FDNACCT C35A Group Project Group 3

Erik Torsten Hardwares
Worksheet
for the month ended November 30, 2022
UNADJUSTED ADJUSTED STATEMENT OF STATEMENT OF

ACCOUNT NAMES TRIAL BALANCE ADJUSTMENTS TRIAL BALANCE PROFIT OR LOSS FINANCIAL POSITION
DR CR DR CR DR CR DR CR DR CR
Cash 455,263 455,263 455,263
Accounts Receivable 75,000 75,000 75,000
Allowance for Doubtful Accounts 1,500 750 2,250 2,250
Commissions Receivable 8,000 8,000 8,000
Merchandise Inventory 150,000 130,000 150,000 130,000 130,000
Store Supplies 17,000 12,000 5,000 5,000
Prepaid Insurance Expense 90,000 15,000 75,000 75,000
Equipment 230,000 230,000 230,000
Accumulated Depreciation - Equipment 13,800 3,450 17,250 17,250
Furniture 180,000 180,000 180,000
Accumulated Depreciation - Furniture 15,000 3,750 18,750 18,750
Accounts Payable 46,500 46,500 46,500
Notes Payable 150,000 150,000 150,000
Interest Payable 225 225 225
Utilities Payable 23,000 23,000 23,000
Unearned Sales Revenue 53,600 23,600 30,000 30,000
Torsten, Capital 837,200 837,200 837,200
Torsten, Drawing 16,000 16,000 16,000
Income Summary 150,000 130,000 150,000 130,000 150,000 130,000
Sales 332,100 23,600 355,700 355,700
Sales Returns and Allowances 6,000 6,000 6,000
Sales Discounts 2,122 2,122 2,122
Commissions Income 8,000 8,000 8,000
Purchases 147,000 147,000 147,000
Freight-In 2,000 2,000 2,000
Purchase Returns and Allowances 7,500 7,500 7,500
Purchase Discounts 2,985 2,985 2,985
Cleaning Services Expense 15,000 15,000 15,000
Freight-Out 1,800 1,800 1,800
Insurance Expense 15,000 15,000 15,000
Interest Expense 225 225 225
Rent Expense 30,000 30,000 30,000
Salaries Expense 43,000 43,000 43,000
Store Supplies Expense 12,000 12,000 12,000
Utilities Expense 23,000 23,000 23,000
Depreciation Expense – Equipment 3,450 3,450 3,450
Depreciation Expense – Furniture 3,750 3,750 3,750
Doubtful Accounts Expense 750 750 750
1,460,185 1,460,185 369,775 369,775 1,629,360 1,629,360 455,097 504,185 1,174,263 1,125,175
Net Income 49,088 49,088
504,185 504,185 1,174,263 1,174,263
Statement of Profit and Loss
For the month ended November 30, 2022
Notes PHP PHP

Net Sales 1 347,578
Cost of Sales 2 -158,515
Gross Profit 189,063
Other Income [Commissions Income] 8,000
Total Income 197,063
Expenses
Distribution Costs 3 63,600
Administrative Costs 4 84,150
Finance Costs [Interest Expense] 225 -147,975
Net Income 49,088
Statement of Owner's Equity
PHP
Erik Torsten Hardwares, Capital - November 1, 2022 837,200
Net Income 49,088
886,288
Erik Torsten Hardwares, Drawing - 16,000
Erik Torsten Hardwares, Capital - November 30, 2022 870,288
Statement of Financial Position
as of November 30, 2022
Notes PHP PHP

ASSETS
Current Assets
Cash 455,263
Trade and Other Receivables 5 80,750
Merchandise Inventory 130,000
Prepaid Expense 6 80,000 746,013
Non-Current Assets
Property, Plant, & Equipment 7 374,000
TOTAL ASSETS 1,120,013
LIABILITIES & EQUITY

