JOSEPH LANDSCAPING AND PLANTS STORE

Date December Transactions P/R Debit Credit

12/1 Notes Receivable - Argem 20,000

Sales 20,000
*Received 3-month, 12% note for merchandise sold

12/2 Purhcases 25,000

Cash 10,000
Accounts Payable - Stephen Trading 15,000
Purchased Merchandise

Freight in 800
Cash 800
*FOB Shipping Point, Collect

12/3 Cash in Bank 15,000

Accounts Receivable - Guadalupe's Garden 15,000
Service Income 30,000
*Rendered landscaping services to Guadalupe's Garden

12/4 Cash in Bank 20,000

Accounts Receivable - Emmanuel Merchandising 50,000
Sales 70,000
Sold Merchandise
Freight Out 1,200
Cash 1,200
*FOB Destination, Prepaid

12/5 Accounts Payable - Stephen Trading 500

Purhcase Return and Allowances 500
*Issued debit memorandum (DM)

12/6 Purchases 20,000

Joseph de Jesus, Capital 20,000
*Additional investment

12/7 Sales Return and Allowances 1,000

Accounts Receivable - Emmanuel Merchandising 1,000
*Issued credit memorandum (CM)

12/8 Cash in Bank 50,000

 Sales 50,000
*Sold merchandise to Rafael Novelty Shop, COD

12/9 Accounts Payable - Stephen Trading 5,000

Cash in Bank 5,000
*Made partial payment

12/10 Stores Supplies on Hand 5,000

Office Supplies on Hand 10,000
Cash in Bank 5,000
Accounts Payable - Gabriel Supermart 10,000
Purchased store and office supplies, *2/10, n/30

12/12 Accounts Payable - Stephen Trading 9,500

Purchase Discount 290
Cash in Bank 9,210
*Settled account in full

12/15 Joseph de Jesus, Drawing 8,000

Purchases 8,000
*Personal withdrawal of owner

12/17 Accounts Payable - Gabriel Supermart 500

Store Supplies 500
*Returned defective supplies

12/19 Cash in Bank 48,510

Sales Discount 490
Accounts Receivable - Emmanuel Merchandising 49,000
*Collected account in full

12/20 Accounts Payable - Gabriel Supermart 9,500

Office Supplies 90
Store Supplies 100
Cash in Bank 9,310
*Settled account in full

12/26 Sales Returns and Allowances 1,000

Accounts Payable 1,000
*Returned defective merchandise sold

12/28 Accounts Receivable - Shalom House of Prayer 50,000

Service Income 50,000
 *Rendered landscaping services to Shalom

12/31 Cash in Bank 15,000

Accounts Receivable - Guadalupe's Garden 15,000
*Collected account in full
381,000 381,000
 JOSEPH LANDSCAPING AND PLANTS STORE
T - Accounts
December 31, 2023

Cash in Bank Joseph de Jesus, Capital

95,000 10,000 842,950
15,000 800 20,000
20,000 1,200
50,000 5,000 862,950
48,510 9,210
15,000 9,310
5,000

243,510 40,520
202,990
Joseph de Jesus, Drawing
10,000
8,000
18,000

Notes Receivable Sales

20,000 776,850
20,000
20,000 70,000
50,000
916,850

Accounts Receivable Sales Returns and Allowances

95,000 1,000 12,500
15,000 15,000 1,000
50,000 49,000 1,000
 50,000 14,500
210,000 65,000
145,000

Office Supplies on Hand Sales Discount

10,500 90 15,000
10,000 490
20,500 90 15,490
20,410

Stores Supplies on Hand Service Income

15,000 500 140,000
5,000 100 30,000
20,000 600 50,000
19,400 220,000
 Purchases
325,000 8,000
25,000
20,000
370,000 8,000
362,000

Freight In
6,850
800
7,650

Freight Out
9,500
1,200
10,700

Purchases Returns and Allowances

14,700
500
15,200
Purchase Discount
10,000
290
10,290

Accounts Payable
500 37,000
5,000 15,000
9,500 1,000
500 10,000
9,500
25000 63,000
38,000
 JOSEPH LANDSCAPING AND PLANTS STORE
Trial Balance

