Acc No Accounts Title Debit Credit

110 Cash 33,000

120 Accounts Receivable 192,000
130 Merchandise Inventory 413,000
140 Supplies 51,000
150 Prepaid Insurance 48,000
160 Land 460,000
170 Building 1,750,000
175 Accumulated Depreciation-Building 350,000
180 Equipment 2,310,000
185 Accumulated Depreciation-Equipment 630,000
210 Accounts Payable 108,000
220 Salaries Payable
230 Mortgage Payable 2,600,000
310 Buenaflor, Capital 1,569,000
320 Buenaflor, Withdrawals
330 Income Summary
410 Sales
420 Sales Returns and Allowances
430 Sales Discounts
510 Purchases
520 Purchases Returns and Allowances
530 Purchases Discounts
540 Transportation In
610 Salaries Expense
620 Supplies Expense
630 Insurance Expense
640 Depreciation Expense-Building
650 Depreciation Expense-Equipment
660 Transportation Out
670 Advertising Expense
680 Interest Expense
690 Miscellaneous Expense
Total 5,257,000 5,257,000
Date Particulars Debit Credit
Feb 1 Cash 113,000
Accounts Receivable 113,000
2 Accounts Payable 64,000
Purchases Discounts 1,920
Cash 62,080
4 Purchases 170,000
Accounts Payable 170,000
5 Accounts Receivable 270,000
Sales 270,000
7 Advertising Expense 6,000
Cash 6,000
7 Cash 250,000
Sales 250,000
8 Accounts Payable 170,000
Purchases Discounts 5,100
Cash 164,900
9 Transportation In 4,000
Cash 4,000
10 Sales Returns and Allowances 70,000
Accounts Receivable 70,000
12 Sales Discounts 4,000
Cash 196,000
Accounts Receivable 200,000
14 Interest Expense 26,000
Cash 26,000
15 Salaries Expense 51,000
Cash 51,000
16 Accounts Receivable 392,000
Sales 392,000
18 Transportation Out 4,000
Cash 4,000
19 Supplies 21,000
Cash 21,000
20 Purchases 125,000
Accounts Payable 125,000
22 Miscellaneous Expense 7,000
Cash 7,000
23 Sales Discounts 7,840
Cash 384,160
Accounts Receivable 392,000
24 Purchases 373,000
Accounts Payable 373,000
24 Transportation In 9,000
Cash 9,000
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
28 Accounts Payable 25,000
Purchases Returns and Allowances 25,000
 Opening Balance Current Transactions Trial Balance
Acc No Accounts Title Debit Credit Debit Credit Debit Credit
110 Cash 33,000 943,160 754,980 221,180
120 Accounts Receivable 192,000 1,082,000 846,000 428,000
130 Merchandise Inventory 413,000 0 0 413,000
140 Supplies 51,000 21,000 0 72,000
150 Prepaid Insurance 48,000 0 0 48,000
160 Land 460,000 0 0 460,000
170 Building 1,750,000 0 0 1,750,000
175 Accumulated Depreciation-Building 350,000 0 0 350,000
180 Equipment 2,310,000 0 0 2,310,000
185 Accumulated Depreciation-Equipment 630,000 0 0 630,000
210 Accounts Payable 108,000 259,000 668,000 517,000
220 Salaries Payable 0 0 0 0
230 Mortgage Payable 2,600,000 0 0 2,600,000
310 Buenaflor, Capital 1,569,000 0 0 1,569,000
320 Buenaflor, Withdrawals 400,000 0 400,000
330 Income Summary 0 0 0 0
410 Sales 0 1,332,000 1,332,000
420 Sales Returns and Allowances 141,000 0 141,000
