UNADJUSTED TRIAL BALANCE ADJUSTMENTS

Particulars
DEBIT CREDIT DEBIT
Cash on Hand ₱ 295,000.00
Petty Cash Fund ₱ 1,000.00
Accounts Receivable ₱ 50,000.00
Estimated Uncollectible Accounts ₱ 1,000.00
Merchandise Inventory ₱ 125,000.00
Furnitures and Fixtures ₱ 175,000.00
Accumulated Depreciation ₱ 23,000.00
Accounts Payable ₱ 20,000.00
X, Capital ₱ 1,183,700.00
X, Withdrawals ₱ 2,000.00
Sales ₱ 1,430,000.00
Sales Return and Allowances ₱ 1,500.00
Purchases ₱ 1,630,000.00
Freight-in ₱ 800.00
Purchase Return and Allowances ₱ 1,600.00
Salaries Expense ₱ 240,000.00
Taxes and Licenses ₱ 14,000.00
Rental Expense ₱ 110,000.00 ₱ 10,000.00
Insurance Expense ₱ 15,000.00
Doubtful Accounts Expense ₱ 900.00
Depreciation Expense ₱ 35,000.00
Prepaid Insurance ₱ 12,000.00
Rent Payable
TOTAL ₱ 2,659,300.00 ₱ 2,659,300.00 ₱ 57,900.00
PROFIT

Adjusting Entries:
A. Income Summary ₱ 125,000.00
Merchandise Inventory,Beginning ₱ 125,000.00

Merchandise Inventory, End ₱ 985,000.00

Income Summary ₱ 985,000.00

B. Doubtful Accounts Expense ₱ 900.00

Estimated Uncollectible Accounts ₱ 900.00

C. Depreciation Expense ₱ 35,000.00

Accumulated Depreciation ₱ 35,000.00

D. Prepaid Insurance ₱ 12,000.00

Insurance Expense ₱ 12,000.00

E. Rental Expense ₱ 10,000.00

 Rent Payable ₱ 10,000.00

Closing Entries:
Sales ₱ 1,430,000.00
Purchase Return and Allowances ₱ 1,600.00
Merchandise Inventory, End ₱ 985,000.00
Income Summary ₱ 2,416,600.00

Income Summary ₱ 2,170,200.00

Merchandise Inventory, Beg. ₱ 125,000.00
Salaries Expense ₱ 240,000.00
Taxes and Licenses ₱ 14,000.00
Rental Expense ₱ 120,000.00
Insurance Expense ₱ 3,000.00
Doubtful Accounts Expense ₱ 900.00
Depreciation Expense ₱ 35,000.00
Sales Return and Allowances ₱ 1,500.00
Purchases ₱ 1,630,000.00
Freight-in ₱ 800.00

Income Summary ₱ 246,400.00

X,Capital ₱ 246,400.00

X, Capital ₱ 2,000.00
X, Withdrawals ₱ 2,000.00

X Traders
Post Closing Trial Balance
December 31, 2024
Cash on Hand ₱ 295,000.00
Petty Cash Fund ₱ 1,000.00
Prepaid Insurance ₱ 12,000.00
Accounts Receivable ₱ 50,000.00
Estimated Uncollectible Accounts ₱ 1,900.00
Merchandise Inventory ₱ 985,000.00
Furnitures and Fixtures ₱ 175,000.00
Accumulated Depreciation ₱ 58,000.00
Accounts Payable ₱ 20,000.00
Rent Payable ₱ 10,000.00
X, Capital ₱ 1,428,100.00
TOTAL ₱ 1,518,000.00 ₱ 1,518,000.00
ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT
CREDIT DEBIT CREDIT DEBIT CREDIT
₱ 295,000.00
₱ 1,000.00
₱ 50,000.00
₱ 900.00 ₱ 1,900.00
₱ 125,000.00 ₱ 125,000.00 ₱ 985,000.00
₱ 175,000.00
₱ 35,000.00 ₱ 58,000.00
₱ 20,000.00
₱ 1,183,700.00
₱ 2,000.00
₱ 1,430,000.00 ₱ 1,430,000.00
₱ 1,500.00 ₱ 1,500.00
₱ 1,630,000.00 ₱ 1,630,000.00
₱ 800.00 ₱ 800.00
₱ 1,600.00 ₱ 1,600.00
₱ 240,000.00 ₱ 240,000.00
₱ 14,000.00 ₱ 14,000.00
₱ 120,000.00 ₱ 120,000.00
₱ 12,000.00 ₱ 3,000.00 ₱ 3,000.00
₱ 900.00 ₱ 900.00
₱ 35,000.00 ₱ 35,000.00
₱ 12,000.00
₱ 10,000.00 ₱ 10,000.00
₱ 57,900.00 ₱ 2,705,200.00 ₱ 2,705,200.00 ₱ 2,170,200.00 ₱ 2,416,600.00
₱ 246,400.00
₱ 2,416,600.00 ₱ 2,416,600.00
 BALANCE SHEET
DEBIT CREDIT
₱ 295,000.00
₱ 1,000.00
₱ 50,000.00
₱ 1,900.00
₱ 985,000.00
₱ 175,000.00
₱ 58,000.00
₱ 20,000.00
₱ 1,183,700.00
₱ 2,000.00

₱ 12,000.00
₱ 10,000.00
₱ 1,520,000.00 ₱ 1,273,600.00
₱ 246,400.00
₱ 1,520,000.00 ₱ 1,520,000.00