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Per Books

Account Titles DR
Cash 225,000.00
Accounts Receivables 936,000.00
Allowance for Doubtful Accounts
Notes Receivable 155,000.00
Merchandise Inventory 568,900.00
Furniture and Equipment 618,000.00
Accumulated Depreciation
Goodwill 300,000.00
Accounts Payable
Notes Payable
Common Stock
Retained Earnings
Sales
Sales Returns and Allowances 47,600.00
Purchases 2,159,300.00
Purchases Returns and Allowances
Advertising Expense 96,100.00
Sales Salaries 288,500.00
Commission Salaries 152,000.00
MiscellaneousSelling Expenses 29,900.00
Rent Expense 130,000.00
Office Salaries 197,200.00
Light and Water 15,000.00
Insurance Expense 10,800.00
Taxes and Licences 47,800.00
General Expenses 163,400.00
Interest Expense 41,200.00
Interest Income
TOTAL 6,181,700.00

Doubtful Accounts Expense -


Costs of Goods Sold -
Merchandise Inventory, end -
Gain on Sale of Equipment -
Depreciation Expense -
Prepaid Insurance -
Prepaid Rent -
Discount on Notes Payable -
Income Tax Expense
Income Tax Payable
Profit
6,181,700.00
Cielo Corporation September 30, 2014

Per Books Audit Adjustments Per Audit


CR DR CR DR
15,000.00 210,000.00
15,000.00 951,000.00
31,900.00 15,650.00
155,000.00
568,900.00 -
5,000.00 613,000.00
187,500.00 11,000.00 64,300.00
300,000.00 -
536,000.00 50,000.00
100,000.00
1,000,000.00
552,500.00 300,000.00
3,728,200.00
47,600.00
50,000.00 ### -
36,500.00 36,500.00
96,100.00
288,500.00
152,000.00
29,900.00
10,000.00 120,000.00
197,200.00
15,000.00
4,200.00 6,600.00
47,800.00
163,400.00
11,000.00 30,200.00
9,100.00
###

- 15,650.00 15,650.00
- ### 2,120,500.00
- 621,200.00 621,200.00
- 6,000.00
- 64,300.00 64,300.00
- 4,200.00 4,200.00
- 10,000.00 10,000.00
- 11,000.00 11,000.00
### ### ### 5,970,150.00
2014

Per Audit Balance Sheet per Audit Income Statement Per Audit
CR DR CR DR
210,000.00
951,000.00
47,550.00 47,550.00
155,000.00
-
613,000.00
240,800.00 240,800.00
-
586,000.00 586,000.00
100,000.00 100,000.00
### 1,000,000.00
252,500.00 252,500.00
###
47,600.00
-
-
96,100.00
288,500.00
152,000.00
29,900.00
120,000.00
197,200.00
15,000.00
6,600.00
47,800.00
163,400.00
30,200.00
9,100.00

15,650.00
2,120,500.00
621,200.00
6,000.00
64,300.00
4,200.00
10,000.00
11,000.00
104,565.00
104,565.00
243,985.00 243,985.00
### ### 2,575,400.00 3,743,300.00
me Statement Per Audit
CR

3,728,200.00

9,100.00

6,000.00
3,743,300.00
Proposed Audit Adjustments
1. Accounts Receivable
Cash in Bank
#
2. Doubtful Accounts Expense
Allowance for Doubtful Accounts
#
3. Cost of Goods Sold
Inventory, end
Purchase Returns and Allowances
Purchases
Inventory, beg
#
4. Purchases
Accounts Payable
#
5. Inventory, end I/S
Inventory, end B/S
#
6. NO ENTRY

7. Accumulated Depreciation -Equipment


Gain on Sale of Equipment
Furniture and Equipment
#
8. Depreciation Expense -Furniture
Accumulated Depreciation -Furniture
#
9. Prepaid Insurance
Insurance Expense
#
10. Prepaid Rent
Rent Expense
#
11. Discount on Notes Payable
Interest Expense
#
12. Retained Earnings
Goodwill
#
DR CR
15,000.00
15,000.00

