JOURNAL ENTRY

DATE PARTICULARS
2020
FEB 1 Cash
Accounts Receivable
To record collected amount from customers

FEB 2 Accounts Payable

Cash
Purchase Discounts, 3%
To record paid accounts and discounts

FEB 4 Purchases
Accounts Payable; 3/10, n/30
To record purchased merchandise. Terms:FOB
shipping point; 3/10,n/30

FEB 5 Accounts Receivable

Sales
To record sold merchandise on account Terms:FOB
shipping point; 3/10, n/30

FEB 7 Advertising Expenses

Cash
To record paid advertisement for the month of February

FEB 7 Cash
Sales
To record sold merchandise

FEB 8 Accounts Payable

Cash
Purchase Discount
To record paid transaction last Feb. 4

FEB 9 Transportation in
Cash
To record paid freight in for the transaction last Feb. 4

FEB 10 Sales Returns and Allowances

Accounts Receivable
To record received returns from Gonzales Inc.

FEB 12 Cash
Sales Discount
Accounts Receivable
To record payment for the transaction last Feb. 5
FEB 14 Interest Expense
Cash
To record paid interest on the mortgage payable

FEB 15 Salaries Expense

Cash
To record salaries payment.

FEB 16 Accounts Receivable; FOB destination; 2/10, n/30

Sales
To record sold merchandise on account.

FEB 18 Transportation out

Cash
To record freight charges on the sale.

FEB 19 Supplies
Cash
To record acquired supplies.

FEB 20 Purchases
Accounts Payable; FOB destination; 2/10, n/30
To record purchased of merchandise from Lozada.

FEB 22 Miscellaneous Expense

Cash
To record miscellaneous payment.

FEB 23 Cash
Sales Discounts
Accounts Receivable
To record received payment from Ronzales Corp.

FEB 24 Purchases
To record purchased on merchandise from Agustin Ent.

FEB 24 Transportation In
Cash
To record delivery payment.

FEB 25 Accounts Receivable; FOB Shipping point; 2/10, n/30

Sales
To record sold merchandise.

FEB 26 Sales Returns and Allowances

Accounts Receivable
To record received returns from Ronzales Corp.

FEB 28 Buenaflor, Withdrawal

Cash
To record withdrawal from the business.

FEB 28 Accounts Payable

Purchase Returns and Allowances
To record returned merchandise.
DEBIT CREDIT

113,000
113,000 REAL ACC CASH
DATE
FEB 1
64,000 FEB 7
62,080 FEB 12
1,920 FEB 23

170,000
170,000

270,000
270,000

REAL ACC ACCOUNTS RECEIVABLE

6,000 DATE
6,000 FEB 5
FEB 16
FEB 25
250,000
250,000
REAL ACC ACCOUNTS PAYABLE
DATE
170,000 FEB 2
164,900 FEB 8
5,100 FEB 28

4,000 CLOSED PURCHASES

4,000 DATE
FEB 4
FEB 20
70,000 FEB 24
70,000
CLOSED PURCHASE RETURNS AND ALLOWANCES
DATE
196,000
4,000
200,000 CLOSED PURCHASE DISCOUNT
DATE
 26,000
26,000
CLOSED SALES DISCOUNT
DATE
51,000 FEB 12
51,000 FEB 23

392,000 CLOSED SUPPLIES

392,000 DATE
FEB 19

4,000
4,000 CLOSED BUENAFLOR, WITHDRAWALS
DATE
FEB 28
21,000
21,000 CLOSED SALES
DATE

125,000
125,000

7,000
7,000 CLOSED INTEREST EXPENSE
DATE
FEB 14
384,160
7,840
392,000 CLOSED SALARIES EXPENSE
DATE
FEB 15
373,000
CLOSED MISCELLANEOUS EXPENSE
DATE
9,000 FEB 22
9,000
CLOSED ADVERTISING EXPENSE
DATE
420,000 FEB 7
420,000

CLOSED TRANSPORTATION OUT

71,000 DATE
71,000 FEB 18

CLOSED TRANSPORTATION IN
400,000 DATE
400,000 FEB 9
FEB 24

25,000 CLOSED SALES RETURN AND ALLOWANCES

25,000 DATE
FEB 10
Feb. 26
 TERESITA BUENAFLOR SHOES
GENERAL LEDGER
For the month of February 2020

PARTICULARS FOLIO DEBIT DATE

To record collected amount from customers J-1 113,000 FEB 2
To record sold merchandise J-1 250,000 FEB 7
To record payment for the transaction last Feb. 5 J-1 196,000 FEB 8
To record received payment from Ronzales Corp. J-1 384,160 FEB 9
943,160 FEB 14
FEB 15
FEB 18
FEB 19
FEB 22
FEB 24
FEB 28