Account Title P Debit Credit

Cash in Bank 202,990
Petty Cash Fund 10,000
Financial Assets at Fair Value throught Profit or Loss 100,000
Accounts Receivable 145,000
Allowance for Doubtful Accounts 7,000
Notes Receivable 20,000
Merchandise Inventory, January 1 17,800
Office Supplies on Hand 20,410
Store Supplies on Hand 19,400
Land 400,000
Buildings 440,000
Accumulated Depreciation - Building 57,600
Equipment 220,000
Accumulated Depreciation - Equipment 50,000
Furniture and Fixture 120,000
Accumulated Depreciation - Furniture 44,000
Accounts Payable 38,000
Notes Payable 12,000
Withholding Taxes Payable 5,600
Mortgage Payable 200,000
Joseph de Jesus, Capital 862,950
Joseph de Jesus, Drawing 18,000
Service Income 220,000
Sales 916,850
Sales Discounts 15,490
Sales Returns and Allowances 14,500
Purchases 362,000
Purchases Discounts 10,290
Purchases Returns and Allowances 15,200
Freight In 7,650
Freight Out 10,700
Salaries and Wages Expense 194,000
Insurance Expense 28,450
Utilities Expense 26,000
Repairs and Maintenance Expense 16,750
SSS. Philhealth and Pag-ibig Expense 11,550
Miscellaneous Expense 12,400
Interest Expense 6,400
Total P 2,439,490 P 2,439,490
 JOSEPH LANDSCAPING AND PLANTS STORE
Adjusted Trial Balance
December 31, 2023
Unadjusted
Trial Balance Adjustments
Account Title Debit Credit Debit
Cash in Bank 202,990 0
Petty Cash Fund 10,000 0
Financial Assets at Fair Value thrue P/L 100,000 0
Accounts Receivable 145,000 0
Allowance for Doubtful Accounts 0 7,000
Notes Receivable 20,000 0
Interest Receivable 200
Merchandise Inventory 17,800 0
Office Supplies on Hand 20,410 0
Store Supplies on Hand 19,400 0
Land 400,000 0
Buildings 440,000
Accumulated Depreciation - Building 0 57,600
Equipment 220,000 0
Accumulated Depreciation - Equipment 0 50,000
Furniture and Fixtures 120,000 0
Accumulated Depreciation - Furniture and Fixtures 0 44,000
Accounts Payable 0 38,000
Notes Payable 0 12,000
Withholding Taxes Payable 0 5,600
Utilities Payable 0
Interest Payable 0
Mortgage Payable 200,000
Joseph de Jesus, Capital 862,950
Joseph de Jesus, Drawing 18,000
Service Income 0 220,000
Sales 0 916,850
Sales Discount 15,490
Sales Return and Allownace 14,500
Interest Income
Purchases 362,000 0
Purchases Discount 0 10,290
Purchases Returns and Allowancse 0 15,200
Freight In 7,650
Freight Out 10,700
Salaries and Wages Expense 194,000
Depreciation Expense 75,800
Utilities Expense 26,000 7,200
Insurance Expense 28,450
Office Supplies Expense 14,080
Store Supplies Expense 14,500
Repairs and Maintenance Expense 16,750
SSS, Philhealth, and Pag-ibig Expense 11,550
Doubtful Accounts Expense 0 4,600
Miscellanous Expense 12,400
Interest Expense 6,400 330
Merchandise Inventory, December 31 12,850
Income Summary 0

2,439,490 2,439,490 129,560

 Adjusted Income Statement of
Adjustments Trial Balance Statement Financial Position
Credit Debit Credit Debit Credit Debit Credit
202,990 202,990
10,000 10,000
100,000 100,000
145,000 145,000
4,600 11,600 11,600
20,000 20,000
200 200
17,800 17,800
14,080 6,330 6,330
14,500 4,900 4,900
400,000 400,000
440,000 440,000
28,800 86,400 86,400
220,000 220,000
25,000 75,000 75,000
120,000 120,000
22,000 66,000 66,000
38,000 38,000
12,000 12,000
5,600 5,600
7,200 7,200 7,200
330 330 330
200,000 200,000
862,950 862,950
18,000 18,000
220,000 220,000
916,850 916,850
15,490 15,490
14,500 14,500
200 200 200
362,000 362,000
10,290 10,290
15,200 15,200
7,650 7,650
10,700 10,700
194,000 194,000
 75,800 75,800
33,200 33,200
28,450 28,450
14,080 14,080
14,500 14,500
16,750 16,750
11,550 11,550
4,600 4,600
12,400 12,400
6,730 6,730
12,850 12,850
12,850 0 12,850 0 12,850
0
129,560 2,540,470 2,540,470 835,250 1,175,390 1,705,220 1,365,080
340,140 340,140
1,175,390 1,175,390 1,705,220 1,705,220
 JOSEPH LANDSCAPING AND PLANTS STORE
Income Statement
December 31, 2023

