UPENG FRESH VEGGIES STORE

Adjusting Entries
2010
1 Sept 30 Interest Receivable 250
Interest Income 250

2 30 Utilities Expense 4,500

Utilities Payable 4,500

3 30 Store Supplies Expense 32,650

Store Supplies on Hand 32,650

4 30 Unearned Commission Income 20,000

Commission Income 20,000

5 Doubtful Accounts Expense 8,800

Allowance for Doubtful Accounts 8,800
 UPENG FRESH VEGGIES STORE
Adjusting Entries
2010
6 Sept 30 Depreciation Expense-Building 15,000
Depreciation Expense-Equipment 19,000
Depreciation Expense-Furniture 10,000
Accumulated Depreciation-Building 15,000
Accumulated Depreciation-Equipment 19,000
Accumulated Depreciation-Furniture 10,000

7 30 Income Summary 17,800

Merchandise Inventory, beginning 17,800

8 30 Merchandise Inventory, ending 15,950

Income Summary 15,950
 Upeng Fresh Veggies Store
Worksheet
September 30, 2013
Unadjusted
Trial Balance Adjustments Adjusted Trial Balance
Debit Credit Debit Credit Debit Credit
Cash 132,000 132,000
Investment in trading securities 100,000 100,000
Accounts Receivable 88,000 88,000
Notes receivable 68,000 68,000
Merchandise inventory, October 1 17,800 17,800 -
Store Supplies on hand 45,500 3 32,650 12,850
Land 400,000 400,000
Building 350,000 350,000
Accumulated Depreciation-Building 45,000 6 15,000 60,000
Equipment 220,000 220,000
Accumulated Depreciation-Equipment 47,500 6 19,000 66,500
Furniture and Fikxures 95,000 95,000
Accumulated Depreciation-Furniture 16,000 6 10,000 26,000
Unearned commiossion income 40,000 4 20,000 20,000
Accounts payable 37,000 37,000
Notes pyable 51,750 51,750
Withholding taxes payable 8,950 8,950
Mortgage Payable 200,000 200,000
 Upeng Fresh Veggies Store
Worksheet
September 30, 2013
Unadjusted Adjusted Trial
Trial Balance Adjustments Balance
Guadalupe del Victoria, Capital 842,950 842,950
Guadalupe del Vicftoria, Drawing 10,000 10,000
Sales 876,850 876,850
Sales discount 15,000 15,000
Sales returns & allowances 12,500 12,500
Purchases 325,000 325,000
Purchase discount 10,000 10,000
Purchase returns & allowances 14,700 14,700
Freight in 6,850 6,850
Freight out 9,500 9,500
Salaries Expense 194,000 194,000
Insurance Expense 40,000 40,000
Utilities expense 26,000 2 4,500 30,500
Erepairs and Maintenance 16,750 16,750
Miscellaneous Expense 18,800 18,800
2,190,700 2,190,700 -
1 Interest receivable 1 250 250
1 Interest Income 1 250 250
2 Utilities payable 2 4,500 4,500
3 Store supplies used 3 32,650 32,650
4 Commission income 4 20,000 20,000
5 Doubtful Accounts Expense 5 8,800 8,800
5 Allowance for doubtful accounts 5 8,800 8,800
6 Depreciation Expense (Total of all assets) 6 44,000 44,000
7 Merchandise Inventory, September 30 7 15,950 15,950
7 Income Summary 7/8 17,800 15,950 1,850
143,950 143,950 2,248,250 2,248,250
 Upeng Fresh Veggies Store
Worksheet
September 30, 2013

Statement of
Adjusted Trial Balance Income Statement Financial Position
Debit Credit Debit Credit Debit Credit
Cash 132,000 132,000
Investment in trading securities 100,000 100,000
Accounts Receivable 88,000 88,000
Notes receivable 68,000 68,000
Merchandise inventory, October 1 - -
Store Supplies on hand 12,850 12,850
Land 400,000 400,000
Building 350,000 350,000
Accumulated Depreciation-Building 89,000 89,000
Equipment 220,000 220,000
Accumulated Depreciation-Equipment 47,500 47,500
Furniture and Fikxures 95,000 95,000
Accumulated Depreciation-Furniture 16,000 16,000
Unearned commiossion income 20,000 20,000
Accounts payable 37,000 37,000
Notes pyable 51,750 51,750