430 Sales Discounts 11,840 0 11,840
510 Purchases 668,000 0 668,000
520 Purchases Returns and Allowances 0 25,000 25,000
530 Purchases Discounts 0 7,020 7,020
540 Transportation In 13,000 0 13,000
610 Salaries Expense 51,000 0 51,000
620 Supplies Expense 0 0 0 0
630 Insurance Expense 0 0 0 0
640 Depreciation Expense-Building 0 0 0 0
650 Depreciation Expense-Equipment 0 0 0 0
660 Transportation Out 4,000 0 4,000
670 Advertising Expense 6,000 0 6,000
680 Interest Expense 26,000 0 26,000
690 Miscellaneous Expense 7,000 0 7,000
Total 5,257,000 5,257,000 3,633,000 3,633,000 7,030,020 7,030,020
Date Particulars Debit Credit
Feb 28 Salaries Expense 51,000
Salaries Payable 51,000
28 Insurance Expense 2,000
Prepaid Insurance 2,000
28 Depreciation Expense-Building 9,000
Depreciation Expense-Equipment 12,000
Accumulated Depreciation-Building 9,000
Accumulated Depreciation-Equipment 12,000
28 Supplies Expense 14,000
Supplies 14,000
 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Acc No Accounts Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
110 Cash 221,180 221,180 221,180
120 Accounts Receivable 428,000 428,000 428,000
130 Merchandise Inventory 413,000 413,000 413,000 397,000 397,000
140 Supplies 72,000 14,000 58,000 58,000
150 Prepaid Insurance 48,000 2,000 46,000 46,000
160 Land 460,000 460,000 460,000
170 Building 1,750,000 1,750,000 1,750,000
175 Accumulated Depreciation-Building 350,000 9,000 359,000 359,000
180 Equipment 2,310,000 2,310,000 2,310,000
185 Accumulated Depreciation-Equipment 630,000 12,000 642,000 642,000
210 Accounts Payable 517,000 517,000 517,000
220 Salaries Payable 0 0 51,000 51,000 51,000
230 Mortgage Payable 2,600,000 2,600,000 2,600,000
310 Buenaflor, Capital 1,569,000 1,569,000 1,569,000
320 Buenaflor, Withdrawals 400,000 400,000 400,000
330 Income Summary 0 0 0 0
410 Sales 1,332,000 1,332,000 1,332,000
420 Sales Returns and Allowances 141,000 141,000 141,000
430 Sales Discounts 11,840 11,840 11,840
510 Purchases 668,000 668,000 668,000
520 Purchases Returns and Allowances 25,000 25,000 25,000
530 Purchases Discounts 7,020 7,020 7,020
540 Transportation In 13,000 13,000 13,000
610 Salaries Expense 51,000 51,000 102,000 102,000
620 Supplies Expense 0 0 14,000 14,000 14,000
630 Insurance Expense 0 0 2,000 2,000 2,000
640 Depreciation Expense-Building 0 0 9,000 9,000 9,000
650 Depreciation Expense-Equipment 0 0 12,000 12,000 12,000
660 Transportation Out 4,000 4,000 4,000
670 Advertising Expense 6,000 6,000 6,000
680 Interest Expense 26,000 26,000 26,000
690 Miscellaneous Expense 7,000 7,000 7,000
Total 7,030,020 7,030,020 88,000 88,000 7,102,020 7,102,020 1,428,840 1,761,020 6,070,180 5,738,000
Net Income 332,180 332,180
1,761,020 1,761,020 6,070,180 6,070,180
T. Buenaflor Company
Statement of Comprehensive income (income Statement)
For the Month Ended February 28,2022

