Schedule of Cost of Sales
Merchandise Inventory, Beginning ₱ 2,980,000.00
Add: Purchases ₱ 1,863,800.00
Available for Sale ₱ 4,843,800.00
Less: Merchandise Inventory, End ₱ 1,010,000.00
Cost of Sales ₱ 3,833,800.00
Jordan Hardware & Construction Supply
Income Statement
For the month ended 31 December , 20C
Net Sales
Gross Sales
Less: Sales Discounts
Sales Ret. & Allowances
Net Sales
Cost of Goods Sold
Merchandise Inventory, Beg.
Purchases
Less: Purchases Ret. & Allowances ₱ 10,300.00
Purchases Discounts ₱ 5,900.00
Net Purchases
Add: Freight In
Delivered Cost of Purchases
Cost of Goods Available for Sale
Less: Merchandise Inventory, End
Cost of Goods Sold
Gross Profit
Operating Expenses
Selling Expenses
Sales Salaries
Sales Commision
General and Ad.
Office Salaries
Taxes and Licenses
Rent Expense
Utilities Expense
Profit
₱ 5,452,000.00
₱ 12,500.00
₱ 14,600.00 ₱ 27,100.00
₱ 5,424,900.00
₱ 2,980,000.00
₱ 1,880,000.00
₱ 16,200.00
₱ 1,863,800.00
₱ 9,810.00
₱ 1,873,610.00
₱ 4,853,610.00
₱ 1,010,000.00
₱ 3,843,610.00
₱ 1,581,290.00
₱ 188,000.00
₱ 80,000.00 ₱ 268,000.00
₱ 160,000.00
₱ 64,300.00
₱ 176,000.00
₱ 140,000.00 ₱ 540,300.00 ₱ 808,300.00
₱ 772,990.00
Jordan Hardware & Construction Supply
Balance Sheet
As of 31 December, 20C
ASSETS
Current Assets:
Cash in Bank ₱ 205,000.00
Accounts Receivable ₱ 185,000.00
Est. Uncollectable Accounts ₱ 4,000.00 ₱ 181,000.00
Merchandise Inventory, End ₱ 1,010,000.00
Unused supplies ₱ 54,000.00
Total Current Assets ₱ 3,295,000.00
Non- Current Assets
Property and Equipment
Furniture and Fixtures ₱ 1,300,000.00
Acc. Depreciation- Furniture and Fixtures ₱ 520,000.00 ₱ 780,000.00
Total Property and Equipment ₱ 780,000.00
Total Assets ₱ 4,075,000.00
Liabilities and Owner's Equity
Current Liability:
Accounts Payable ₱ 980,000.00
Owner's Equity
N. Alegre, Capital ₱ 3,095,000.00
Total Liabilities and owner's equity ₱ 4,075,000.00
Jordan Hardware & Construction Supply
Statement Of Changes in Owner's Equity
For the month 31, December 20C
N. Alegre, Capital- Beginning ₱ 2,382,010.00
Add: Profit ₱ 772,990.00
Total ₱ 3,155,000.00
Less: N. Alegre, Drawing ₱ 60,000.00
N. Alegre, Capital- End ₱ 3,095,000.00
General Journal
Debit
20C
Dec-31 Sales ₱ 542,000.00
Sales Discount
Sales Return and Allowances
Income & Expense Summary
To close sales and other related account
To income and Expense Summary
Merchandise Inventory, End ₱ 1,010,000.00
Purchase Discounts ₱ 5,900.00
Purchase Returns & Allowances ₱ 10,300.00
Income and Expense Summary ₱ 3,843,610.00
Merchandise Inventory, Beginning
Purchases
Freight In
To close cost of sales and related accounts
To Income and Expense Summary
Income And Expense Summary ₱ 806,300.00
Sales Salaries
Office Salaries
Taxes and Licenses
Utilities Expense
Rent Expense
Sales Commision
To close expense accounts to Income and
Expense Summary
Income and Expense Summary ₱ 772,990.00
N. Alegre, Capital
To close profit to Capital
N. Alegre, Capital ₱ 60,000.00
N. Alegre, Drawing
To close Drawing to Capital
Credit
₱ 12,500.00
₱ 14,600.00
₱ 5,424,900.00
₱ 2,980,000.00
₱ 1,880,000.00
₱ 9,810.00
₱ 188,000.00
₱ 160,000.00
₱ 64,300.00
₱ 174,000.00
₱ 140,000.00
₱ 80,000.00
₱ 772,990.00
₱ 60,000.00
Jordan Hardware & Construction Supply
Post- Closing Trial Balnce
December 31, 20C
Debit Credit
Cash in Bank ₱ 2,050,000.00
Acounts Recievable ₱ 185,000.00
Est. Uncollectable Accounts ₱ 4,000.00
Merchandise Inventory, Beg. ₱ 1,010,000.00
Unused Supplies ₱ 54,000.00
Furniture and Fixtures ₱ 1,300,000.00
Acc. Dep.- Furniture and Fixtures ₱ 520,000.00
Accounts Payable ₱ 980,000.00
N. Alegre, Capital ₱ 3,095,000.00
TOTAL ₱ 4,599,000.00 ₱ 4,599,000.00
20D
Jan-01 Cash in Bank ₱ 2,050,000.00
Acounts Recievable ₱ 185,000.00
Merchandise Inventory, Beg. ₱ 1,010,000.00
Unused Supplies ₱ 54,000.00
Furniture and Fixtures ₱ 1,300,000.00
Acc. Dep.- Furniture and Fixtures ₱ 520,000.00
Estimated Uncollectable Acct. ₱ 4,000.00
Accounts Payable ₱ 980,000.00
N. Alegre, Capital ₱ 3,095,000.00
To record opening entry on January 1, 20D
