Tintin Dera

Worksheet
For the Period Ended December 31, 2020

Trial Balance Adjustments Adjusted T.B.

Accounts Debit Credit Debit Credit Debit
Cash P 113,000 P 113,000
Accounts Receivable 100,000 100,000
Allowance for Bad Debts P 6,000 P 124,200
Note Receivable 50,000 50,000
Merchandise Inventory 350,000 350,000
Office Supplies 14,500 P 2,500 17,000
Store Equipment 120,000 120,000
Accum. Dep. - Store Equip. 10,000 12,000
Building 1,200,000 1,200,000
Accum. Dep. - Building 50,000 50,000
Accounts Payable 75,000
Notes Payable 60,000
Unearned Rent 15,000 5,000
Tintin Dera, capital 1,000,000
Tintin Dera, drawing 25,000 25,000
Sales 1,302,000
Sales Returns & Allowances 2,000 2,000
Purchases 150,000 150,000
Purchase Returns & Allowances 1,500
Freight In 5,000 5,000
Advertising Expense 70,000 70,000
Salaries and Wages 120,000 120,000
Insurance Expense 200,000 __________ 120,000 80,000
P 2,519,500 P 2,519,500
Merchandise Inventory
Bad Debts P 124,200 P 124,200
Interest Receivable 1,000 1,000
Interest Revenue 1,000
Depreciation - store equip. 12,000 12,000
Depreciation - building 50,000 50,000
Accrued Interest Expense 300
Accrued Utility 25,000
Prepaid Insurance 120,000 120,000
Rent Income 5,000 5,000
7. Office Supplies Expense 2,500
8. Interest Expense 300 300
10. Utility 25,000 ________ 25,000
P 340,000 P 340,000 P 2,739,500
Cost of Sales
ber 31, 2020

Adjusted T.B. Cost of Sales SFPerformance SFPosition

Credit Debit Credit Debit Credit Debit Credit
P 113,000
100,000
P 130,200 P 130,200
50,000
P 350,000 P 350,000
17,000
120,000
22,000 22,000
1,200,000
100,000 100,000
75,000 75,000
60,000 60,000
20,000 20,000
1,000,000 1,000,000
25,000
1,302,000 1,302,000
2,000
150,000
1,500 1,500
5,000
70,000
120,000
80,000

300,000 300,000
P 124,200
1,000
1,000 1,000
12,000
50,000
300 300
25,000 25,000
120,000
5,000
2,500 2,500
300
________ ________ ________ 25,000 ________ ________
P 2,739,500 P 805,000 P 301,500 P 2,396,000 P 1,432,500
________ 503,500 203,500 ________ _________ 963,500
P 805,000 P 805,000 P 692,000 P 1,305,500 P 2,396,000 P 2,396,000
613,500 _________
P 1,305,500 P 1,305,500
Bad Debts P 124,200
Allowance for Bad Debts P 124,200

Interest Receivable 1,000

Interest Revenue 1,000

Office Supplies 2,500

Office Supplies Expense 2,500

Depreciation - store equip. 12,000

Accumulated Dep. - store equip. 12,000

Depreciation - building 50,000

Accumulated Dep. - building 50,000

Interest Expense 300

Accrued Interest Expense 300

Rent Income 5,000

Unearned Rent Income 5,000

Prepaid Insurance 120,000

Insurance Expense 120,000

Utility 25,000
Accrued Utility 25,000

3. Merchandise Inventory 300,000

Cost of Sales 300,000
 Tintin Dera
Income Statement
For the Period Ended December 31, 2020

Sales P 1,302,000
Less: Sales Returns and Allowances 2,000
Net Sales P 1,300,000

Less: Cost Sales

Merchandise Inventory P 350,000

Add: Purchases P 150,000
Freight In 5,000
Total Purchases P 155,000
Less: Purchase Returns & Allowances P 1,500 1,500 153,500
Total goods available for sale P 503,500
Less: Merchandise Inventory
December 31 300,000 203,500
Gross Profit P 1,096,500

