QUIJONEZ FASHIONABLES

DECEMBER 31, 2016

23
WORKSHEET
Statement of
Unadjusted Trial
Account Name Adjustments Adjusted Trial Balance Comprehensive
Balance
Income
DR CR DR CR DR CR DR
Cash P 175,713 P 175,713
Accounts receivable 26,250 26,250
Supplies 2,000 P 1,450 550
Prepaid rent 28,800 26,400 2,400
Computer equipment 36,000 36,000
Unearned sales revenue P 2,500 P 1,000 P 1,500
Loans payable 50,000 50,000
Quijonez, Capital 123,000 123,000
Quijonez, Drawings 1,500 1,500
Sales revenue 133,000 1,000 134,000
Sales discount 77 77 P 77
Sales return and allowances 300 300 300
Rent income 1,200 300 900
Purchases 30,000 30,000 30,000
Purchase discount 590 590
Purchase return and allowances 500 500
Freight in 1,000 1,000 1,000
Insurance expense 3,600 1,500 2,100 2,100
Utilities expense 5,000 200 5,200 5,200
Miscellaneous expense 350 350 350
Freight out 200 200 200
Allowance for doubtful accounts 508 508
Merchandise inventory -
Prepaid insurance 1,500 1,500
AD - Computer equipment 9,167 9,167
Unearned rent revenue 300 300
Salaries payable 6,000 6,000
Utilities payable 200 200
Interest payable 4,125 4,125
Cost of goods sold - -
Salaries expense 6,000 6,000 6,000
Rent expense 26,400 26,400 26,400
Supplies expense 1,450 1,450 1450
Depreciation expense 9,167 9,167 9167
Interest expense 4,125 4,125 4,125
Doubtful account expense 508 508 508
Totals P 310,790 P 310,790 P 50,650 P 50,650 P 330,790 P 330,790 P 86,877
Profit or loss - - 61,113
Totals P 147,990
 Statement of
Statement of Financial
Comprehensive Account Titles DR CR
Position
Income
CR DR CR Cash P 175,713
P 175,713 Accounts receivable 26,250
26,250 Allowance for doubtful accounts P 508
550 Merchandise inventory 12,000
2,400 Supplies 550
36,000 Prepaid rent 2,400
P 1,500 Prepaid insurance 1,500
50,000 Computer equipment 36,000
123,000 AD - Computer equipment 9,167
1,500 Unearned rent revenue 300
P 134,000 Salaries payable 6,000
Utilities payable 200
Interest payable 4,125
900 Unearned sales revenue 1,500
Loans payable 50,000
590 Quijonez, Capital 182,613
500 Totals P 254,413 P 254,413
-

508
12,000 12,000
1,500
9,167
300
6,000
200
4,125

P 147,990 P 255,913 P 194,800

61,113 -
P 147,990 P 255,913 P 255,913
Quijonez Fashionables
CLOSING ENTRIES
December 31, 2016
Thru CGS
Dec. 31 Sales revenue 134,000.00
Rent income 900.00
Sales return and allow 300.00
Sales discount 77.00
Income summary 134,523.00

Dec. 31 Income summary 73,410.00

Cost of goods sold 17,910.00
Rent expense 6,000.00
Depreciation expense 2,100.00
Salaries expense 5,200.00
Utilities expense 26,400.00
Insurance expense 1,450.00
Supplies expense 9,167.00
Doubtful account expense 508.00
Miscellaneous expense 350.00
Freight out 200.00
interest expense 4,125.00

Dec. 31 Income summary 61,113.00

Quijonez, Capital 61,113.00

Dec. 31 Quijonez, Capital 1,500.00

Quizonez, Drawing 1,500.00
CLOSING ENTRIES
DIRECT EXTENSION METHOD
Sales revenue 134,000.00
Rent income 900.00
Sales return and allow 300.00
Sales discount 77.00
Income summary 134,523.00

Income summary 73,410.00

Merchandise inventory 12,000.00
Purchase discount 590.00
Purchase return and allowances 500.00

Purchases 30,000.00
Freight in 1,000.00
Rent expense 6,000.00
Depreciation expense 2,100.00
Salaries expense 5,200.00
Utilities expense 26,400.00
Insurance expense 1,450.00
Supplies expense 9,167.00
Doubtful account expense 508.00
Miscellaneous expense 350.00
Freight out 200.00
interest expense 4,125.00

Income summary 61,113.00

Quijonez, Capital 61,113.00

Quijonez, Capital 1,500.00

Quizonez, Drawing 1,500.00