Withholding taxes payable 8,950 8,950

Mortgage Payable 200,000 200,000
Guadalupe del Victoria, Capital 842,950 842,950
Guadalupe del Vicftoria, Drawing 10,000 10,000
 Upeng Fresh Veggies Store
Worksheet
September 30, 2013
Adjusted Trial Balance Income Statement Statement of Financial Position
Debit Credit Debit Credit Debit Credit
Sales 876,850 876,850
Sales discount 15,000 15,000
Sales returns & allowances 12,500 12,500
Purchases 325,000 325,000
Purchase discount 10,000 10,000
Purchase returns & allowances 14,700 14,700
Freight in 6,850 6,850
Freight out 9,500 9,500
Salaries Expense 194,000 194,000
Insurance Expense 40,000 40,000
Utilities expense 30,500 30,500
Erepairs and Maintenance 16,750 16,750
Miscellaneous Expense 18,800 18,800
Interest receivable 250 250
Interest Income 250 250
Utilities payable 4,500 4,500
Store supplies used 32,650 32,650
Commission income 20,000 20,000
Doubtful Accounts Expense 8,800 8,800
Allowance for doubtful accounts 8,800 8,800
Depreciation Expense 44,000 44,000
Merchandise Inventory, September 30 15,950 15,950
Income Summary (Change in Inventory) 1,850 1,850
2,248,250 2,248,250 756,200 921,800 1,492,050 1,326,450
Net Income 165,600 165,600
921,800 921,800 1,492,050 1,492,050
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 UPENG FRESH VEGGIES STORE
Income Statement
For the period ending September 30, 2012

Notes
Net Sales 1 P 849,350
Cost of Sales 2 309,000
Gross Profit P 540,350
Other Income 3 20,250
Total Income P 560,600
Operating Expenses
Administrative Expenses 5 P 352,850
Distribution 4 42,150 395,000
Net Income P 165,600
 UPENG FRESH VEGGIES STORE
Statement of Changes in Equity
For the period ending September 30, 2012

Capital Beginning P 842,950

Add: Net Income 165,600
P 1,008,550
Less: Drawings 10,000
Capital Ending P 998,550
 UPENG FRESH VEGGIES STORE
Statement of Financial Position
September 30, 2012

Notes
ASSETS
Current Assets
Cash on Hand P 132,000
Investment in Trading Securities 100,000
Trade and Other Receivables 7 147,450
Merchandise inventory, end 15,950
Prepaid Expenses 8 12,850
Total P 408,250
Fixed Assets , net 9 912,500
Total Assets P 1,320,750

LIABILITIES AND EQUITY

Current Liabilities
Trade and other payables 10 P 122,200
Mortgage Payable 200,000
Total Liabilities P 322,200
Equity 998,550
Total Liabilities and Equity P 1,320,750
-
1 Net Sales
Sales P 876,850
Sales Discount P 15,000
Sales Returns and allowances 12,500 27,500
P 849,350

2 Cost of Sales
Merchandise Inventory beginning P 17,800
Purchases P 325,000
Purchase discount (10,000)
Purchase returns & allowances (14,700)
Total 300,300
Freight in 6,850 307,150
Total goods available for sale P 324,950
Merchandise Inventory, ending (15,950)
Cost of Sales P 309,000

3 Other Income
Commission Income P 20,000
Interest Income 250
P 20,250
4 Distribution Expenses
Freight out P 9,500
Store supplies expense 32,650
P 42,150
5 Administrative Expenses
Salary Expense P 194,000
Insurance Expense 40,000
Utilities Expense 30,500
Depreciation Expense 44,000
Repairs and maintenance 16,750
Doubtful Accounts Expense 8,800
Miscellaneous Expense 18,800
P 352,850

6 Trade and Other Receivables

Accounts Receivable P 88,000
Allowance for doubtful accounts 8,800
Net Realizable value P 79,200
Notes Receivable 68,000
Interest Receivable 250
P 147,450

7 Prepaid Expenses
Store supplies on hand P 12,850
P 12,850
8 Plant Property and Equipment
Land P 400,000
Building P 350,000
Less: Acc Depreciation-Building 60,000 290,000
Equipment P 220,000
Less: Acc Depreciation-Equipment 66,500 153,500
Furniture P 95,000
Less: Acc Depreciation-Equipment 26,000 69,000
P 912,500

