UNADJUSTED TRIAL BALANCE

PARTICULARS
DEBIT CREDIT
Cash ₱ 263,000.00
Accounts Receivable 1,246,000.00
Allowance for Doubtful Accounts ₱ 53,000.00
Notes Receivable 350,000.00
Merchandise Inventory - Jan 1, 2022 1,246,000.00 ₱
Prepaid Insurance 12,000.00
Land 500,000.00
Building 1,500,000.00
Accumulated Depreciation - Building 180,000.00
Furniture 125,000.00
Accumulated Depreciation - Furniture 75,000.00
Accounts Payable 463,000.00
Notes Payable 90,000.00
Mortgage Payable 500,000.00
K. Anon, Capital 3,706,000.00
Sales 4,026,000.00
Sales Returns and Allowances 86,000.00
Sales Discounts 43,000.00
Interest Revenue 14,000.00
Purchases 3,247,000.00
Purchases Returns and Allowances 33,000.00
Purchases Discount 60,000.00
Freight-In 76,000.00
Sales Salaries Expense 320,000.00
Advertising Expense 74,000.00
Office Salaries Expense 160,000.00
Electricity Expense 42,000.00
Telephone Expense 13,000.00
Office Supplies Expense 14,000.00
Interest Expense 3,000.00
TOTAL ₱ 9,200,000.00 ₱ 9,200,000.00

ADJUSTMENTS
Interest Receivable
Office Supplies
Prepaid Advertising
Sales Salaries Payable
Interest Payable
Doubtful Accounts Expense
Depreciation Expense - Building
Depreciation Expense - Furniture
Insurance Expense
Income Summary
TOTAL ₱
NET PROFIT
TOTAL
 WORKSHEET
LABAN ENTERPRISES
FOR THE YEAR ENDED DECEMBER 31, 2022

ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT

DEBIT CREDIT DEBIT CREDIT DEBIT
₱ 263,000.00
1,246,000.00
₱ 19,485.00 ₱ 72,485.00
350,000.00
1,290,000.00 1,126,000.00 1,290,000.00
4,000.00 8,000.00
500,000.00
1,500,000.00
30,000.00 210,000.00
125,000.00
12,500.00 87,500.00
463,000.00
90,000.00
500,000.00
3,706,000.00
4,026,000.00 ₱
86,000.00 ₱ 86,000.00
43,000.00 43,000.00
3,000.00 17,000.00
3,247,000.00 3,247,000.00
33,000.00
60,000.00
15,000.00 76,000.00 76,000.00
34,000.00 335,000.00 335,000.00
40,000.00 40,000.00
160,000.00 160,000.00
42,000.00 42,000.00
13,000.00 13,000.00
5,000.00 9,000.00 9,000.00
30,000.00 33,000.00 33,000.00

3,000.00 3,000.00
5,000.00 5,000.00
 34,000.00 34,000.00
15,000.00 15,000.00
30,000.00 30,000.00
19,485.00 19,485.00 19,485.00
30,000.00 30,000.00 30,000.00
12,500.00 12,500.00 12,500.00
4,000.00 4,000.00 4,000.00
1,126,000.00 1,290,000.00 1,126,000.00 1,290,000.00 1,126,000.00
2,568,985.00 ₱ 2,568,985.00 ₱ 10,599,985.00 ₱ 10,599,985.00 5,275,985.00
₱ 150,015.00
₱ 5,426,000.00 ₱
COME STATEMENT BALANCE SHEET POST-CLOSING TRIAL BALANCE
CREDIT DEBIT CREDIT DEBIT CREDIT
₱ 263,000.00 ₱ 263,000.00
1,246,000.00 1,246,000.00
₱ 72,485.00 ₱ 72,485.00
350,000.00 350,000.00
1,290,000.00 1,290,000.00
8,000.00 8,000.00
500,000.00 500,000.00
1,500,000.00 1,500,000.00
210,000.00 210,000.00
125,000.00 125,000.00
87,500.00 87,500.00
463,000.00 463,000.00
90,000.00 90,000.00
500,000.00 500,000.00
3,706,000.00 3,856,015.00
4,026,000.00

17,000.00

33,000.00
60,000.00

3,000.00 3,000.00
5,000.00 5,000.00
 34,000.00 34,000.00
15,000.00 15,000.00
30,000.00 30,000.00

1,290,000.00
5,426,000.00 5,061,000.00 5,173,985.00 ₱ 5,324,000.00 ₱ 5,324,000.00
₱ 150,015.00
5,426,000.00 ₱ 5,324,000.00 ₱ 5,324,000.00
 LABAN ENTERPRISES
ADJUSTING ENTRIES
FOR THE YEAR ENDED DECEMBER 31, 2023
DATE PARTICULARS PR DEBIT CREDIT
2023
December31 Doubtful Accounts Expense 19,485.00
Allowance for Doubtful Accounts 19,485.00