Net Sales
Gross sales 1,332,000
Less: Sales Returns and Allowances 141,000
Sales Discounts 11,840 152,840
Net Sales 1,179,160
Cost of Sales
Merchandise inventory, February 1, 2022 413,000
Purchases 668,000
Less: Purchases Returns and Allowances 25,000
Purchases Discounts 7,020 32,020
Net Purchases 635,980
Transportation In 13,000
Net Cost of Purchases 648,980
Goods Available for Sale 1,061,980
Less: Merchandise Inventory, February 28, 2022 397,000
Cost of Sales 664,980
Gross Profit 514,180
Operating Expenses
Selling Expense
Transportation Out 4,000
Advertising Expense 6,000
Total Selling Expense 10,000
Administrative Expense
Salaries Expense 102,000
Supplies Expense 14,000
Insurance Expense 2,000
Less: Depreciation Expense-Building 9,000
Less: Depreciation Expense-Equipment 12,000
Total Administrative Expenses 139,000
Other Operating Expense
Finance Cost(Interest Expense) 26,000
Miscellaneous Expense 7,000
Total Other Operating Expenses 33,000 182,000
Profit (Net Income) 332,180
T. Buenaflor Company
Statement of Changes in Equity
For the Month Ended February 28,2022

Buenaflor, Capital, February 1, 2022 1,569,000

Add Initial/Additional Investment 0
Net Income 332,180 332,180
Total 1,901,180
Less: Withdrawals 400,000
Buenaflor, Capital, February 28, 2022 1,501,180
T. Buenaflor Company
Statement of Financial Position
As of February 28,2022

Assets
Current Assets
Cash 221,180
Accounts Receivable 428,000
Merchandise Inventory 397,000
Office Supplies 58,000
Prepaid Insurance 46,000
Total Current Assets 1,150,180
Non-current Assets
Land 460,000
Building 1,750,000
Less: Accumulated Depreciation-Building 359,000 1,391,000
Equipment 2,310,000
Less: Accumulated Depreciation-Equipment 642,000 1,668,000
Total Non-current Assets 3,519,000
Total Assets 4,669,180

Liabilities
Current Liabilities
Accounts Payable 517,000
Salaries Payable 51,000
Total Current Liabilities 568,000
Mortgage Payable 2,600,000
Total Liabilities 3,168,000
Owner's Equity
Castro, Capital, December 31, 2022 1,501,180
Total Liabilities and Owner's Equity 4,669,180
Date Particulars Debit Credit
Feb 28 Merchandise Inventory 397,000
Sales 1,332,000
Purchases Returns and Allowances 25,000
Purchases Discounts 7,020
Income Summary 1,761,020
28 Income Summary 1,428,840
Merchandise Inventory 413,000
Sales Returns and Allowances 141,000
Sales Discounts 11,840
Purchases 668,000
Transportation In 13,000
Salaries Expense 102,000
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
28 Buenaflor, Capital 332,180
Income Summary 332,180
28 Buenaflor, Capital 400,000
Buenaflor, Withdrawals 400,000
 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Closing Entry Post-Closing Trial Balance
Acc No Accounts Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
110 Cash 221,180 221,180 0 0 221,180
120 Accounts Receivable 428,000 428,000 0 0 428,000
130 Merchandise Inventory 413,000 413,000 397,000 413,000 397,000
140 Supplies 72,000 14,000 58,000 0 0 58,000
150 Prepaid Insurance 48,000 2,000 46,000 0 0 46,000
160 Land 460,000 460,000 0 0 460,000
170 Building 1,750,000 1,750,000 0 0 1,750,000
175 Accumulated Depreciation-Building 350,000 9,000 359,000 0 0 359,000
180 Equipment 2,310,000 2,310,000 0 0 2,310,000
185 Accumulated Depreciation-Equipment 630,000 12,000 642,000 0 0 642,000
210 Accounts Payable 517,000 517,000 0 0 517,000
220 Salaries Payable 0 0 51,000 51,000 0 0 51,000
230 Mortgage Payable 2,600,000 2,600,000 0 0 2,600,000
310 Buenaflor, Capital 1,569,000 1,569,000 732,180 0 836,820
320 Buenaflor, Withdrawals 400,000 400,000 0 400,000 0 0
330 Income Summary 0 0 0 0 1,428,840 2,093,200 664,360
410 Sales 1,332,000 1,332,000 1,332,000 0 0 0
420 Sales Returns and Allowances 141,000 141,000 0 141,000 0 0
430 Sales Discounts 11,840 11,840 0 11,840 0 0
510 Purchases 668,000 668,000 0 668,000 0 0
520 Purchases Returns and Allowances 25,000 25,000 25,000 0 0 0
530 Purchases Discounts 7,020 7,020 7,020 0 0 0
540 Transportation In 13,000 13,000 0 13,000 0 0
610 Salaries Expense 51,000 51,000 102,000 0 102,000 0 0
620 Supplies Expense 0 0 14,000 14,000 0 14,000 0 0
630 Insurance Expense 0 0 2,000 2,000 0 2,000 0 0
640 Depreciation Expense-Building 0 0 9,000 9,000 0 9,000 0 0
650 Depreciation Expense-Equipment 0 0 12,000 12,000 0 12,000 0 0
660 Transportation Out 4,000 4,000 0 4,000 0 0
670 Advertising Expense 6,000 6,000 0 6,000 0 0
680 Interest Expense 26,000 26,000 0 26,000 0 0
690 Miscellaneous Expense 7,000 7,000 0 7,000 0 0
Total 7,030,020 7,030,020 88,000 88,000 7,102,020 7,102,020 3,922,040 3,922,040 5,670,180 5,670,180