UNADJUSTED T/B

ACCOUNT TITLE DEBIT CREDIT

CASH 50,000.00
ACCOUNTS RECEIVABLE 300,000.00
ALLOWANCE FOR DOUBTFUL ACCOUNTS 20,000.00
MERCHANDISE INVENTORY 350,000.00
PREPAID INSURANCE 36,000.00
Furniture and Fixtures 200,000.00
ACCUM. DEPR. 30,000.00
EQUIPMENT 250,000.00
ACCUM. DEPR. 20,000.00
ACCOUNTS PAYABLE 100,000.00
LOANS PAYABLE 200,000.00
EDNA, CAPITAL 604,000.00
EDNA, DRAWING 10,000.00
SALES 1,500,000.00
SALES DISCOUNT 20,000.00
SALES RETURNS AND ALLOWANCES 5,000.00
PURCHASES 850,000.00
PURCHASE RETURNS AND ALLOWANCES 4,000.00
PURCHASE DISCOUNT 8,000.00
FREIGHT IN 65,000.00
SALARIES AND WAGES 200,000.00
RENTS 60,000.00
UTILITIES 75,000.00
SUPPLIES EXPENSES 15,000.00
TOTAL Php 2,486,000.00 Php 2,486,000.00
INCOME AND EXPENSE SUMMARY
INSURANCE EXPENSE
ACCRUED SALARIES AND WAGES
TOTAL

Additional info
1. Merchandise inventory at the end of the year is 400,000
2.The insurance premium is paid on May 1,2013
3.Accrued salaries and wages at the end of the year is 15,000

ADJUSTING ENTRIES
debit credit
Merchandise Inventory 400,000.00
Income and Expense Summary 400,000.00
Insurance Expense 24,000.00
Prepaid Insurance 24,000.00

Salaries and Wages 400,000.00

Accrued Salaries and Wages 400,000.00
 Via Trading
WORKING PAPER
December 31, 2013
ADJUSTMENT ADJUSTED T/B
DEBIT CREDIT DEBIT CREDIT
50,000.00
300,000.00
20,000.00
400,000.00 350,000.00 400,000.00
24,000.00 12,000.00
200,000.00
30,000.00
250,000.00
20,000.00
100,000.00
200,000.00
604,000.00
10,000.00
1,500,000.00
20,000.00
5,000.00
850,000.00
4,000.00
8,000.00
65,000.00
15,000.00 215,000.00
60,000.00
75,000.00
15,000.00

350,000.00 400,000.00 50,000.00

24,000.00 24,000.00
15,000.00 15,000.00
Php 789,000.00 789,000.00 Php 2,551,000.00 Php 2,551,000.00
 INCOME STATEMENT BALANCE SHEET
DEBIT CREDIT DEBIT CREDIT
50,000.00
300,000.00
20,000.00
400,000.00
12,000.00
200,000.00
30,000.00
250,000.00
20,000.00
100,000.00
200,000.00
604,000.00
10,000.00
1,500,000.00
20,000.00
5,000.00
850,000.00
4,000.00
8,000.00
65,000.00
215,000.00
60,000.00
75,000.00
15,000.00

50,000.00
24,000.00
15,000.00
Php 1,329,000.00 Php 1,562,000.00 Php 1,222,000.00 Php 989,000.00
Php 233,000.00 Php 233,000.00
Php 1,562,000.00 Php 1,562,000.00 Php 1,222,000.00 Php 1,222,000.00
 SILVER RED ENTERPRISE
CLOSING ENTRIES
December 31, 2013

1 SALES Php 1,500,000.00

SALES DISCOUNT Php 20,000.00
SALES RETURNS AND ALLOWANCES 5,000.00
INCOME AND EXPENSE SUMMARY 1,475,000.00

2 PURCHASE RETURNS AND ALLOWAN 4,000.00

PURCHASE DISCOUNT 8,000.00
INCOME AND EXPENSE SUMMARY 838,000.00
PURCHASES 850,000.00

3 INCOME AND EXPENSE SUMMARY 439,000.00

FREIGHT IN 65,000.00
SALARIES AND WAGES 200,000.00
RENTS 60,000.00
UTILITIES 75,000.00
SUPPLIES EXPENSES 15,000.00
INSURANCE EXPENSE 24,000.00

4 INCOME AND EXPENSE SUMMARY 350,000.00

MERCHANDISE INVENTORY - BEG. 350,000.00

5 MERCHANDISE INVENTORY - END 400,000.00

INCOME AND EXPENSE SUMMARY 400,000.00

6 INCOME AND EXPENSE SUMMARY 604,000.00

EDNA, CAPITAL 604,000.00

7 EDNA CAPITAL 10,000.00

EDNA DRAWING 10,000.00
 SILVER RED ENTERPRISE
CLOSING ENTRIES
December 31, 2013

ACCOUNT TITLE DEBIT CREDIT

CASH Php 50,000.00
ACCOUNTS RECEIVABLE 300,000.00
ALLOWANCE FOR DOUBTFUL ACCOUNTS Php 20,000.00
MERCHANDISE INVENTORY 400,000.00
PREPAID INSURANCE 12,000.00
FURNITURES & FIXTURES 200,000.00
ACCUM. DEPR. 30,000.00
EQUIPMENT 250,000.00
ACCUM. DEPR. 20,000.00
ACCOUNTS PAYABLE 100,000.00
LOANS PAYABLE 200,000.00
ACCRUED EXPENSES 15,000.00
EDNA, CAPITAL 827,000.00
TOTAL Php 1,212,000.00 Php 1,212,000.00
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