIABILITIES
Current Liabilities:
Cash in Bank -credit balance
Accounts Payable
Accrued Interest
Accrued Taxes and Licenses
Total Current Liabilities
Non-current Liabilities
Bank Loan Payable P
TOTAL LIABILITIES
CAPITAL
Angel MErcantile, Capital
TOTAL CAPITAL
TOTAL LIABILITIES AND CAPITAL
 Mercantile
Financial Position
ember 31, 2016

P 38,800.00
76,000.00
10,365.00 65,635.00
420,000.00
2,000.00
200.00
10,000.00
6,000.00
10,000.00
P 552,635.00

180,000.00
2,500.00 177,500.00
90,000.00
1,500.00 88,500.00
P 818,635.00

P 20,720.00
1,000.00
1,250.00
5,000.00
P 27,970.00

250,000.00 250,000.00
P 277,970.00

P 540,665.00
P 540,665.00
P 818,635.00