FDN Trading

Worksheet
for the month ended November 30, 2023
UNADJUSTED ADJUSTED
TRIAL BALANCE ADJUSTMENTS TRIAL BALANCE
ACCOUNT NAME DR CR DR CR DR CR
Cash 383,890 383,890
Accounts Receivable 85,000 85,000
Allowance for Doubtful Accounts 850 850 1,700
Commissions Receivable 37,000 37,000
Merchandise Inventory 180,000 140,000 180,000 140,000
Prepaid Advertising Expense 12,000 3,200 8,800
Supplies 20,000 16,000 4,000
Equipment 200,000 200,000
Accumulated Depreciation - Equipment 6,000 3,000 9,000
Furniture 90,000 90,000
Accumulated Depreciation - Furniture 3,750 1,875 5,625
Accounts Payable 123,000 123,000
Interest Payable 2,000 2,000
Salaries Payable 4,800 4,800
Unearned Rent Income 20,000 5,000 15,000
Notes Payable 300,000 300,000
Nakpil, Capital 322,470 322,470
Nakpil, Drawing 45,000 45,000
Income Summary 180,000 140,000 180,000 140,000
Sales 978,520 978,520
Sales Returns and Allowances 20,000 20,000
Sales Discounts 9,800 9,800
Commissions Income 37,000 37,000
Rent Income 5,000 5,000
Purchases 500,000 500,000
Freight In 12,000 12,000
Purchases Returns and Allowances 17,500 17,500
Purchases Discounts 30,000 30,000
Advertising Expense 3,200 3,200
Cleaning Services Expense 35,000 35,000
Depreciation Expense - Equipment 3,000 3,000
Depreciation Expense - Furniture 1,875 1,875
Doubtful Accounts Expense 850 850
Freight Out 35,000 35,000
Insurance Expense 28,000 28,000
Interest Expense 2,000 2,000
Rent Expense 30,000 30,000
Representation & Entertainment Expense 12,000 12,000
Salaries Expense - Office Staff 32,000 32,000
Salaries Expense - Store Staff 46,400 4,800 51,200
Supplies Expense 16,000 16,000
Utilities Expense 26,000 26,000
1,802,090 1,802,090 393,725 393,725 1,991,615 1,991,615
-
 STATEMENT OF STATEMENT OF
PROFIT & LOSS FINANCIAL POSITION
DR CR DR CR
383,890
85,000
1,700
37,000
140,000
8,800
4,000
200,000
9,000
90,000
5,625
123,000
2,000
4,800
15,000
300,000
322,470
45,000
180,000 140,000
978,520
20,000
9,800
37,000
5,000
500,000
12,000
 17,500
30,000
3,200
35,000
3,000
1,875
850
35,000
28,000
2,000
30,000
12,000
32,000
51,200
16,000
26,000
997,925 1,208,020 993,690 783,595
210,095 210,095
1,208,020 1,208,020 993,690 993,690
ADJUSTING ENTRIES
DATE PARTICULARS P/R
Income Summary
Merchandise Inventory
To record adjustment of the beginning inventory

Merchandise Inventory
Income Summary
To record adjustment of the ending inventory

Commissions Receivable
Commissions Income
To record commissions earned

Interest Expense
Interest Payable
To record interest expense

Salaries Expense - Store Staff

Salaries Payable
To record unpaid salaries

Advertising Expense
Prepaid Advertising Expense
To record advertising expense

Supplies Expense
Supplies
To record supplies expense

Unearned Rent Income

Rent Income
To record earned rent income

Depreciation Expense - Equipment

Accumulated Depreciation - Equipment
To record depreciation of equipment

Depreciation Expense - Furniture

Accumulated Depreciation - Furniture
To record depreciation of furniture

Doubtful Accounts Expense

Allowance for Doubtful Accounts
To record doubtful collection of accounts
 CLOSING ENTRIES
DR CR DATE PARTICULARS
180,000 Sales
180,000 Commissions Income
Rent Income
Income Summary
140,000
140,000
Income Summary
Sales Discounts
37,000 Sales Returns and Allowances
37,000 Cost of Goods Sold
Advertising Expense
Cleaning Services Expense
2,000 Depreciation Expense - Equipment
2,000 Depreciation Expense - Furniture
Doubtful Accounts Expense
Freight Out
4,800 Insurance Expense
4,800 Interest Expense
Rent Expense
Representation & Entertainment Expense
3,200 Salaries Expense - Office Staff
3,200 Salaries Expense - Store Staff
Supplies Expense
Utilities Expense
16,000
16,000
Income Summary
Retained Earnings
5,000
5,000

3,000
3,000

1,875
1,875

850
850
NG ENTRIES
PARTICULARS P/R DR
978,520
Commissions Income 37,000
Rent Income 5,000
Income Summary
To close November sales to income summary

Income Summary 810,425

Sales Discounts
Sales Returns and Allowances
Cost of Goods Sold
Advertising Expense
Cleaning Services Expense
Depreciation Expense - Equipment
Depreciation Expense - Furniture
Doubtful Accounts Expense
Freight Out
Insurance Expense
Interest Expense
Rent Expense
Representation & Entertainment Expense
Salaries Expense - Office Staff
Salaries Expense - Store Staff
Supplies Expense
Utilities Expense
To close contra-revenue and expense accounts

Income Summary 210,095

Retained Earnings
To close net income into retained earnings
 REVERSING ENTRIES
CR DATE PARTICULARS
Commissions Income
Commissions Receivable