15,650.00
ul Accounts 15,650.00

2,120,500.00 Dito po binawas ko na agad sa invty end yung go


621,200.00 on consignment
36,500.00
2,209,300.00
568,900.00

50,000.00
50,000.00

30,000.00 Ito po diko sure, pero for the benefit lang na maipa
30,000.00 yung entry na binawas siya sa invty end ng balan
sheet, pero hindi po ako marunong kung paano
ilalagay yung invty end na debit sa income statem

11,000.00
6,000.00
5,000.00

64,300.00
ation -Furniture 64,300.00

4,200.00
4,200.00

10,000.00
10,000.00

11,000.00
11,000.00

300,000.00
300,000.00
Dito po binawas ko na agad sa invty end yung goods
on consignment

Ito po diko sure, pero for the benefit lang na maipakita


yung entry na binawas siya sa invty end ng balance
sheet, pero hindi po ako marunong kung paano
ilalagay yung invty end na debit sa income statement

Ito po, 100,000 x 12% x 11/12. dapat pag


acquire niya palang ng note, since 1 year lang
yun, kung given agad na may discount, dapat
nakadebit na siya ng "discount on n/p na
12,000" . Since nung aug 31 lang sya
nagdiscount, tapos bago lang nagkaroon ng
discount on n/p, dapat 1 month palang ang
discount niya, september palang. kaya ganern
Per Books
Account Titles DR
Cash 225,000.00
Accounts Receivables 936,000.00
Allowance for Doubtful Accounts
Notes Receivable 155,000.00
Merchandise Inventory 568,900.00
Furniture and Equipment 618,000.00
Accumulated Depreciation
Goodwill 300,000.00
Accounts Payable
Notes Payable
Common Stock
Retained Earnings
Sales
Sales Returns and Allowances 47,600.00
Purchases 2,159,300.00
Purchases Returns and Allowances
Advertising Expense 96,100.00
Sales Salaries 288,500.00
Commission Salaries 152,000.00
MiscellaneousSelling Expenses 29,900.00
Rent Expense 130,000.00
Office Salaries 197,200.00
Light and Water 15,000.00
Insurance Expense 10,800.00
Taxes and Licences 47,800.00
General Expenses 163,400.00
Interest Expense 41,200.00
Interest Income
TOTAL 6,181,700.00

Doubtful Accounts Expense -


Costs of Goods Sold -
Merchandise Inventory, end -
Gain on Sale of Equipment -
Depreciation Expense -
Prepaid Insurance -
Prepaid Rent -
Discount on Notes Payable -
Income Tax Expense
Income Tax Payable
Profit
6,181,700.00
Per Books Audit Adjustments Per Audit
CR DR CR DR
15,000.00 210,000.00
15,000.00 951,000.00
31,900.00 15,650.00
155,000.00
568,900.00 -
5,000.00 613,000.00
187,500.00 11,000.00 64,300.00
300,000.00 -
536,000.00 50,000.00
100,000.00
1,000,000.00
552,500.00 300,000.00
3,728,200.00
47,600.00
50,000.00 2,209,300.00 -
36,500.00 36,500.00
96,100.00
288,500.00
152,000.00
29,900.00
10,000.00 120,000.00
197,200.00
15,000.00
4,200.00 6,600.00
47,800.00
163,400.00
11,000.00 30,200.00
9,100.00
6,181,700.00

- 15,650.00 15,650.00
- 2,120,500.00 2,120,500.00
- 621,200.00 621,200.00
- 6,000.00
- 64,300.00 64,300.00
- 4,200.00 4,200.00
- 10,000.00 10,000.00
- 11,000.00 11,000.00
6,181,700.00 3,259,350.00 ### 5,970,150.00
Per Audit Balance Sheet per Audit
CR DR CR
210,000.00
951,000.00
47,550.00 47,550.00
155,000.00
-
613,000.00
240,800.00 240,800.00
-
586,000.00 586,000.00
100,000.00 100,000.00
1,000,000.00 1,000,000.00
252,500.00 252,500.00
3,728,200.00