Current Liabilities
Trade and Other Payables 8 69,725
Unearned Sales Revenue 30,000 99,725
Non-Current Liabilities
Notes Payable 150,000
TOTAL LIABILITIES 249,725
Equity
Torsten, Capital 870,288
TOTAL LIABILITIES & EQUITY 1,120,013
Notes to Financial Statements
PHP PHP PHP
1 Sales 355,700
Sales Return and Allowances 6,000
Sales Discounts 2,122 - 8,122
Net Sales 347,578
2 Merchandise Inventory, opening 150,000

Net cost of purchases
Purchases 147,000
Purchase Returns & Allowances 7,500
Purchase Discounts 2,985 - 10,485
Net Purchases 136,515
Freight In 2,000 138,515
Cost of goods available for sale 288,515
Merchandise Inventory, closing - 130,000
Cost of sales 158,515
3 Freight-Out 1,800
Store Supplies Expense 12,000
Store Cleaning Services Expense 9,000
Store Insurance Expense 9,000
Store Rent Expense 18,000
Store Utilities Expense 13,800
Distribution Costs 63,600
4 Office Cleaning Services Expense 6,000

Office Insurance Expense 6,000
Office Rent Expense 12,000
Office Utilities Expense 9,200
Salaries Expense 43,000
Depreciation Expense – Equipment 3,450
Depreciation Expense – Furniture 3,750
Doubtful Accounts Expense 750
Administrative Costs 84,150
5 Accounts Receivable 75,000

Allowance for Doubtful Accounts - 2,250 72,750
Commissions Receivable 8,000
Trade and Other Receivable 80,750
6 Prepaid Insurance Expense 75,000

Store Supplies 5,000
Prepaid Expense 80,000
7 Equipment 230,000
Accumulated Depreciation, Equipment - 17,250 212,750
Furniture 180,000
Accumulated Depreciation, Furniure - 18,750 161,250
Carrying Amount 374,000
8 Accounts Payable 46,500

Interest Payable 225
Utilities Payable 23,000
Trade and Other Payable 69,725
Post Closing Trial Balance
Account Names Dr Cr
Cash ₱ 455,263
Accounts Receivable 75,000
Allowance for Doubtful Accounts ₱ 2,250
Prepaid Insurance Expense 75,000
Equipment 230,000
Accumulated Depreciation - Equiptment 17,250
Furniture 180,000
Accumulated Depreciation - Furniture 18,750
Accounts Payable 46,500
Notes Payable 150,000
Unearned Sales Revenue 30,000
Torsten, Capital 870,288
₱ 1,158,263 ₱ 1,158,263
ADJUSTING ENTRIES
DATE DESCRIPTION DR CR
30-Nov Insurance Expense ₱ 15,000
Prepaid Insurance Expense ₱ 15,000
adjust for used portion on prepaid insurance expense
Interest Expense 225

adjust for accrued interest expense
Unearned Sales Revenue 23,600

Sales 23,600
adjust for earned portion of unearned revenue from
Aim High Trading
8,000
Commissions Income
adjust for accrued revenue from Steadfast Faith Company
Utilities Expense 23,000

adjust for accrued utilities expense
Store Supplies Expense 12,000

adjust for used portion of store supplies
Depreciation Expense – Equipment 3,450

Accumulated Depreciation - Equipment 3,450
adjust for depreciation of equipment
Depreciation Expense – Furniture 3,750

Accumulated Depreciation - Furniture 3,750
adjust for depreciation of furniture
Doubtful Accounts Expense 750