Notes
Net Sales 1 1,106,860
Cost of Sales 2 (349,110)
Gross Profit 757,750
Interest Income 200
757,950

Administrative Expenses 3 (390,830)

Distribution Expenses 4 (25,200)
Interest Expenses (6,730) (422,760)
Net Income 335,190

JOSEPH LANDSCAPING AND PLANTS STORE

Statement of Changes in Owner's Equity
December 31, 2023

Joseph de Jesus, Capital 11/30/2023 842,950

Add: Investment 20,000
Net Income 335,190
Less: Joseph de Jesus, Drawing 12/ (18,000)
Joseph de Jesus, Capital 12/31/2023 1,180,140
 JOSEPH LANDSCAPING AND PLANTS STORE
Statement of Financial Position
December 31, 2023
Notes
Assets:
Current Assets
Cash 5 212,990
Trade and Other Receivab 6 153,600
Prepaid Expenses 7 11,230
Financial Assets at FV through P/L 100,000
Merchandising Inventory, Ending 17,800
495,620
Noncurrent
Property Plant and Equipmen 8 952,600
Total Assets 1,448,220

Liabilities:
Current Liabilities
Trade and Other Payables 9 63,130
Noncurrent Liabilities
Mortgage Payable 200,000
Total Liabilities 263,130
Owner's Equity
Joseph de Jesus, Capital 1,180,140
Total Liabilities & Owner's Equity 1,443,270
 JOSEPH LANDSCAPING AND PLANTS STORE
Adjusting Entries
Debit Credit
(a) Interest Receivable 200
Interest Income 200

(b) & (c) Utilities Expense 7,200

Interest Expense 330
Utilities Payable 7,200
Interest Payable 330

(d) Store Supplies Expense 14,500

Office Supplies Expense 14,080
Store Supplies on Hand 14,500
Office Supplies on Hand 14,080

(e) Doutbful Accounts Expense 4,600

Allowance for Doubtful Accounts 4,600

(f) Depreciation Expense 75,800

Accumulated Depreciation - Building 28,800
Accumulated Depreciation - Equipment 25,000
Accumulated Depreciation - Furniture 22,000

(g) Merchandising Inventory 12,850

Income Summary 12,850

Merchandising Inventory Income Summary

12,850 12,850

12,850 12,850
 T - Accounts

Interest Income Interest Receivable

0 0
200 200
200 200

Utilities Expense Utilities Payable

7,200 7,200

7,200 7,200

Interest Expense Interest Payable

330 330

330 330

Store Supplies Expense Store Supplies on Hand

14,500 14,500

14,500 14,500

Office Supplies Expense Office Supplies Expense

14,080 14,080

14,080 14,080

Doubtful Accounts Expense Allowance for Doubtful Accounts

4,600 4,600

4,600 4,600

Depreciation Expense Accumulated Depreciation - Building

75,800 28,800

75,800 28,800
Accumulated Depreciation - Equipment
25,000

25,000

Accumulated Depreciation - Furniture

22,000

22,000
 JOSEPH LANDSCAPING AND PLANTS STORE
Notes

1 Net Sales
Service Revenue 220,000
Net Sale:
Gross Sales: 916,850
Less: Sales Return adn Allowances (15,490)
Sales Discount (14,500) 886,860 1,106,860

2 Cost of Sales:
Merchandising Inventory, Beginning 17,800
Add: Net Purchases
Gross Purchases 362,000
Less: Purchase Return and Allowance (15,200)
Purchase Discount (10,290) 336,510
Add: Freight In 7,650
Cost of Goods Available for Sale 361,960
Less: Merchandising Inventory Ending (12,850) 349,110