9,100.00

621,200.00
6,000.00

4,200.00
10,000.00
11,000.00

104,565.00
243,985.00
5,970,150.00 2,575,400.00 2,575,400.00
Per Books
Account Titles DR CR
Cash 225,000.00
Accounts Receivables 936,000.00
Allowance for Doubtful Accounts 31,900.00
Notes Receivable 155,000.00
Merchandise Inventory 568,900.00
Furniture and Equipment 618,000.00
Accumulated Depreciation 187,500.00
Goodwill 300,000.00
Accounts Payable 536,000.00
Notes Payable 100,000.00
Common Stock 1,000,000.00
Retained Earnings 552,500.00
Sales 3,728,200.00
Sales Returns and Allowances 47,600.00
Purchases 2,159,300.00
Purchases Returns and Allowances 36,500.00
Advertising Expense 96,100.00
Sales Salaries 288,500.00
Commission Salaries 152,000.00
MiscellaneousSelling Expenses 29,900.00
Rent Expense 130,000.00
Office Salaries 197,200.00
Light and Water 15,000.00
Insurance Expense 10,800.00
Taxes and Licences 47,800.00
General Expenses 163,400.00
Interest Expense 41,200.00
Interest Income 9,100.00
TOTAL 6,181,700.00 6,181,700.00

Doubtful Accounts Expense - -


Costs of Goods Sold - -
Merchandise Inventory, end - -
Gain on Sale of Equipment - -
Depreciation Expense - -
Prepaid Insurance - -
Prepaid Rent - -
Discount on Notes Payable - -
Income Tax Expense
Income Tax Payable
Profit
6,181,700.00 6,181,700.00
Audit Adjustments Per Audit
DR CR DR CR
15,000.00 210,000.00
15,000.00 951,000.00
15,650.00 47,550.00
155,000.00
568,900.00 -
5,000.00 613,000.00
11,000.00 64,300.00 240,800.00
300,000.00 -
50,000.00 586,000.00
100,000.00
1,000,000.00
300,000.00 252,500.00
3,728,200.00
47,600.00
50,000.00 2,209,300.00 -
36,500.00 -
96,100.00
288,500.00
152,000.00
29,900.00
10,000.00 120,000.00
197,200.00
15,000.00
4,200.00 6,600.00
47,800.00
163,400.00
11,000.00 30,200.00
9,100.00

15,650.00 15,650.00
2,120,500.00 2,120,500.00
621,200.00 621,200.00
6,000.00 6,000.00
64,300.00 64,300.00
4,200.00 4,200.00
10,000.00 10,000.00
11,000.00 11,000.00
3,259,350.00 3,259,350.00 5,970,150.00 5,970,150.00
Income Statement Per Audit
DR CR

3,728,200.00
47,600.00
-
-
96,100.00
288,500.00
152,000.00
29,900.00
120,000.00
197,200.00
15,000.00
6,600.00
47,800.00
163,400.00
30,200.00
9,100.00

15,650.00
2,120,500.00

6,000.00
64,300.00
3,394,750.00 3,743,300.00
Cielo Company
Statement of Comprehensive Income
Sep-30

Sales
Sales Returns and Allowances
Cost of Goods Sold
Gross Profit
Other Income
Interest Income
Gain on Sale of Equipment
Operating Expenses
Advertising Expense
Sales Salaries
Commission Salaries
MiscellaneousSelling Expenses
Rent Expense
Office Salaries
Light and Water
Insurance Expense
Taxes and Licences
General Expenses
Doubtful Accounts Expense
Depreciation Expense
Profit before tax and interests
Interest Expense
Profit before income tax
income tax expense
Net Profit