Allowance for Doubtful Accounts 750
adjust for doubtful accounts

Income Summary 130,000
adjust for closing inventory
CLOSING ENTRIES
DATE DESCRIPTION
30-Nov Sales
Purchase Returns & Allowances
Purchase Discounts
Comissions Income
Income Summary
close Revenue accounts and Cost of Sales accounts with CR balances
Income Summary
Merchandise Inventory
Sales Returns and Allowances
Sales Discounts
Purchases
Freight In
Freight Out
Cleaning Services Expense
Insurance Expense
Interest Expense
Rent Expense
Salaries Expense
Store Suplies Expense
Utilities Expense
Depreciation Expense - Equipment
Depreciation Expense - Furniture
Doubtful Accounts Expense
close Expense accounts and Cost of Sales accounts with DR balances
Income Summary
Torsten, Capital
close Income Summary
Torsten, Capital
Torsten, Drawings
close Drawings
REVERSING ENTRIES
DR CR DATE DESCRIPTION
₱ 355,700 1-Dec Interest Payable
7,500 Interest Expense
2,985
8,000
₱ 374,185 Comissions Income
Comissions Receivable
455,097
150,000 Utilities Payable
6,000 Utilities Expense
2,122
147,000
2,000
1,800
15,000
15,000
225
30,000
43,000
12,000
23,000
3,450
3,750
750
49,088
49,088
16,000
16,000
SING ENTRIES
DESCRIPTION DR CR
Interest Payable ₱ 225
Interest Expense ₱ 225
Reverse accrued interest expense
Comissions Income 8,000

Comissions Receivable 8,000
Reverse accrued revenue

Utilities Expense 23,000
Reverse accrued utilities expense
Cash
DATE DESCRIPTION DR DATE DESCRIPTION
30-Nov Balance ₱ 455,263
Accounts Receivable
Allowance for Doubtful Accounts

1-Nov Balance
30-Nov Doubtful Accounts Expense
1-Dec Balance
Commissions Receivable
30-Nov Commissions Income ₱ 8,000 1-Dec Commissions Income
Merchandise Inventory
1-Nov Balance ₱ 150,000 30-Nov Income Summary
30-Nov Income Summary ₱ 130,000
Store Supplies
30-Nov Balance ₱ 17,000 30-Nov Store Supplies Expense
1-Dec Balance ₱ 5,000
Prepaid Insurance Expense

1-Nov Cash ₱ 90,000 30-Nov Insurance Expense
1-Dec Cash ₱ 75,000
Equipment
Accumulated Depreciation - Equipment

1-Nov Balance
30-Nov Depreciation Expense
1-Dec Balance
Furniture
Accumulated Depreciation - Furniture

1-Nov Balance
30-Nov Depreciation Expense
1-Dec Balance
Accounts Payable
CR DATE DESCRIPTION DR DATE
30-Nov
Notes Payable
21-Nov
Interest Payable
₱ 1,500 1-Dec Interest Expense ₱ 225 30-Nov
750
₱ 2,250
Utilities Payable
DATE DESCRIPTION DR DATE
1-Dec Utilities Expense ₱ 23,000 30-Nov
CR
₱ 8,000
Unearned Sales Revenue
DATE DESCRIPTION DR DATE
30-Nov Sales ₱ 23,600 22-Nov
CR 1-Dec
₱ 150,000
CR
₱ 12,000
CR
₱ 15,000
CR
CR
₱ 13,800
3,450
₱ 17,250
CR
CR
₱ 15,000
3,750
₱ 18,750
s Payable Torsten, Capita
DESCRIPTION CR DATE DESCRIPTION
Balance ₱ 46,500 30-Nov Torsten, Drawing
Payable
DESCRIPTION CR
Cash ₱ 150,000
Torsten, Drawin
DATE DESCRIPTION
Payable 30-Nov Balance
DESCRIPTION CR
Interest Expense ₱ 225
Income Summa
DATE DESCRIPTION
Payable 30-Nov Merchandise Inventory
DESCRIPTION CR Sales Returns and Allowances
Utilities Expense ₱ 23,000 Sales Discount
Purchases
Freight In
ales Revenue Freight Out
DESCRIPTION CR Cleaning Services Expense
Cash ₱ 53,600 Insurance Expense
Cash ₱ 30,000 Interest Expense
Rent Expense
Salaries Expense
Store Suplies Expense
Utilities Expense
Depreciation Expense - Equipment
Depreciation Expense - Furniture
30-Nov Torsten, Capital