CEIVABLE
PARTICULARS FOLIO DEBIT DATE
To record sold merchandise on account Terms:FOB J-1 270,000 FEB 1
To record sold merchandise on account. J-1 392,000 FEB 10
To record sold merchandise. J-1 420,000 FEB 12
1,082,000 FEB 23
DEBIT BALANCE 828,000 FEB 26
ABLE
PARTICULARS FOLIO DEBIT DATE
To record paid accounts and discounts J-1 64,000 FEB 4
To record paid transaction last Feb. 4 J-1 170,000 FEB 20
To record returned merchandise. J-1 25,000 FEB 24
259,000

PARTICULARS FOLIO DEBIT DATE

To record purchased merchandise. Terms:FOB J-1 170,000
To record purchased of merchandise from Lozada. J-1 125,000
To record purchased on merchandise from Agustin Ent. J-1 373,000
668,000
URNS AND ALLOWANCES
PARTICULARS FOLIO DEBIT DATE
FEB 28

COUNT
PARTICULARS FOLIO DEBIT DATE
FEB 2
 FEB 8

NT
PARTICULARS FOLIO DEBIT DATE
To record payment for the transaction last Feb. 5 J-1 4,000
To record received payment from Ronzales Corp. J-1 7,840
11,840

PARTICULARS FOLIO DEBIT DATE

To record acquired supplies. J-1 21,000

THDRAWALS
PARTICULARS FOLIO DEBIT DATE
To record withdrawal from the business. J-1 400,000

PARTICULARS FOLIO DEBIT DATE

FEB 5
FEB 7
FEB 16
FEB 25

NSE
PARTICULARS FOLIO DEBIT DATE
To record paid interest on the mortgage payable J-1 26,000

NSE
PARTICULARS FOLIO DEBIT DATE
To record salaries payment. J-1 51,000

S EXPENSE
PARTICULARS FOLIO DEBIT DATE
To record miscellaneous payment. J-1 7,000

XPENSE
PARTICULARS FOLIO DEBIT DATE
To record paid advertisement for the month of February J-1 6,000

ON OUT
PARTICULARS FOLIO DEBIT DATE
To record freight charges on the sale. J-1 4,000

ON IN
PARTICULARS FOLIO DEBIT DATE
To record paid freight in for the transaction last Feb. 4 J-1 4,000
To record delivery payment. J-1 9,000

AND ALLOWANCES
PARTICULARS FOLIO DEBIT DATE
To record received returns from Gonzales Inc. J-1 70,000
To record received returns from Ronzales Corp. J-1 71,000
141,000
 PARTICULARS FOLIO CREDIT
To record paid accounts and discounts J-1 62,080
To record paid advertisement for the month of February J-1 6,000
To record paid transaction last Feb. 4 J-1 164,900
To record paid freight in for the transaction last Feb. 4 J-1 4,000
To record paid interest on the mortgage payable J-1 26,000
To record salaries payment. J-1 51,000
To record freight charges on the sale. J-1 4,000
To record acquired supplies. J-1 21,000
To record miscellaneous payment. J-1 7,000
To record delivery payment. J-1 9,000
To record withdrawal from the business. J-1 400,000
946,880
1,701,860
CREDIT BALANCE 762,800

PARTICULARS FOLIO CREDIT

To record collected amount from customers J-1 113,000
To record received returns from Gonzales Inc. J-1 70,000
To record payment for the transaction last Feb. 5 J-1 200,000
To record received payment from Ronzales Corp. J-1 392,000
To record received returns from Ronzales Corp. J-1 71,000

PARTICULARS FOLIO CREDIT

To record purchased merchandise. Terms:FOB J-1 170,000
To record purchased of merchandise from Lozada. J-1 125,000
To record purchased on merchandise from Agustin Ent. J-1 373,000
668,000
CREDIT BALANCE 409,000

PARTICULARS FOLIO CREDIT

PARTICULARS FOLIO CREDIT

To record returned merchandise. J-1 25,000

PARTICULARS FOLIO CREDIT

To record paid accounts and discounts J-1 1,920
To record paid transaction last Feb. 4 J-1 5,100
7,020

PARTICULARS FOLIO CREDIT

PARTICULARS FOLIO CREDIT

PARTICULARS FOLIO CREDIT

PARTICULARS FOLIO CREDIT

To record sold merchandise on account J-1 270,000
To record sold merchandise J-1 250,000
To record sold merchandise on account. J-1 392,000
To record sold merchandise. J-1 420,000
1,332,000

PARTICULARS FOLIO CREDIT

PARTICULARS FOLIO CREDIT

PARTICULARS FOLIO CREDIT

PARTICULARS FOLIO CREDIT

PARTICULARS FOLIO CREDIT

PARTICULARS FOLIO CREDIT

PARTICULARS FOLIO CREDIT

a.