3 Administraive Expenses:
Salaries and Wages Expense 194,000
Depreciation Expense 75,800
Utilities Expense 33,200
Insurance Expense 28,450
Repair and Maintenance Expense 16,750
Office SUpplies Expense 14,080
SSS, PhilHealth and Pag-Ibig Expense 11,550
Doubtful Account Expense 4,600
Miscellaneous Expense 12,400 (390,830)

4 Distribution Expense:
Store Supplies Expense 14,500
Freight Out 10,700 (25,200)

5 Cash
Cash in Bank 202,990
Petty Cash Fund 10,000 212,990

6 Trade and Other Receivables

 Account Receivable, Gross 145,000
Less: Allowance or Doubtful Accounts (11,600) 133,400
Notes Receivable 20,000
Interest Receivable 200 153,600

7 Prepaid Expenses
Office Supplies on Hand 6,330
Store Supplies on Hand 4,900 11,230

8 Property Plant and Equipment

Land 400,000
Building 440,000
Less: Accumulated Depreciation (86,400) 353,600
Equipment 220,000
Less: Accumulated Depreciation -75,000 145,000
Furniture and Fixture 120,000
Less: Accumulated Depreciation (66,000) 54,000 952,600

9 Trade and Other Payable

Accounts Payable 38,000
Notes Payable 12,000
Withholding Taxes Payable 5,600
Utilities Payable 7,200
Interest Payable 330 63,130
 JOSEPH LANDSCAPING AND PLANTS STORE
Cash Flow
December 31, 2023
Operating Activities
Cash Inflow:
Cash Sales 518,895
Cash from lanscaping service 170,000
Cash collected from A/R 172,965 861,860
Cash Outflow:
Payment of Account Purchases 336,510
Payment of various Ope. Expense 336,080
Interest Expense 6,400 (678,990)
Net Cashflow from Operating Activities 182,870

Financing Activities
Cash Outflow:
Payment of Bank Loan (Mortgage Payable) (100,000)
Net Increase of Cash 82,870
Cash Beginning Balance 119,120
Cash Ending Balance 201,990
 JOSEPH LANDSCAPING AND PLANTS STORE
Closing Entries
December 31, 2023

Service Income 220,000

Sales 916,850
Interest Income 200
Purchase Discount 10,290
Purchase Returns and Allownac 15,200
Income Summary 1,162,540

Merchandise Inventory Nov 0

Sales Discounts 15,490
Sales Return and Allowance 14,500
Purchases 362,000
Freight In 7,650
Freight Out 10,700
Salaries and Wages 194,000
Depreciation Expense 75,800
Utilities Expense 33,200
Insurance Expense 28,450
Office Supplies Expense 14,080
Store Supplies Expense 14,500
Repair and Maintenance Exp 16,750
SS, PhilHealth and Pag-Ibig 11,550
Doubtful Account Expense 4,600
Miscellaneous Expnse 12,400
Interest Expense 6,730
Income Summary 822,400

Joseph De Jesus, Capital 335,190

 JOSEPH LANDSCAPING AND PLANTS STORE
Reversing Entries
December 31, 2023

1 Interest Income 200

Interest Receivable 200

2 Utilities Payable 7200

Utilities Expense 7200

3 Interest Payable 330

Interest Expense 330
 JOSEPH LANDSCAPING AND PLANTS STORE
Closing Trial Balance
December 31, 2023
Debit Credit
Cash in Bank 202,990
Petty Cash Fund 10,000
Financial Assets at Fair Value thrue 100,000
Accounts Receivable 145,000
Allowance for Doubtful Account 0 11,600
Notes Receivable 20,000
Interest Receivable 200
Merchandise Inventory 17,800
Office Supplies on Hand 6,330
Store Supplies on Hand 4,900
Land 400,000
Buildings 440,000
Accumulated Depreciation - Buildin 86,400
Equipment 220,000
Accumulated Depreciation - Equip 75,000
Furniture and Fixtures 120,000
Accumulated Depreciation - Furnitu 66,000
Accounts Payable 38,000
Notes Payable 12,000
Withholding Taxes Payable 5,600
Utilities Payable 7,200
Interest Payable 330
Mortgage Payable 200,000
Joseph de Jesus, Capital 1,180,140