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Acc 101-Merchandising Worksheet

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Arman Dizon
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63 views1 page

Acc 101-Merchandising Worksheet

Uploaded by

Arman Dizon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Acc 101 – Worksheet Preparation

Sample Problem

Marin General Merchandise provided the 2023 trial balance, before adjustments, which is shown below (all amounts are
in PHP):

DR CR
Cash 100,000.00
Accounts receivable 100,000.00
Allowance for uncollectible accounts 10,000.00
Merchandise inventory, beginning 50,000.00
Prepaid advertising 5,000.00
Land 200,000.00
Building 300,000.00
Accumulated depreciation-building 60,000.00
Equipment 150,000.00
Accumulated depreciation-equipment 50,000.00
Accounts payable 33,000.00
Loans payable 200,000.00
Owner capital 300,000.00
Owner drawings 10,000.00
Sales 1,200,000.00
Sales returns and allowances 6,000.00
Sales discounts 14,000.00
Purchases 400,000.00
Purchase returns and allowances 3,000.00
Purchase discounts 17,000.00
Freight in 5,000.00
Freight out 2,000.00
Advertising expenses 55,000.00
Salaries expenses 180,000.00
Utilities expenses 200,000.00
Miscellaneous expenses 96,000.00
Depreciation-building -
Depreciation-equipment -
Uncollectible accounts expense -
Balance 1,873,000.00 1,873,000.00

On December 31, 2023, several adjustments were considered:


 Depreciation of the following: building-P10,000; equipment: P25,000.
 Allowance for uncollectible accounts should be P15,000.
 P2,500 of prepaid advertising was used up.
 P1,500 worth of miscellaneous expenses was incurred but not yet reflected on 2023 books (use accounts payable).
 Ending inventory as per physical count, P40,000.

Required: Prepare worksheet, financial statements and complete the accounting process for 2023.

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