Vienna Corrine Q.

Abucejo
CS32 MW
 Cotabato Bo
Worksh
March 30,

Account Titles Unadjusted Trial Balance

Debit Credit
Cash on Hand 150,000
Petty Cash Fund 1,000
Accounts Receivable 30,000
Allowance for Bad Debts 1,000
Merchandise Inventory, beginning 90,000
Furniture & Equipment 120,000
Accumulated Depreciation 10,000
Accounts Payable 15,000
VAT Payable 12,000
Eva Dunlao, Capital 228,000
Eva Dunlao, Drawing 5,000
Sales 760,000
Sales Returns & Allowances 2,000
Purchases 585,000
Freight In 1,000
Purchase Returns & Allowances 1,000
Salaries Expense 10,050
Rental Expense 25,000
Insurance Expense 7,950
TOTAL 1,027,000 1,027,000

Adjustments:
Merchandise Inventory, end
Income & Expense Summary
Uncollectible Account
Depreciation Expense
Prepaid Insurance
Prepaid Rent
Accrued Salaries
TOTAL
NET PROFIT
TOTAL
 Cotabato Bookstore
Worksheet
March 30,2017

Adjustments Income Statements Balance Sheet

Debit Credit Debit Credit Debit

150,000
1,000
30,000
7,600
90,000
120,000
8,500

5,000
760,000
2,000
585,000
1,000
1,000
5,500 15,550
5,000 20,000
950 7,000

60,000 60,000

7,600 7,600
8,500 8,500
950 950
5,000 5,000
5,500
27,550 27,550 736,650 821,000 371,950
84,350
821,000 821,000 371,950
Balance Sheet

Credit

8,600

18,500
15,000
12,000
228,000

5,500
287,600
84,350
371,950
 Cotabato Bookstore
Income Statement
March 30,2017

Net Sales
Sales
Sales Return & Allowances
Net Sales
Cost of Good Sold
Merchandise Inventory, beginning 90,000
Purchases 585,000
Freight In 1,000
Gross Purchases 586,000
Purchase Returns & Allowances 1,000 585,000
Cost of Goods Available for Sale 675,000
Merchandise Inventory, end 60,000
Cost of Good Sold
Gross Profit
Operating Expenses
Salaries Expense 15,550
Rental Expense 20,000
Insurance Expense 7,000
Uncollectible Account 7,600
Depreciation Expense 8,500
Net Profit
 760,000
2,000
758,000

615,000
143,000

58,650
84,350
 Cotabato Bookstor
Balance Sheet
March 30,2017

ASSETS
Current Assets:
Cash on Hand 150,000
Petty Cash Fund 1,000
Accounts Receivable 30,000
Allowance for Bad Debts 8,600 21,400
Prepaid Insurance 950
Prepaid Rent 5,000
Merchandise Inventory, end 60,000
TOTAL CURRENT ASSETS 238,350

Non-current assets:
Furniture & Equipment 120,000
Accumulated Depreciation 18,500 101,500
TOTAL NON-CURRENT ASSETS 101,500
TOTAL ASSETS 339,850
Cotabato Bookstore
Balance Sheet
March 30,2017

LIABILITIES
Current Liability:
Accounts Payable 15,000
VAT Payable 12,000
Accrued Salaries 5,500
TOTAL CURRENT LIABILITY 32,500

OWNER'S EQUITY
Eva Dunlao, Capital 307,350
TOTAL OWNERS EQUITY 307,350

TOTAL LIABILITIES & OWNERS EQUITY 339,850

 Cotabato Bookstore
Changes in Owner's Equity
March 30,2017

Eva Dunlao, Capital, beginning 228,000

Add: Net Profit 84,350
Total 312,350
Less: Eva Dunlao, Drawings 5,000
Eva Dunlao, Capital, end 307,350