31 Depreciation Expense - Building 30,000.00

Accumulated Depreciation - Building 30,000.00

Depreciation Expense - Furniture 12,500.00

Accumulated Depreciation - Furniture 12,500.00

31 Insurance Expense 4,000.00

Prepaid Insurance 4,000.00

31 Interest Expense 30,000.00

Interest Payable 30,000.00

31 Sales Salaries Expense 15,000.00

Sales Salaries Payable 15,000.00

31 Prepaid Advertising 34,000.00

Advertising Expense 34,000.00

31 Office Supplies 5,000.00

Office Supplies Expense 5,000.00

31 Interest Receivable 3,000.00

Interest Revenue 3,000.00

31 Income Summary 1,126,000.00

Merchandise Inventory, Beginning 1,126,000.00

Merchandise Inventory, Ending 1,290,000.00

Income Summary 1,290,000.00
 INCOME STATEMENT
LABAN ENTERPRISES
FOR THE YEAR ENDED DEC 31, 2023

Gross Sales 4,026,000.00

Less: Sales Returns and Allowances 86,000.00
Sales Discounts 43,000.00
Net Sales 3,897,000.00
Cost of Goods Sold
Merchandise Inventory, Beginning 1,126,000.00
Gross Purchases 3,247,000.00
Less: Purchases Returns and Allowances 33,000.00
Purchases Discounts 60,000.00 3,154,000.00
Add: Freight-In 76,000.00
Total Goods Available for Sale 4,356,000.00
Less: Merchandise Inventory, Ending 1,290,000.00 3,066,000.00
Gross Profit 831,000.00
Additional Income
Interest Revenue 17,000.00
Less: Operating Expenses
General & Administrative Expenses
Office Salaries Expense 160,000.00
Electricity Expense 42,000.00
Depreciation Expense - Building 30,000.00
Doubtful Accounts Expense 19,485.00
Office Supplies Expense 9,000.00
Telephone Expense 13,000.00
Depreciation Expense - Furniture 12,500.00
Insurance Expense 4,000.00
Interest Expense 33,000.00 322,985.00
Selling Expenses
Sales Salaries Expense 335,000.00
Advertising Expense 40,000.00 375,000.00 697,985.00
Net Profit ₱150,015.00
STATEMENT OF CHANGES IN OWNER'S EQUITY
LABAN ENTERPRISES
FOR THE YEAR ENDED DEC 31, 2022

K. Anon, Beginning Capital ₱ 3,706,000.00

Add: Net Profit 150,015.00
Less: Withdrawals 0.00
TOTAL ENDING CAPITAL ₱ 3,856,015.00
 LABAN ENTERPRISES
BALANCE SHEET
AS OF DECEMBER 31, 2023
ASSETS LIABILITIES
Current Assests: Current Liabilities:
Cash ₱ 263,000.00 Accounts Payable ₱ 463,000.00
Accounts Receivable ₱ ### Notes Payable 90,000.00
Less: Allowance for Doubtful Accounts 72,485.00 1,173,515.00 Interest Payable 30,000.00
Notes Receivable 350,000.00 Sales Salaries Payable 15,000.00 598,000.00
Interest Receivable 3,000.00 Total Current Liabilities ₱ 598,000.00
Prepaid Insurance 8,000.00
Prepaid Advertising 34,000.00 Non-Current Liabilities
Office Supplies 5,000.00 Mortgage Payable ₱ 500,000.00
Merchandise Inventory 1,290,000.00 Total Liabilities ₱ 1,098,000.00
Total Current Assets: ₱ 3,126,515.00

Non-Current Assets:
Land ₱ 500,000.00
Building ₱ ###
Less: Accumulated Depreciation - Buildin 210,000.00 1,290,000.00
Furniture 125,000.00 OWNER'S EQUITY
Less: Accumulated Depreciation - Furnitu 87,500.00 37,500.00 K. Anon, Capital ₱ 3,856,015.00
Total Non-Current Assets: ₱ 1,827,500.00 Total Owner's Equity ₱ 3,856,015.00
TOTAL ASSETS ₱ 4,954,015.00 TOTAL LIABILITIES & OWNER'S EQUITY ₱ 4,954,015.00
 LABAN ENTERPRISES
CLOSING ENTRY
FOR THE YEAR ENDED DECEMBER 31, 2023

DATE PARTICULARS PR DEBIT

2023
December 31 Merchandise Inventory, Ending 1,290,000.00
Sales 0.00
Purchases Returns and Allowances 33,000.00
Purchases Discounts 60,000.00
Interest Revenue 17,000.00
Income Summary

31 Income Summary 5,275,985.00

Merchandise Inventory, Beginning
Sales Returns and Allowances
Sales Discounts
Purchases
Sales Salaries Expenses
Office Salaries Expenses
Freight-In
Advertising Expense
Electricity Expense
Office Supplies Expense
Telephone Expense
Interest Expense
Doubtful Accounts Expense
Depreciation Expense - Building
Deprecation Expense - Furniture
Insurance Expense

31 Income Summary 150,015.00

K. Anon, Capital
To close the income summary account
 CREDIT

1,400,000.00

1,126,000.00
86,000.00
43,000.00
3,247,000.00
335,000.00
160,000.00
76,000.00
40,000.00
42,000.00
9,000.00
13,000.00
33,000.00
19,485.00
30,000.00
12,500.00
4,000.00

150,015.00
 LABAN ENTERPRISES
POST-CLOSING TRIAL BALANCE
FOR THE YEAR ENDED DECEMBER 31, 2023

PARTICULARS DEBIT CREDIT

Cash ₱ 263,000.00
Accounts Receivable 1,246,000.00
Allowance for Doubtful Accounts ₱ 72,485.00
Notes Receivable 350,000.00
Interest Receivable 3,000.00
Office Supplies 5,000.00
Merchandise inventory 1,290,000.00
Prepaid Insurance 8,000.00
Prepaid Advertising 34,000.00
Land 500,000.00
Building 1,500,000.00
Accumulated Depreciation - Building 210,000.00
Furniture 125,000.00
Accumulated Depreciation - Furniture 87,500.00
Accounts Payable 463,000.00
Notes Payable 90,000.00
Interest Payable 30,000.00
Sales Salaries Payable 15,000.00
Mortgage Payable 500,000.00
K. Anon, Capital 3,856,015.00
TOTAL ₱ 5,324,000.00 ₱ 5,324,000.00