b.

c.

c.

d.

e.
 UNADJUSTED
PARTICULARS TRIAL BALANCE ADJUSTMENTS
DEBIT CREDIT DEBIT CREDIT
CASH 221,180
ACCOUNTS RECEIVABLE 428,000
MERCHANDISE INVENTORY 413,000
SUPPLIES 72,000 d. 58,000
PREPAID INSURANCE 48,000 b. 2,000
LAND 460,000
BUILDING 1,750,000
ACCUMULATED DEPRECIATION: BUILDING 350,000 c. 9,000
EQUIPMENT 2,310,000
ACCUMULATED DEPRECIATION: EQUIPMENT 630,000 c. 12,000
ACCOUNTS PAYABLE 517,000
SALARIES PAYABLE a. 51,000
MORTGAGE PAYABLE 2,600,000
BUENAFLOR, CAPITAL 1,569,000
BUENAFLOR, WITHDRAWALS 400,000
INCOME SUMMARY
SALES 1,332,000
SALES RETURNS AND ALLOWANCES 141,000
SALES DISCOUNTS 11,840
PURCHASES 668,000
PURCHASES RETURN AND ALLOWANCE 25,000
PURCHASES DISCOUNTS 7,020
TRANSPORTATION IN 13,000
SALARIES EXPENSE 51,000 a. 51,000
SUPPLIES EXPENSE d. 58,000
INSURANCE EXPENCE b. 2,000
DEPRECIATION EXPENSE: BUILDING c. 9,000
DEPRECIATION EXPENSE: EQUIPMENT c.12,000
TRANSPORTATION OUT 4,000
ADVERTISING EXPENSE 6,000
INTEREST EXPENSE 26,000
MISCELLANEOUS EXPENSE 7,000
7,030,020 7,030,020 132,000 132,000
NET PROFIT
GRAND TOTAL

TERESITA BUENAFLOR SHOES

ADJUSTING JOURNAL ENTRIES
FOR THE MONTH OF FEBRUARY 2021
PARTICULARS DEBIT CREDIT NET SALES
SALARIES EXPENCE 51,000
SALARIES PAYABLE 51,000

INSURANCE EXPENSE 2,000

PREPAID INSURANCE 2,000 COST OF SALES

DEPRECIATION EXPENSE 9,000

ACCUMULATED DEPRECIATION-BUILDING 9,000

DEPRECIATION EXPENSE 12,000

ACCUMULATED DEPRECIATION-EQUIPMENT 12,000

SUPPLIES EXPENSE 58,000

SUPPLIES EXPENSE 58,000

MERCHANDIES INVENTORY, 02/28/21 397,000 GROSS PROFIT

INCOME SUMMARY 397,000 OPERATING EXPENS

TERESITA BUENAFLOR SHOES

STATEMENT OF CHANGES IN EQUITY
FOR THE MONTH OF FEBRUARY 2021

Buenaflor, Owner's Equity 2/1/21 1,569,000

Add: Profit 288,180
Total 1,587,180
Less: Withdrawals 400,000
Buenaflor, Owner's Equity 2/28/21 1,457,180

PROFIT

CUR

TOTAL C

NON CU
 ADJUSTED INCOME
TRIAL BALANCE STATEMENT BALANCE SHEET
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
221,180 221,180
428,000 428,000
413,000 413,000 397,000 397,000
14,000 14,000
46,000 46,000
460,000 460,000
1,750,000 1,750,000
359,000 359,000
2,310,000 2,310,000
642,000 642,000
517,000 517,000
51,000 51,000
2,600,000 2,600,000
1,569,000 1,569,000
400,000 400,000

1,332,000 1,332,000
141,000 141,000
11,840 11,840
668,000 668,000
25,000 25,000
7,020 7,020
13,000 13,000
102,000 102,000
58,000 58,000
2,000 2,000
9,000 9,000
12,000 12,000
4,000 4,000
6,000 6,000
26,000 26,000
7,000 7,000
7,102,020 7,102,020 1,472,840 1,761,020 6,026,180 5,738,000
288,180 288,180
1,761,020 1,761,020 6,026,180 6,026,180

TERESITA BUENAFLOR SHOES

INCOME STATEMENT
FOR THE MONTH OF FEBRUARY 2021
 1,332,000
GROSS SALES
Less: SALES RETURNS AND ALLOWANCES Php 141,000.00 152,840
SALE DISCOUNT 1,179,160
NET SALES

