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Acctg 123 Merchandising Operations Worksheet

Teresita Buenaflor Shoes' journal entries record transactions from February 1 to February 29 including purchases, sales, expenses, and withdrawals. The trial balance shows accounts such as cash, accounts receivable, inventory, and accumulated depreciation with their debit and credit balances at month end. Adjustments were made to the inventory account to match the physical count amount.

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Cyruz Jared Ramos
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590 views

Acctg 123 Merchandising Operations Worksheet

Teresita Buenaflor Shoes' journal entries record transactions from February 1 to February 29 including purchases, sales, expenses, and withdrawals. The trial balance shows accounts such as cash, accounts receivable, inventory, and accumulated depreciation with their debit and credit balances at month end. Adjustments were made to the inventory account to match the physical count amount.

Uploaded by

Cyruz Jared Ramos
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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TERESITA BUENAFLOR SHOES TERESITA BUENAFLOR S

Journal Entries T ACCOUNTS


Date Particulars Debit Credit
Feb 1 Cash 113,000 CASH
Accounts receivable 113,000 DATE DEBIT
1 113,000
02 Accounts payable 64,000 7 250,000
Purchase discount 1,920 12 196,000
Cash 62,080 23 384,160

04 Purchases 170,000
Accounts payable 170,000

05 Accounts receivable 270,000


Sales 270,000

07 Advertising expense 6,000 943,160


Cash 6,000 188,180

07 Cash 250,000 ACCOUNTS RECEIVAB


Sales 250,000 DATE DEBIT
5 270,000
08 Accounts payable 170,000 16 392,000
Purchase discount 5,100 25 420,000
Cash 164,900

09 Transportation in 4,000
Cash 4,000

10 Sales returns and allowances 70,000


Accounts receivable 70,000

12 Cash 196,000 1,082,000


Sales discount 4,000 236,000
Accounts receivable 200,000
ACCOUNTS PAYABL
14 Interest expense 26,000 DATE DEBIT
Cash 26,000 2 64,000
8 170,000
15 Salaries expense 51,000 28 25,000
Cash 51,000

16 Accounts receivable 392,000


Sales 392,000

18 Transportation out 4,000


Cash 4,000

19 Supplies 21,000 259,000


Cash 21,000

20 Purchases 125,000 PURCHASE DISCOUN


Accounts payable 125,000 DATE DEBIT

22 Miscellaneous expense 7,000


Cash 7,000 -

23 Cash 384,160
Sales discount 7,840 SALES DISCOUNT
Accounts receivable 392,000 DATE DEBIT
12 4,000
24 Purchases 373,000 23 7,840
Accounts payable 373,000 11,840
11,840
24 Transportation in 9,000
Cash 9,000 SALES
DATE DEBIT
25 Accounts receivable 420,000
Sales 420,000

26 Sales returns and allowances 71,000


Accounts receivable 71,000 -

28 Buenaflor, withdrawals 400,000


Cash 400,000 TRANSPORTATION I
DATE DEBIT
28 Accounts payable 25,000 9 4,000
Purchase returns and allowances 25,000 24 9,000
3,633,000 3,633,000 13,000
13,000

. .
RESITA BUENAFLOR SHOES
T ACCOUNTS

CASH
DATE CREDIT TRANSPORTATION OUT
2 62,080 DATE DEBIT DATE CREDIT
7 6,000 18 4,000
8 164,900 4,000
9 4,000 4,000 Err:522
14 51,000
15 26,000 ADVERTISING EXPENSE
18 4,000 DATE DEBIT DATE CREDIT
19 21,000 7 6,000
22 7,000 6,000
24 9,000 6,000 Err:522
28 400,000
754,980 INTEREST EXPENSE
DATE DEBIT DATE CREDIT
14 26,000
ACCOUNTS RECEIVABLE 26,000
DATE CREDIT 26,000 Err:522
1 113,000
10 70,000 SALARIES EXPENSE
12 200,000 DATE DEBIT DATE CREDIT
23 392,000 15 51,000
26 71,000 51,000
51,000 Err:522

SUPPLIES
DATE DEBIT DATE CREDIT
19 21,000
21,000
846,000 21,000 Err:522

PURCHASES
ACCOUNTS PAYABLE DATE DEBIT DATE CREDIT
DATE CREDIT 4 170,000
4 170,000 20 125,000
20 125,000 24 373,000
24 373,000 668,000 Err:522
668,000

MISCELLAMEOUS EXPENSE
DATE DEBIT DATE CREDIT
22 7,000
7,000
7,000 Err:522

668,000 SALES RETURN AND ALLOWANCES


409,000 DATE DEBIT DATE CREDIT
10 70,000
PURCHASE DISCOUNT 26 71,000
DATE CREDIT 141,000 Err:522
2 1,920 141,000
8 5,100
Err:522 BUENAFLOR, WITHDRAWALS
Err:522 DATE DEBIT DATE CREDIT
28 400,000
SALES DISCOUNT 400,000
DATE CREDIT 400,000 Err:522

PURCHASE RETURNS AND ALLOWANCES


DATE DEBIT DATE CREDIT
28 25000
- 25,000
SALES 25,000
DATE CREDIT
5 270,000
7 250,000
16 392,000
25 420,000
1,332,000
1,332,000

TRANSPORTATION IN
DATE CREDIT

Err:522
cash 188,180
A/R 236,000
A/pcred 409,000
p/d cred 7,020
sales cred 1,082,000
Salaries expense 51,000

