TERESITA BUENAFLOR

CHART OF ACCOUNTS

ASSETS

LIABILITIES

EQUITY

REVENUE

PURCHASES

EXPENSE
 TERESITA BUENAFLOR
GENERAL JOURNAL
FEB. 2013
Beg. Balance

10
12

14

15

16

18

19

20

22

23

24

24

25

26

28

28
 TERESITA BUENAFLOR
GENERAL JOURNAL
Account Title
Cash
Accounts Receivable
Merchandise Inventory
Supplies
Prepaid Insurance
Land
Building
Accumulated Depreciation - Building
Equipment
Accumulated Depreciation - Equipment
Accounts Payable
Salaries Payable
Mortgage Payable
Buenaflor, Capital

Cash
Accounts Receivable

Accounts Payable
Purchases Discounts
Cash

Purchases
Accounts Payable

Accounts Receivable
Sales

Advertising Expense
Cash

Cash
Sales

Accounts Payable
Purchases Discounts
Cash

Transportation In
Cash

Sales Returns and Allowances

Accounts Receivable
Sales Discounts
Cash
Accounts Receivable

Interest Expense
Cash

Salaries Expense
Cash

Accounts Receivable
Sales

Transportation Out
Cash

Supplies
Cash

Purchases
Accounts Payable

Miscellaneous Expense
Cash

Sales Discounts
Cash
Accounts Receivable

Purchases
Accounts Payable

Transportation In
Cash

Accounts Receivable
Sales

Sales Returns and Allowances

Accounts Receivable

Buenaflor, Withdrawals
Cash

Accounts Payable
Purchases Returns and Allowances
REF DEBIT CREDIT
110 ₱ 33,000
120 192,000
130 413,000
140 51,000
150 48,000
160 460,000
170 1,750,000
175 ₱ 350,000
180 2,310,000
185 630,000
210 108,000
220
230 2,600,000
310 1,569,000

110 113,000
120 113,000

210 64,000
530 1,920
110 62,080

510 170,000
210 170,000

120 270,000
410 270,000

670 6,000
110 6,000

110 250,000
410 250,000

210 170,000
530 5,100
110 164,900

540 4,000
110 4,000

420 70,000
120 70,000
430 4,000
110 196,000
120 200,000

680 26,000
110 26,000

610 51,000
110 51,000

120 392,000
410 392,000

660 4,000
110 4,000

140 21,000
110 21,000

510 125,000
210 125,000

690 7,000
110 7,000

430 7,840
110 384,160
120 392,000

510 373,000
210 373,000

540 9,000
110 9,000

120 420,000
410 420,000

420 71,000
120 71,000

320 400,000
110 400,000

210 25,000
520 25,000
 TERESITA BUENAFLOR
ADJUSTING ENTRIES
FEB. 2013
28 a

28 b

28 c

28 d
 TERESITA BUENAFLOR
ADJUSTING ENTRIES
Account Title
Salaries Expense
Salaries Payable
Salaries accrued at month-end

Insurance Expense
Prepaid Insurance
Insurance premium expired at month-emd

Depreciation Expense - Building

Depreciation Expense - Equipment
Accumulated Depreciation - Building
Accumulated Depreciation - Equipment
Depreciation for the building and the equipment for the month

Supplies Expense
Supplies
Supplies expense for the month
REF DEBIT CREDIT
610 ₱ 51,000
220 ₱ 51,000

630 2,000
150 2,000

640 9,000
650 12,000
175 9,000
185 12,000

620 58,000
140 58,000
 TERESITA BUENAFLOR
CLOSING ENTRIES
FEB. 2013
28

28

28

28
 TERESITA BUENAFLOR
CLOSING ENTRIES
Account Title
Income Summary
Merchandise Inventory, Beginning
Sales Returns and Allowances
Sales Discounts
Purchases
Transportation In
Salaries Expense
Supplies Expense
Insurance Expense
Depreciation Expense - Building
Depreciation Expense - Equipment
Transportation Out
Advertising Expense
Interest Expense
Miscellaneous Expense

Merchandise Inventory, End

Sales
Purchases Returns and Allowances
Purchases Discounts
Income Summary

Income Summary
Buenaflor, Capital

Buenaflor, Capital
Buenaflor, Withdrawals
REF DEBIT CREDIT
330 ₱ 1,472,840
130 ₱ 413,000
420 141,000
430 11,840
510 668,000
540 13,000
610 102,000
620 58,000
630 2,000
640 9,000
650 12,000
660 4,000
670 6,000
680 26,000
690 7,000

