John Bala Maps

Unadjusted Trial Balance

Dec. 31, 2021

Cash P 31,000
Accounts Receivable 83,000
Merchandise Inventory 627,000
Prepaid Insurance 54,000
Office Supplies 68,000
Office Equipment 370,000
Accumulated Depreciation P 50,000
Accounts payable 58,000
Bala, Capital 517,000
Bala, Withdrawals 87,000
Sales 2,675,000
Sales Returns and Allowances 26,000
Sales Discounts 23,000
Purchases 1,512,000
Purchases Returns and Allowances 14,000
Purchase Discounts 19,000
Transportation in 38,000
Salaries Expense 327,000
Advertising Expense 61,000
Rent Expense 26,000
TOTALS P 3,333,000 P 3,333,000

Additional Information:
a. Merchandise inventory as at Dec. 31, 2021 amounted to P532,000
b. Insurance coverage with premiums of P18,000 has expired during the year.
c. Depreciation for the year amounted to P 25,000
d. Office supplies remaining at year-end amounted to P 15,000
e. Salaries in the amount of P9,000 have accrued as at Dec 31, 2021.

John Bala Maps

Worksheet
For the Year Ended December 31, 202

Unadjusted Trial Balance Adjustments

Account Title Debit Credit Debit
Cash 31,000
Accounts Receivable 83,000
Merchandise Inventory 627,000
Prepaid Insurance 54,000
Office Supplies 68,000
Office Equipment 370,000
Accumulated Depreciation 50,000
 Accounts Payable 58,000
Salaries Payable
Bala, Capital 517,000
Bala, Withdrawals 87,000
Sales 2,675,000
Sales Return and Allowances 26,000
Sales Discounts 23,000
Purchases 1,512,000
Purchases Return and Allowances 14,000
Purchases Discounts 19,000
Transportation in 38,000
Salaries Expense 327,000 9,000
Advertising Expense 61,000
Rent Expense 26,000
Insurance Expense 18,000
Depreciation Expense 25,000
Office Supplies Expense 53,000
TOTAL 3,333,000 3,333,000 105,000
NET SALES
GRAND TOTAL

Adjusting Entries

Date Account Title Debit Credit

Dec-31 Insurance Expense 18,000
Prepaid Insurance 18,000

Dec-31 Depreciation Expense 25,000

Accumulated Depreciation 25,000

Dec-31 Office Supplies Expense 53,000

Office Supplies 53,000

Dec-31 Salaries Expense 9,000

Salaries Payable 9,000
 John Bala Maps
Worksheet
For the Year Ended December 31, 2021

Adjustments Adjusted Trial Balance Income Statement Balance Sheet

Credit Debit Credit Debit Credit Debit
31,000 31,000
83,000 83,000
627,000 627,000 532,000 532,000
18,000 36,000 36,000
53,000 15,000 15,000
370,000 370,000
25,000 75,000
 58,000
9,000 9,000
517,000
87,000 87,000
2,675,000 2,675,000
26,000 26,000
23,000 23,000
1,512,000 1,512,000
14,000 14,000
19,000 19,000
38,000 38,000
336,000 336,000
61,000 61,000
26,000 26,000
18,000 18,000
25,000 25,000
53,000 53,000
105,000 3,367,000 3,367,000 2,745,000 3,240,000 1,154,000
495,000
3,240,000 3,240,000 1,154,000

Reversing Entry
Date Account Title Debit Credit
Dec-31 Salaries Payable 9,000
Salaries Expense 9,000
 John Bala Maps
Income Statement
For the Year Ended December 31, 2021

Balance Sheet Net Sales

Credit Gross Sales
Less: Sales Returns and Allowances
Sales Discounts
Net Sales
Cost of Sales
Merchandise Inventory, 1/1/2021
Purchases
75,000 Less: Purchase Returns and Allowances 14,000
 58,000 Purchase Discounts 19,000
9000 Net Purchases
517,000 Transportation in
Net Cost of Purchases
Goods Available for Sale
Less: Merchandise Inventory, 12/31/2021
Cost of Sales
Gross Profit
Operating Expenses
Selling Expenses
Advertising Expense
Rent Expense
Total Selling Expense
Administrative Expenses
Salaries Expense
Depreciation Expense
Insurance Expense
659,000 Office Supplies Expense
495,000 Total Administrative Expenses
1,154,000 Total Operating Expenses
Operating Profit
Profit
 John Bala Maps John Bala Maps
Income Statement Statement of Changes in Equity
Year Ended December 31, 2021 For the Year Ended December 31, 2021

John Bala, Owner's Equity, 1/1/2021

2,675,000 Profit
26,000 TOTAL
23,000 49,000 Withdrawals
2,626,000 John Bala, Owner's Equity, 12/31/2021

627,000 John Bala Maps

1,512,000 Balance Sheet
As of December 31, 2021
 33,000
1,479,000 ASSETS
38,000 Current Assets
1,517,000 Cash
2,144,000 Accounts Receivable
532,000 Merchandise Inventory
1,612,000 Office Supplies
1,014,000 Prepaid Insurance
Total Current Assets
Property and Equipment
61,000 Office Equipment
26,000 Less: Accumulated Depreciation
87,000 Total Assets

336,000 LIABILITIES
25,000 Current Liabilities
18,000 Accounts Payable
53,000 Salaries Payable
432,000 Total Current Liabilities
519,000 Total Liabilities
495,000
495,000 OWNER'S EQUITY
John Bala, Capital, December 31
Total Liabilities and Owner's Equity
 John Bala Maps Closing Entries for John Bala Maps
Statement of Changes in Equity
For the Year Ended December 31, 2021 Date
Dec-31
517,000
495,000
1,012,000
87,000
925,000
Dec-31
John Bala Maps
Balance Sheet
As of December 31, 2021
 ASSETS

31,000
83,000
532,000
15,000
36,000
697,000
Dec-31
370,000
75,000 295,000
992,000 Dec-31

LIABILITIES

58,000
9,000
67,000
67,000

OWNER'S EQUITY
925,000
992,000
 Closing Entries for John Bala Maps

Account Titles Debit Credit

Merchandise Inventory, End 532,000
Sales 2,675,000
Purchase Returns and Allowances 14,000
Purchase Discounts 19,000
Income Summary 3,240,000

Income Summary 2,745,000

Merchandise Inventory, Beginning 627,000
Sales Returns and Allowances 26,000
Sales Discounts 23,000
 Purchases 1,512,000
Transportation in 38,000
Salaries Expense 336,000
Advertising Expense 61,000
Rent Expense 26,000
Insurance Expense 18,000
Depreciation Expense 25,000
Office Supplies Expense 53,000

Income Summary 495,000

Bala, Capital 495,000

Bala, Capital 87,000

Bala, Withdrawals 87,000
 John Bala Maps
Post-Closing Trial Balance
As of December 31, 2021

Cash 31,000
Accounts Receivable 83,000
Merchandise Inventory 532,000
Office Supplies 15,000
Prepaid Insurance 36,000
Office Equipment 370,000
Accumulated Depreciation 75,000
Accounts Payable 58,000
Salaries Payable 9,000
Bala, Capital 925,000
TOTAL 1,067,000 1,067,000