Sales
Sales
Sales
Sales
-

Sales discounts 4,000


Sales return and allowanc 70,000
Sales return and allowanc 7,840
Sales return and allowanc 71,000
148,840
TERESITA BUENAFLOR SHOES
For the Month Ending February 29
Unadjusted Trial Balance REF Adjustments
No. Account Debit Credit Debit
Cash 221,180
Accounts receivable 428,000
Merchandise inventory 413,000 397,000
Supplies 72,000
Prepaid insurance 48,000
Land 460,000
Building 1,750,000
Accumulated depreciation -
Building 350,000
Equipment 2,310,000
Accumulated depreciation -
Equipment 630,000
Accounts payable 517,000
Salaries payable
Mortgage payable 2,600,000
Buenaflor, capital 1,569,000
Buenaflor, withdrawals 400,000
Income summary 413,000
Sales 1,332,000
Sales return and allowances 141,000
Sales discounts 11,840
Purchases 668,000
Purchase return and allowances 25,000
Purchase discounts 7,020
Transportation in 13,000
Salaries expense 51,000 51,000
Supplies expense 14,000
Insurance expense 2,000
Depreciation expense - Building 9,000
Depreciation expense - Equipment 12,000
Transportation out 4,000
Advertising expense 6,000
Interest expense 26,000
Miscellaneous expense 7,000

7,030,020 7,030,020 898,000


Profit
Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Credit Debit Credit Debit Credit Debit
221,180
428,000
413,000 397,000 413,000 397,000
14,000 58,000
2,000 46,000
460,000
1,750,000

9,000 359,000
2,310,000

12,000 642,000
517,000
51,000 51,000
2,600,000
1,569,000
400,000
397,000 16,000
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
14,000 14,000
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

898,000 7,102,020 7,102,020 1,428,840 1,761,020


332,180
1,761,020 1,761,020
Balance Sheet Closing Entries Post Closing Trial Balance
Credit Debit Credit Debit Credit
TERES
IN

Gross sales
Sales return and allowances
Sales discounts

Net sales
Cost of sales/cost of goods
Merchandise inventory - Beg

Purchases - net
Gross purchases
Purch disc
Purchase return and allowance
Transportation in
Total goods available for sa
Merchandise inventory - end
Gross profit
Operating expenses
Salaries expense
Supplies expense
Insurance expense
Depreciation expense - Buildi
Depreciation expense - Equip
Transportation out
Advertising expense
Interest expense
Miscellaneous expense
Net income
TERESITA BUENAFLOR SHOES TERESITA BUENAFLOR SHOES
INCOME STATEMENT BALANCE SHEET
Feb 29, 2020 Feb 29, 2020
Current assets
Gross sales 1,332,000 Cash
Sales return and allowances (141,000) Accounts receivable
Sales discounts (11,840) Merchandise inventory
Supplies
Net sales 1,179,160
Cost of sales/cost of goods sold Prepaid insurance
Merchandise inventory - Beg 413,000
Total current assets
Purchases - net
Gross purchases 668,000 Noncurrent assets
Purch disc (7,020) Land
Purchase return and allowances (25,000) 635,980 Building
Transportation in 13,000 Accumulated depreciation - Building
Total goods available for sale (TGAS) 1,061,980 Equipment
Merchandise inventory - end (397,000) 664,980 Accumulated depreciation - Equipment
Gross profit 514,180 Total noncurrent assets
Operating expenses Total assets
Salaries expense 102,000
Supplies expense 14,000
Insurance expense 2,000 Current liabilities
Depreciation expense - Building 9,000 Accounts payable
Depreciation expense - Equipment 12,000 Salaries payable
Transportation out 4,000 Total current liabilities
Advertising expense 6,000
Interest expense 26,000 Noncurrent liabilities
Miscellaneous expense 7,000 182,000 Mortgage payable
Net income 332,180 Total noncurrent liabilities
Total liabilities

Buenaflor, capital

Total liabilities and equity


TA BUENAFLOR SHOES TERESITA BUENAFLOR SHOES
BALANCE SHEET CAPITAL STATEMENT
Feb 29, 2020 Feb 28, 2020

221,180 Buenaflor, capital - beginniing


428,000 Buenaflor, withdrawals
397,000 Net income

58,000 Buenaflor, capital - ending


46,000

1,150,180

460,000
1,750,000
tion - Building (359,000)
2,310,000
tion - Equipment 642,000
4,803,000
5,953,180

517,000
51,000
568,000

2,600,000
2,600,000
3,168,000

1,569,000

4,737,000
TERESITA BUENAFLOR SHOES
Closing Entries
Particulars Debit Credit

Sales
Purch disc
Purchase return and allowances
Income Summary
Sales return 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

Income Summary
Buenaflor, capital

Buenaflor, withdrawals
Buenaflor, capital
TERESITA BUENAFLOR SHOES
Adjusting Journal Entries
Feb. 29 Particulars Debit Credit

A. Salaries expense 51,000


A. Salaries payable 51,000

B. Insurance expense 2,000


B. Prepaid insurance 2,000

C. Depreciation expense - Building 9,000


C. Depreciation expense - Equipment 12,000
C. Accumulated depreciation - Building 9,000
C. Accumulated depreciation - Equipment 12,000

D. Supplies expense 14,000


D. Supplies 14,000

E. Merchandise inventory - ending 397,000


E. Income summary 397,000

. .

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