MERCHANDISE INVENTORY, 02/01/21 Php 413,000.00

PURCHASES Php 668,000.00
Less: PURCHASES RETURN AND ALLOWANCES Php 25,000.00
PURCHASE DISCOUNT 7,020.00 32,020.00
NET PURCHASES Php 653,980.00
TRANSPORTATION IN 13,000.00
NET COST OF PURCHASES Php 648,980.00
GOODS AVAILABLE FOR SALE Php 1,061,980.00
Less: MERCHANDISE INVENTORY, 02/28/21 397,000.00 664,980
COST OF SALES 514,980

ENSE
SELLING EXPENSE
TRANSPORTATION OUT Php 4,000.00
ADVERTISING EXPENSE 6,000.00
TOTAL SELLING EXPENSE Php 10,000.00
ADMINISTRATIVE EXPENSE
SALARIES EXPENSE Php 102,000.00
SUPPLIES EXPENSE 58,000.00
INSURANCE EXPENSE 2,000.00
DEPRECIATION EXPENSE-BUILDING 9,000.00
DEPRECIATION EXPENSE-EQUIPMENT 12,000.00
TOTAL ADMINISTRATIVE EXPENSE 183,000.00
OTHER OPERATING EXPENSE
INTEREST EXPENSE 26,000.00
MISCELLANEOUS EXPENSE 7,000.00 226,000
288,180

TERESITA BUENAFLOR SHOES

Balance Sheet
AS OF FEBRUARY 2021

ASSETS
CURRENT ASSETS
CASH 221,180
ACCOUNTS RECEIVABLE 428,000
MERCHANDISE INVENTORY 397,000
SUPPLIES 14,000
PREPAID INSURANCE 46,000
AL CURRENT ASSETS 1,106,180

N CURRENT ASSETS
 LAND 460,000
BUILDING 1,750,000
Less: ACCUMULATED DEPRECIATION: BUILDING 359,000 1,391,000
EQUIPMENT 2,310,000
Less: ACCUMULATED DEPRECIATION: EQUIPMENT 642,000 1,668,000
3,519,000

TOTAL ASSETS 4,625,180

LIABILITIES and OWNER'S EQUITY

LIABILITIES
URRENT LIABILITIES
ACCOUNTS PAYABLE 517,000
SALARIES PAYABLE 51,000
L CURRENT LIABILITIES 568,000

CURRENT LIABILITIES
MORTGAGE PAYABLE 2,600,000

OTAL LIABILITIES 3,168,000

OWNER'S EQUITY
Buenaflor, Owner's Equity 2/1/21 1,569,000
Add: Profit 288,180
Total 1,587,180
Less: Withdrawals 400,000
Buenaflor, Owner's Equity 2/28/21 1,457,180

ILITIES and OWNER'S EQUITY 4,625,180

 TERESITA BUENAFLOR SHOES
CLOSING JOURNAL ENTRIES
AS OF FEBRUARY 2021

Date Account Title and Explanation Debit

Feb 28 Merchandise Inventory, End 397,000
Sales 1,332,000
Purchase Returns and Allowances 25,000
Purchase Discounts 7,020
Income Summary

28 Income Summary 1,472,840

Merchandise Inventory
Sales returns and Allowances
Sales Discounts
Purchases
TRANSPORTATION IN
SALARIES EXPENSE
SUPPLIES EXPENSE
INSURANCE EXPENCE
DEPRECIATION EXPENSE: BUILDING
DEPRECIATION EXPENSE: EQUIPMENT
TRANSPORTATION OUT
ADVERTISING EXPENSE
INTEREST EXPENSE
MISCELLANEOUS EXPENSE

28 Income Summary 288,180

BUENAFLOR, CAPITAL

28 BUENAFLOR, CAPITAL 400,000

BUENAFLOR, WITHDRAWALS

TERESITA BUENAFLOR S
Post-Closing Trial Ba
FEBRUARY 28, 20

CASH
ACCOUNTS RECEIVABLE
MERCHANDISE INVENTORY
SUPPLIES
PREPAID INSURANCE
LAND
BUILDING
ACCUMULATED DEPRECIATION: BUILDING
EQUIPMENT
ACCUMULATED DEPRECIATION: EQUIPMENT
ACCOUNTS PAYABLE
SALARIES PAYABLE
MORTGAGE PAYABLE
Buenaflor, Owner's Equity 2/28/21
 Credit

1,761,000

413,000
141,000
11,840
668,000
13,000
102,000
58,000
2,000
9,000
12,000
4,000
6,000
26,000
7,000

288,180

400,000

ENAFLOR SHOES
g Trial Balance
RY 28, 2021

Debit Credit
221,180
428,000
397,000
14,000
46,000
460,000
1,750,000
359,000
2,310,000
642,000
5626180 517,000
51,000
2,600,000
1,457,000
5,626,000