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Comprehensive-Illustration Merchandising Keys

The document details the financial transactions and adjustments for Kaya Kho Toe Shoes for February 2019, including cash flow, sales, expenses, and adjustments for accrued expenses. It provides an unadjusted trial balance, adjustments, and an adjusted trial balance leading to an income statement showing a net profit of 288,180. The balance sheet outlines total assets of 4,625,180 and total liabilities of 3,168,000, reflecting the company's financial position at the end of the period.

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23 views9 pages

Comprehensive-Illustration Merchandising Keys

The document details the financial transactions and adjustments for Kaya Kho Toe Shoes for February 2019, including cash flow, sales, expenses, and adjustments for accrued expenses. It provides an unadjusted trial balance, adjustments, and an adjusted trial balance leading to an income statement showing a net profit of 288,180. The balance sheet outlines total assets of 4,625,180 and total liabilities of 3,168,000, reflecting the company's financial position at the end of the period.

Uploaded by

quincianoarino
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
You are on page 1/ 9

Date

Account Title and Explanation PR Debit Credit


2019
Feb 1 Cash 110 113,000.00
Accounts Receivable 120 113,000.00
Collection of customers account.

2 Accounts Payable 210 64,000.00


Purchase Discounts 530 1,920.00
Cash 110 62,080.00
Payment of accounts.

4 Purchases 510 170,000.00


Accounts Payable 210 170,000.00
Purchased of merchandise

5 Accounts Receivable 120 270,000.00


Sales 410 270,000.00
Sales on account.

7 Advertising Expense 670 6,000.00


Cash 110 6,000.00
Paid advertising expense.

7 Cash 110 250,000.00


Sales 410 250,000.00
Cash sales.

8 Accounts Payable 210 170,000.00


Purchase Discounts 530 5,100.00
Cash 110 164,900.00
Payment of accounts.

9 Freight-In 540 4,000.00


Cash 110 4,000.00
Paid Iloilo Freight.

10 Sales Returns and Allowances 420 70,000.00


Accounts Receivable 120 70,000.00
Returned merchandise from the Gonzales Inc.

12 Cash 110 196,000.00


Sales Discounts 430 4,000.00
Accounts Receivable 120 200,000.00
Rollection from Gonzales Inc.

14 Interest Expense 680 26,000.00


Cash 110 26,000.00
Paid interest on MP.

15 Salaries Expense 610 51,000.00


Cash 110 51,000.00
Paid salaries.

16 Accounts Receivable 120 392,000.00


Sales 410 392,000.00
Sold merchandise to Ronzales Corp.

18 Freight-Out 660 4,000.00


Cash 110 4,000.00
Paid freight charges.

19 Supplies 140 21,000.00


Cash 110 21,000.00
Acquired supplies.

20 Purchases 510 125,000.00


Accounts Payable 210 125,000.00
Purchased merchandise from Lozada Imports.

22 Miscellaneous Expense 690 7,000.00


Cash 110 7,000.00
Paid miscellaneous expenses.

23 Cash 110 384,160.00


Sales Discounts 430 7,840.00
Accounts Receivable 392,000.00
Received payment from Ronzales Corp.

24 Purchases 510 373,000.00


Accounts Payable 210 373,000.00
Purchased merchandise from Lozada Imports.

24 Freight-In 540 9,000.00


Cash 110 9,000.00
Paid freight.

25 Accounts Receivable 120 420,000.00


Sales 410 420,000.00
Sold merchandise on account.

26 Sales Returns and Allowances 420 71,000.00


Accounts Receivable 120 71,000.00
Received merchandise returned from Ronzales.

28 Kaya Kho, Withdrawals 320 400,000.00


Cash 110 400,000.00
Owner's cash withdrawals.

28 Accounts Payable 210 25,000.00


Purchased Returns and Allowances 520 25,000.00
Returned merchandise purchased from Agustin.
ADJUSTING JOURNAL ENTRIES
Date
Account Title and Explanation PR Debit Credit
2019
Feb 28 Salaries Expense 610 51,000.00
Salaries Payable 220 51,000.00
To record salaries accrued.

28 Insurance Expense 630 2,000.00


Prepaid Insurance 150 2,000.00
To record insurance expired.

28 Depreciation Expense - Building 640 9,000.00


Depreciation Expense - Equipment 650 12,000.00
Accumulated Depreciation - Building 175 9,000.00
Accumulated Depreciation - Equipment 185 12,000.00
To record depreciation expense for the month.

28 Supplies Expense 620 58,000.00


Supplies 140 58,000.00
Supplies expense for the month.
Cash Accounts Receivable Merchandise Invty.
33,000.00 62,080.00 192,000.00 113,000.00 413,000.00
113,000.00 6,000.00 270,000.00 70,000.00
250,000.00 164,900.00 392,000.00 200,000.00
196,000.00 4,000.00 420,000.00 392,000.00
384,160.00 26,000.00 71,000.00
51,000.00 1,274,000.00 846,000.00
4,000.00 428,000.00
21,000.00
7,000.00
9,000.00
400,000.00
976,160.00 754,980.00
221,180.00

Supplies Prepaid Insurance Land


51,000.00 58,000.00 48,000.00 2,000.00 460,000.00
21,000.00 46,000.00
72,000.00

Building Accum. Depr. - Building Equipment


1,750,000.00 350,000.00 2,310,000.00
9,000.00

Accum. Depr. - Equipment Accounts Payable Salaries Payable


630,000.00 64,000.00 108,000.00 51,000.00
12,000.00 170,000.00 170,000.00
25,000.00 125,000.00
373,000.00
259,000.00 776,000.00
517,000.00