1,020,520 Cash
Prepaid Advertising Expense

Unearned Rent Income

9,800 Rent Income
20,000
504,500
3,200
35,000
3,000
1,875
850
35,000
28,000
2,000
30,000
12,000
32,000
51,200
16,000
26,000

210,095
RSING ENTRIES
PARTICULARS P/R DR
Commissions Income 37,000
Commissions Receivable

8,800
Prepaid Advertising Expense

Unearned Rent Income

Rent Income 15,000
CR

37,000

8,800

15,000
 Cash
383,890

Accounts Receivable
85,000

Allowance for Doubtful Accounts

850
850
1,700

Commissions Receivable
37,000

Merchandise Inventory
140,000

Prepaid Advertising Expense

8,800

Supplies
4,000

Equipment
200,000

Accumulated Depreciation - Equipment

9,000

Furniture
90,000

Accumulated Depreciation - Furniture

5,625
 Accounts Payable
123,000

Interest Payable
2,000

Salaries Payable
4,800

Unearned Rent Income

15,000

Notes Payable
300,000

Nakpil, Capital
322,470

Nakpil, Drawing
45,000

Income Summary
180,000 140,000

Sales
978,520

Sales Returns and Allowances

20,000

Sales Discounts
9,800
 Commissions Income
37,000

Rent Income
5,000

Purchases
500,000

Freight In
12,000

Purchases Returns and Allowances

17,500

Purchases Discounts
30,000

Advertising Expense
3,200

Cleaning Services Expense

35,000

Depreciation Expense - Equipment

3,000

Depreciation Expense - Furniture

1,875

Doubtful Accounts Expense

 850

Freight Out
35,000

Insurance Expense
28,000

Interest Expense
2,000

Rent Expense
30,000

Representation & Entertainment Expense

12,000

Salaries Expense - Office Staff

32,000

Salaries Expense - Store Staff

51,200

Supplies Expense
16,000

Utilities Expense
26,000
 FDN Trading
Statement of Profit or Loss
For the month ended November 30, 2023
Sales 978,520
Less: Sales Returns and Allowances 20,000
Sales Discounts 9,800 29,800
Net Sales 948,720
Less: Cost of Goods Sold
Merchandise Inventory, beg. 180,000
Add: Purchases 500,000
Freight In 12,000
Total 512,000
Less: Purchase Returns and Allowances 17,500
Purchase Discounts 30,000 47,500
Net Purchases 464,500
Total Cost of Goods Available for Sale 644,500
Less: Merchandise Inventory, end. 140,000
Cost of Goods Sold 504,500
Gross Profit 444,220
Add: Other Income
Commission Income 37,000
Rent Income 5,000
Less: Operating Expenses
Selling Expense
Advertising Expense 3,200
Cleaning Service Expense 14,000
Depreciation Expense - Equipment 1,200
Depreciation Expense - Furniture 750
Doubtful Accounts Expense 850
Freight Out 35,000
Insurance Expense 11,200
Rent Expense 12,000
 Salaries Expense - Store Staff 51,200
Supplies Expense 6,400
Utilities Expense 10,400
Total Selling Expenses 146,200
General and Administrative Expense
Cleaning Services Expense 21,000
Depreciation Expense - Equipment 1,800
Depreciation Expense - Furniture 1,125
Insurance Expense 16,800
Rent Expense 18,000
Representation & Entertainment Expense 12,000
Salaries Expense - Office Staff 32,000
Supplies Expense 9,600
Utilities Expense 15,600
Total General and Administrative Expense 127,925
Finance Cost 2,000
Total Expenses 276,125
Net Income 210,095
 FDN Trading
Statement of Owner's Equity
For the month ended November 30, 2023
Nakpil, Capital - Beginning 322,470
Add: Net Income 210,095
Total 532,565

Less: Nakpil, Drawing 45,000

Nakpil, Capital - Ending 487,565

 FDN Trading
Statement of Financial Position
As of November 30, 2023
Assets
Current Assets
Cash 383,890
Accounts Receivable 85,000
Allowance for Doubtful Collection 1,700
Commissions Receivable 37,000
Merchandise Inventory 140,000
Prepaid Advertising Expense 8,800
Supplies 4,000
Total Current Assets 656,990
Non-current Assets
Equipment 200,000
Accumulated Depreciation - Equipment 9,000
Furniture 90,000
Accumulated Depreciation - Furniture 5,625
Total Non-current Assets 275,375
Total Assets 932,365
Liabilities
Current Liabilities
Accounts Payable 123,000
Interest Payable 2,000
Salaries Payable 4,800
Unearned Rent Income 15,000
Notes Payable 300,000
Total Liabilities 444,800
Owner's Equity
Nakpil, Capital 487,565
Total Liabilities and Owner's Equity 932,365
 FDN Trading
Post-Closing Trial Balance
As of November 30, 2023
Cash 383,890
Accounts Receivable 85,000
Allowance for Doubtful Collection 1,700
Commissions Receivable 37,000
Merchandise Inventory 140,000
Prepaid Advertising Expense 8,800
Supplies 4,000
Equipment 200,000
Accumulated Depreciation - Equipment 9,000
Furniture 90,000
Accumulated Depreciation - Furniture 5,625
Accounts Payable 123,000
Interest Payable 2,000
Salaries Payable 4,800
Unearned Rent Income 15,000
Notes Payable 300,000
Nakpil, Capital 277,470
Retained Earnings 210,095
948,690 948,690