Less: Operating Expenses

Advertising Expense P 70,000
Salaries and Wages 120,000
Insurance Expense 80,000
Bad Debts 124,200
Depreciation - Store Equipment 12,000
Depreciation - Building 50,000
Office Supplies Expense 2,500
Interest Expense 300
Utility Expense 25,000 484,000
Net Income for the Period P 612,500

Add: Other Income

Interest Revenue P 1,000
Rent Income 5,000 6,000
Net profit for the period P 618,500
 Assets
Current:
Cash P 113,000
Accounts Receivable 100,000
Less: Allowance for Bad Debts P 130,200
Note Receivable 50,000
Merchandise Inventory 300,000
Office Supplies 17,000
Interest Receivable 1,000
Prepaid Insurance 120,000
Freight In 5,000
__________
P 706,000 P 130,200
Total Current Assets __________ 575,800
P 706,000 P 706,000

Properties and Equipment:

Store Equipment P 120,000
Less: Accum. Depreciation 22,000 P 98,000
Building P 1,200,000
Less: Accum. Depreciation 100,000 P 1,100,000
Total Properties & Equip. P 1,198,000
Total Assets P 1,773,800
 Liabilities
Accounts Payable P 75,000
Notes Payable 60,000
Unearned Rent 20,000
Accrued Interest Expense 300
Accrued Utility 25,000
Total Liablities P 180,300

Owner's Equity
Tintin Dera, capital 1,000,000
Less: Tintin Dera, drawing 25,000
Net Capital P 975,000
Add: Net Income P 618,500 P 1,593,500
Total Liabilities & Owner's Equity P 1,773,800
Cost of Sales P 505,000
Merchandise Inventory P 350,000
Purchases P 150,000
Freight In 5,000
To close the accounts debited to Cost of Sales account

Merchandise Inventory, Dec 31 300,000

Purchase returns & allowances P 1,500
Cost of Sales 301,500
To close the accounts Credited to Cost of Sales account and set up the merchandise inventory end

Revenue and Expense Summary 203,500

Cost of Sales 203,500
To close the cost of sales balance to Revenue and Expense Summary account

Sales 1,302,000
Interest Revenue P 1,000
Rent Income 5,000
Revenue and Expense Summary 1,308,000
To close the income accounts to Revenue and Expense Summary account

Revenue and Expense Summary 486,000

Sales returns & allowances 2,000
Advertising Expense P 70,000
Salaries and Wages 120,000
Insurance Expense 80,000
Bad Debts 124,200
Depreciation - store equipment 12,000
Depreciation - building 50,000
Office Supplies Expense 2,500
Interest Expense 300
Utility Expense 25,000
To close the expense accounts to Revenue and Expense Summary account

Revenue and Expense Summary P 618,500

Tintin Dera, drawing P 618,500
To close the Revenue and Expense Summary account to drawing account
 Cost of Sales Revenue and Expense Summary Account
(1) 505,000 (2)301,500 (3) 203,500 (4) 1,308,000
_________ (3) 203,500 (5) 486,000
505,000 505,000 (6) 618,500 ____________
1,308,000 1,308,000

Tintin Dera, drawing Tintin Dera, capital

25,000 (6) 618, 500 (7) 593,500 1,000,000
(7) 593,500 ___________ 406,500 ____________
618, 500 618, 500 1,000,000 1,000,000
 Accounts Debit Credit
Cash P 113,000
Accounts Receivable 100,000
Allowance for Bad Debts P 130,200
Note Receivable 50,000
Interest Receivable 1,000
Merchandise Inventory 300,000
Prepaid Insurance 120,000
Office Supplies P 17,000
Store Equipment 120,000
Accum. Dep. - Store Equip. 22,000
Building 1,200,000
Accum. Dep. - Building 100,000
Accounts Payable 75,000
Notes Payable 60,000
Accrued Interest Expense 300
Accrued Utility 25,000
Unearned Rent 20,000
Tintin Dera, capital 406,500
P 2,021,000