Mortgage Payable Kaya Kho, Capital Kaya Kho, Withdrawals


2,600,000.00 1,569,000.00 400,000.00

Income Summary Sales Sales Returns & Allowances


270,000.00 70,000.00
250,000.00 71,000.00
392,000.00 141,000.00
420,000.00
1,332,000.00
Sales Discounts Purchases Purchase Returns & Allow.
4,000.00 170,000.00 25,000.00
7,840.00 125,000.00
11,840.00 373,000.00
668,000.00

Purchase Discounts Freight-In Salaries Expense


1,920.00 4,000.00 51,000.00
5,100.00 9,000.00
7,020.00 13,000.00

Supplies Expense Insurance Expense Dep. Expense - Building


58,000.00 2,000.00 9,000.00

Dep. Expense - Equipment Freight-Out Advertising Expense


12,000.00 4,000.00 6,000.00

Interest Expense Miscellaneous Expense


26,000.00 7,000.00
Kaya Kho Toe Shoes
Worksheet
For the Period Ended February 28, 2019
Account Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Account Titles
Code Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 110 221,180 221,180 221,180
Accounts Receivable 120 428,000 428,000 428,000
Merchandise Inventory, 02/01/2019 130 413,000 413,000 413,000
Supplies 140 72,000 58,000 14,000 14,000
Prepaid Insurance 150 48,000 2,000 46,000 46,000
Land 160 460,000 460,000 460,000
Building 170 1,750,000 1,750,000 1,750,000
Accumulated Depreciation - Building 175 350,000 9,000 359,000 359,000
Equipment 180 2,310,000 2,310,000 2,310,000
Accumulated Depreciation - Equipment 185 630,000 12,000 642,000 642,000
Accounts Payable 210 517,000 517,000 517,000
Salaries Payable 220 51,000 51,000 51,000
Mortgagae Payable 230 2,600,000 2,600,000 2,600,000
Kaya Kho, Capital 310 1,569,000 1,569,000 1,569,000
Kaya Kho, Withdrawals 320 400,000 400,000 400,000
Income Summary 330
Sales 410 1,332,000 1,332,000 1,332,000
Sales Returns and Allowances 420 141,000 141,000 141,000
Sales Discounts 430 11,840 11,840 11,840
Purchases 510 668,000 668,000 668,000
Purchase Returns and Allowances 520 25,000 25,000 25,000
Purchase Discounts 530 7,020 7,020 7,020
Freight-In 540 13,000 13,000 13,000
Salaries Expense 610 51,000 51,000 102,000 102,000
Supplies Expense 620 58,000 58,000 58,000
Insurance Expense 630 2,000 2,000 2,000
Depreciation Expense - Building 640 9,000 9,000 9,000
Depreciation Expense - Equipment 650 12,000 12,000 12,000
Freight-Out 660 4,000 4,000 4,000
Advertising Expense 670 6,000 6,000 6,000
Interest Expense 680 26,000 26,000 26,000
Miscellaneous Expense 690 7,000 7,000 7,000
Merchandise Inventory, 02/28/2019 397,000 397,000
TOTALS 7,030,020 7,030,020 132,000 132,000 7,102,020 7,102,020 1,472,840 1,761,020 6,026,180 5,738,000
Net Profit - - - - - - 288,180 - - 288,180
TOTALS 7,030,020 7,030,020 132,000 132,000 7,102,020 7,102,020 1,761,020 1,761,020 6,026,180 6,026,180
Kaya Kho Toe Shoes
Income Statement
For the Period Ended February 28, 2019

Net Sales
Gross Sales 1,332,000
Less: Sales Returns and Allowances 141,000
Sales Discounts 11,840 152,840
Net Sales 1,179,160
Cost of Sales
Merchandise Inventory, 2/1/2019 413,000
Purchases 668,000
Less: Purchase Returns and Allowances 25,000
Purchase Discounts 7,020 32,020
Net Purchases 635,980
Freight-in 13,000
Net Cost of Purchases 648,980
Goods Available for Sale 1,061,980
Less: Merchandise Inventory, 02/28/2019 397,000
Cost of Sales 664,980
Gross Profit 514,180
Less; Operating Expenses:
Salaries Expense 102,000
Supplies Expense 58,000
Insurance Expense 2,000
Depreciation Expense - Building 9,000
Depreciation Expense - Equipment 12,000
Freight-Out 4,000
Advertising Expense 6,000
Miscellaneous Expense 7,000
Total Operating Expenses 200,000
Operating Profit 314,180
Finance Costs
Interest Expense 26,000
Net Profit 288,180
Kaya Kho Toe Shoes
Statement of Changes in Equity
For the Period Ended February 28, 2019

Kaya Kho, Capital, 2/1/2019 1,569,000


Add: Net Profit 288,180
Total 1,857,180
Less: Withdrawals 400,000
Kaya Kho, Capital, 2/28/2019 1,457,180
Kaya Kho Toe Shoes
Balance Sheet
February 28, 2019

ASSETS
Current Assets
Cash 221,180
Accounts Receivable 428,000
Merchandise Inventory 397,000
SupplieAllowance for Bad Debts 14,000
Prepaid Insurance 46,000
Total Current Assets 1,106,180
Non-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
Current Liabilities
Accounts Payable 517,000
Salaries Payable 51,000
Total Current Liabilities 568,000
Non-Current Liabilities
Mortgage Payable 2,600,000
Total Liabilities 3,168,000
OWNER'S EQUITY
Kaya Kho, Capital, 2/28/2019 1,457,180
Total Liabilities and Owner's Equity 4,625,180

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