Torsten, Capital
DR DATE DESCRIPTION CR DATE
₱ 16,000 1-Nov Balance ₱ 837,200 30-Nov
Income Summary 49,088
16,000 886,288
DATE
Torsten, Drawing 30-Nov
DR DATE DESCRIPTION CR
₱ 16,000 30-Nov Torsten, Capital ₱ 16,000
DATE
30-Nov
Income Summary
DR DATE DESCRIPTION CR
₱ 150,000 30-Nov Merchandise Inventory ₱ 130,000 DATE
6,000 Sales 355,700 30-Nov
2,122 Purchase Returns & Allowances 7,500 1-Dec
147,000 Purchase Discounts 2,985
2,000 Comissions Income 8,000
1,800 DATE
15,000 30-Nov
15,000
225
30,000 DATE
43,000 30-Nov
12,000
23,000
3,450 DATE
3,750 30-Nov
750
455,097 504,185
₱ 49,088 30-Nov Net Income ₱ 49,088 DATE
30-Nov
Sales
DESCRIPTION DR DATE DESCRIPTION CR
Income Summary ₱ 355,700 30-Nov Total ₱ 332,100
30-Nov Unearned Sales Revenue 23,600
₱ 355,700 ₱ 355,700
Sales Returns and Allowances

Total ₱ 6,000 Income Summary ₱ 6,000
Sales Discount
Total ₱ 2,122 30-Nov Income Summary ₱ 2,122
Commissions Income
Income Summary ₱ 8,000 30-Nov Commissions Receivable ₱ 8,000
Commissions Receivable ₱ 8,000
Purchases
Freight In
Purchase Returns and Allowances

Purchase Discounts
Cleaning Services Expense
30-Nov Total ₱ 15,000 30-Nov Income Summary
Freight-Out
Insurance Expense
30-Nov Prepaid Insurance Expense ₱ 15,000 30-Nov Income Summary
Interest Expense
30-Nov Interest Payable ₱ 225 30-Nov Income Summary
1-Dec Interest Payable
Rent Expense
Salaries Expense
Store Supplies Expense

30-Nov Store Supplies ₱ 12,000 30-Nov Income Summary
Utilities Expense
30-Nov Utilities Payable ₱ 23,000 30-Nov Income Summary
1-Dec Utilities Payable
Depreciation Expense – Equipment

30-Nov Accumulated Depreciation ₱ 3,450 30-Nov Income Summary
Depreciation Expense – Furniture

30-Nov Accumulated Depreciation ₱ 3,750 30-Nov Income Summary

30-Nov Allowance for Doubtful Accounts ₱ 750 30-Nov Income Summary
CR
₱ 15,000
CR
₱ 1,800
CR
₱ 15,000
CR
₱ 225
225
CR
₱ 30,000
CR
₱ 43,000
CR
₱ 12,000
CR
₱ 23,000
₱ 23,000
CR
₱ 3,450
CR
₱ 3,750
CR
₱ 750

FDNACCT C35A Group Project Group 3

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Erik Torsten Hardwares

UNADJUSTED ADJUSTED STATEMENT OF STATEMENT OF

Notes PHP PHP

Notes PHP PHP

LIABILITIES & EQUITY

2 Merchandise Inventory, opening 150,000

4 Office Cleaning Services Expense 6,000

5 Accounts Receivable 75,000

6 Prepaid Insurance Expense 75,000

8 Accounts Payable 46,500

Interest Expense 225

Unearned Sales Revenue 23,600

Utilities Expense 23,000

Store Supplies Expense 12,000

Depreciation Expense – Equipment 3,450

Depreciation Expense – Furniture 3,750

Doubtful Accounts Expense 750

Merchandise Inventory 130,000

Comissions Income 8,000

Utilities Payable 23,000

Allowance for Doubtful Accounts

Prepaid Insurance Expense

Accumulated Depreciation - Equipment

Accumulated Depreciation - Furniture

30-Nov Torsten, Capital

Sales Returns and Allowances

Purchase Returns and Allowances

Store Supplies Expense

Depreciation Expense – Equipment

Depreciation Expense – Furniture

Doubtful Accounts Expense

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