130 397,000
410 1,332,000
520 25,000
530 7,020
330 1,761,020

330 288,180
310 288,180

310 400,000
320 400,000
 TERESITA BUENAFL
WORKSHEET
FOR THE MONTH ENDED FEBR
Unadjusted Trial Balance Adjusting Entries
REF Account Title DEBIT CREDIT DEBIT CREDIT
110 Cash ₱ 221,180
120 Accounts Receivable 428,000
130 Merchandise Inventory 413,000
140 Supplies 72,000 d
150 Prepaid Insurance 48,000 b
160 Land 460,000
170 Building 1,750,000
175 Accumulated Depreciation - Building ₱ 350,000 c
180 Equipment 2,310,000
185 Accumulated Depreciation - Equipment 630,000 c
210 Accounts Payable 517,000
220 Salaries Payable a
230 Mortgage Payable 2,600,000
310 Buenaflor, Capital 1,569,000
320 Buenaflor, Withdrawals 400,000
330 Income Summary
410 Sales 1,332,000
420 Sales Returns and Allowances 141,000
430 Sales Discounts 11,840
510 Purchases 668,000
520 Purchases Returns and Allowances 25,000
530 Purchases Discounts 7,020
540 Transportation In 13,000
610 Salaries Expense 51,000 a ₱ 51,000
620 Supplies Expense d 58,000
630 Insurance Expense b 2,000
640 Depreciation Expense - Building c 9,000
650 Depreciation Expense - Equipment c 12,000
660 Transportation Out 4,000
670 Advertising Expense 6,000
680 Interest Expense 26,000
690 Miscellaneous Expense 7,000
TOTAL ₱ 7,030,020 ₱ 7,030,020 ₱ 132,000
NET INCOME
TOTAL
 TERESITA BUENAFLOR
WORKSHEET
E MONTH ENDED FEBRUARY 28, 2013
Adjusting Entries Adjusted Trial Balance Income Statement Balance Sheet
CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT
₱ 221,180 ₱ 221,180
428,000 428,000
413,000 ₱ 413,000 ₱ 397,000 397,000
₱ 58,000 14,000 14,000
2,000 46,000 46,000
460,000 460,000
1,750,000 1,750,000
9,000 ₱ 359,000
2,310,000 2,310,000
12,000 642,000
517,000
51,000 51,000
2,600,000
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
₱ 132,000 ₱ 7,102,020 ₱ 7,102,020 1,472,840 1,761,020 6,026,180
288,180
₱ 1,761,020 ₱ 1,761,020 ₱ 6,026,180
Balance Sheet Closing Entries Post-Closing Trial Balance
CREDIT DEBIT CREDIT DEBIT CREDIT
₱ 221,180
428,000
₱ 397,000 ₱ 413,000 397,000
14,000
46,000
460,000
1,750,000
₱ 359,000 ₱ 359,000
2,310,000
642,000 642,000
517,000 517,000
51,000 51,000
2,600,000 2,600,000
1,569,000 400,000 288,180 1,457,180
400,000
1,761,020 1,761,020
1,332,000
141,000
11,840
668,000
25,000
7,020
13,000
102,000
58,000
2,000
9,000
12,000
4,000
6,000
26,000
7,000
5,738,000 ₱ 3,922,040 ₱ 3,922,040 ₱ 5,626,180 ₱ 5,626,180
288,180
₱ 6,026,180
 Teresita Buenaflor Shoes
Statement of Financial Performace
For the Month Ended February 28, 2013

Sales

Less: Sales Discounts ₱ 11,840

Sales Returns and Allowances 141,000
Net Sales

Less: Cost of Sales

Merchandise Inventory, 2/1/2013 413,000
Purchases ₱ 668,000
Purchases Discounts ₱ 7,020
Purchases Returns and Allowan 25,000 (32,020)
Net Purchases 635,980
Transportation In 13,000 648,980
Total Goods Available for Sale 1,061,980
Merchandise Inventory, 2/28/2013 (397,000)
Gross Profit

Less: Operating Expenses

Selling Expenses
Transportation Out 4,000
Advertising Expense 6,000 10,000
Administrative Expenses
Salaries Expense 102,000
Supplies Expense 58,000
Insurance Expense 2,000
Depreciation Expense - Building 9,000
Depreciation Expense - Equipment 12,000 183,000
Total Operating Expense
Operating Profit

Less: Other Expenses

Intrest Expenses 26,000
Miscellaneous Expenses 7,000
NET INCOME
₱ 1,332,000

(152,840)
1,179,160

(664,980)
514,180

(193,000)
321,180

(33,000)
₱ 288,180
 Teresita Buenaflor Shoes
Statement of Changes in Owner's Equity
For the Month Ended February 28, 2013

Buenaflor, Owner's Equity, 2/1/2018

Add: Profit
Total
Less: Withdrawals
Buenaflor, Owner's Equity, 2/28/2018
₱ 1,569,000
288,180
1,857,180
400,000
₱ 1,457,180
 Teresita Buenaflor Shoes
Statement of Financial Position
As of February 28, 2013

ASSETS
Current Assets
Cash ₱ 221,180
Accounts Receivable 428,000
Merchandise Inventory 397,000
Supplies 14,000
Prepaid Insurance 46,000
Total Current Assets
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
Total Non-Current Assets
TOTAL ASSETS

LIABILITIES AND OWNER'S EQUITY

Current Liabilities
Accounts Payable ₱ 517,000
Salaries Payable 51,000
Total Current Liabilities
Non-Current Liabilities
Mortgage Payable
Total Liabilities
Owner's Equity
Buenaflor, Capital, Feb. 28
TOTAL LIABILITIES AND OWNER'S EQUITY
₱ 1,106,180

3,519,000
₱ 4,625,180

₱ 568,000

2,600,000
3,168,000

1,457,180
₱ 4,625,180