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Group 6

1) The document appears to be a set of journal entries and account balances for Danilo Cabulay for the month of August 2018. It includes entries for sales, purchases, returns, allowances, and withdrawals. 2) A trial balance at the end of the month shows total debits of $190,200 and total credits of $190,200. 3) Financial statements include an income statement showing net sales of $41,000 and gross profit of $8,200, and a post-closing trial balance with total debits and credits of $123,760.

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611 views6 pages

Group 6

1) The document appears to be a set of journal entries and account balances for Danilo Cabulay for the month of August 2018. It includes entries for sales, purchases, returns, allowances, and withdrawals. 2) A trial balance at the end of the month shows total debits of $190,200 and total credits of $190,200. 3) Financial statements include an income statement showing net sales of $41,000 and gross profit of $8,200, and a post-closing trial balance with total debits and credits of $123,760.

Uploaded by

Love Karen
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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31 Merchandise Inventory, end 35,050.

00
Sales 43,000.00
Purchase Returns and Allowances 6,000.00
Purchase Discounts 640.00
Income Summary 84,690.00
To close accounts with credit balances

31 Income Summary 76,490.00


Sales Returns and Allowances 2,000.00
Purchases 74,000.00
Transportation In 490.00
To close accounts with debit balances

31 Income Summary 8,200.00


Ruben, Capital 8,200.00
To close Income Summary Account

31 Ruben, Capital 25,000.00


Ruben, Withdrawal 25,000.00
To close Drawings Account
ACCOUNTS TITLE: CABULAY WITHDRA ACCOUNT NUMBER: 320
BALANCE
DATE DESCRIPTION PR DEBIT CREDIT DEBIT CREDIT
1 GJ-1 25,000.00 25,000.00
31 GJ-1 25,000.00 0

ACCOUNTS TITLE: SALES ACCOUNT NUMBER: 410


BALANCE
DATE DESCRIPTION PR DEBIT CREDIT DEBIT CREDIT
1 GJ-1 21,000.00 21,000.00
15 GJ-1 12,000.00 33,000.00
17 GJ-1 10,000.00 43,000.00
31 GJ-1 43,000.00 0

ACCOUNTS TITLE: SALES RETURNS/A ACCOUNT NUMBER: 420


BALANCE
DATE DESCRIPTION PR DEBIT CREDIT DEBIT CREDIT
18 GJ-1 2,000.00 2,000.00
31 GJ-1 2,000.00 0

ACCOUNTS TITLE: PURCHASE RETURN ACCOUNT NUMBER: 540


BALANCE
DATE DESCRIPTION PR DEBIT CREDIT DEBIT CREDIT
11 GJ-1 6,000.00 6,000.00

ACCOUNTS TITLE: PURCHASE DISCOUN ACCOUNT NUMBER: 420


BALANCE
DATE DESCRIPTION PR DEBIT CREDIT DEBIT CREDIT
12 GJ-1 640.00 640.00

ACCOUNTS TITLE: TRANSPORTATION IN ACCOUNT NUMBER: 420


BALANCE
DATE DESCRIPTION PR DEBIT CREDIT DEBIT CREDIT
5 GJ-1 290.00 290.00 -
12 GJ-1 200.00 490.00
DANILO CABULAY
TRIAL BALANCE
FOR THE MONTH OFAUGUST 2018

Trial Balance
No. Account Title Debit Credit
110 Cash 72,350.00
120 Accounts Receivable 12,000.00
130 Merchandise Inventory -
140 Office Supplies 4,360.00
210 Accounts Payable 40,560.00
310 Ruben, Capital 100,000.00
320 Ruben, Withdrawals 25,000.00
410 Sales 43,000.00
420 Sales Returns and Allowances 2,000.00
510 Purchases 74,000.00
520 Purchase Returns and Allowances 6,000.00
530 Purchase Discount 640.00
550 Transportation In 490.00
TOTAL 190,200.00 190,200.00
DANILO CABULAY
STATEMENT OF FINANCIAL PERFORMANCE
FOR THE MONTH OF AUGUST 2018

Net Sales
Sales 43,000.00
SRA (2,000.00)
Net Sales 41,000.00
Cost of Goods Sold (32,800.00)
Gross Profit ₱ 8,200.00
DANILO CABULAY
STATEMENT OF FINANCIAL PERFORMANCE
FOR THE MONTH OF AUGUST 2018

Net Sales
Sales 43,000.00
SRA (2,000.00)
Net Sales 41,000.00
Cost of Goods Sold (32,800.00)
Gross Profit ₱ 8,200.00
DANILO CABULAY
POST-CLOSING TRIAL BALANCE
FOR THE MONTH OFAUGUST 2018

Trial Balance
No. Account Title Debit Credit
110 Cash 72,350.00
120 Accounts Receivable 12,000.00
130 Merchandise Inventory 35,050.00
140 Office Supplies 4,360.00
210 Accounts Payable 40,560.00
310 Ruben, Capital 83,200.00
Total 123,760.00 123,760.00

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