9 Trade and Other Payables

Accounts Payable P 37,000
Unearned commission income 20,000
Notes Payable 51,750
Utilities payable 4,500
Withholding tax payable 8,950
P 122,200
 UPENG FRESH VEGGIES STORE
Adjusting Entries
2010
1 Sept 30 Interest Receivable 250
Interest Income 250

2 30 Utilities Expense 4,500

Utilities Payable 4,500

3 30 Store Supplies Expense 32,650

Store Supplies on Hand 32,650

4 30 Unearned Commission Income 20,000

Commission Income 20,000

5 Doubtful Accounts Expense 8,800

Allowance for Doubtful Accounts 8,800
 UPENG FRESH VEGGIES STORE
Adjusting Entries
2010
6 Sept 30 Depreciation Expense-Building 15,000
Depreciation Expense-Equipment 19,000
Depreciation Expense-Furniture 10,000
Accumulated Depreciation-Building 15,000
Accumulated Depreciation-Equipment 19,000
Accumulated Depreciation-Furniture 10,000

7* 30 Merchandise Inventory, ending 17,800

Income Summary 17,800

7* Another approach to record ending inventory

and the beginning inventory treated as a nominal
or Income Statement Account to be closed together
with other nominal accounts in the closing entries
 Upeng Fresh Veggies Store
Worksheet
September 30, 2013
Unadjusted
Trial Balance Adjustments Adjusted Trial Balance
Debit Credit Debit Credit Debit Credit
Cash 132,000 132,000
Investment in trading securities 100,000 100,000
Accounts Receivable 88,000 88,000
Notes receivable 68,000 68,000
Merchandise inventory, October 1 17,800 17,800
Store Supplies on hand 45,500 3 32,650 12,850
Land 400,000 400,000
Building 350,000 350,000
Accumulated Depreciation-Building 45,000 6 15,000 60,000
Equipment 220,000 220,000
Accumulated Depreciation-Equipment 47,500 6 19,000 66,500
Furniture and Fikxures 95,000 95,000
Accumulated Depreciation-Furniture 16,000 6 10,000 26,000
Unearned commiossion income 40,000 4 20,000 20,000
Accounts payable 37,000 37,000
Notes pyable 51,750 51,750
Withholding taxes payable 8,950 8,950
Mortgage Payable 200,000 200,000
 Upeng Fresh Veggies Store
Worksheet
September 30, 2013
Unadjusted Adjusted Trial
Trial Balance Adjustments Balance
Guadalupe del Victoria, Capital 842,950 842,950
Guadalupe del Vicftoria, Drawing 10,000 10,000
Sales 876,850 876,850
Sales discount 15,000 15,000
Sales returns & allowances 12,500 12,500
Purchases 325,000 325,000
Purchase discount 10,000 10,000
Purchase returns & allowances 14,700 14,700
Freight in 6,850 6,850
Freight out 9,500 9,500
Salaries Expense 194,000 194,000
Insurance Expense 40,000 40,000
Utilities expense 26,000 2 4,500 30,500
Erepairs and Maintenance 16,750 16,750
Miscellaneous Expense 18,800 18,800
2,190,700 2,190,700 -
1 Interest receivable 1 250 250
1 Interest Income 1 250 250
2 Utilities payable 2 4,500 4,500
3 Store supplies used 3 32,650 32,650
4 Commission income 4 20,000 20,000
5 Doubtful Accounts Expense 5 8,800 8,800
5 Allowance for doubtful accounts 5 8,800 8,800
6 Depreciation Expense (Total of 3 fixed assets) 6 44,000 44,000
7 Merchandise Inventory, September 30 7 15,950 15,950
7 Income Summary 7 15,950 (15,950)
126,150 126,150 2,248,250 2,248,250
 Upeng Fresh Veggies Store
Worksheet
September 30, 2013

Statement of
Adjusted Trial Balance Income Statement Financial Position
Debit Credit Debit Credit Debit Credit
Cash 132,000 132,000
Investment in trading securities 100,000 100,000
Accounts Receivable 88,000 88,000
Notes receivable 68,000 68,000

Merchandise inventory, October 1 17,800 17,800

Store Supplies on hand 12,850 12,850
Land 400,000 400,000
Building 350,000 350,000
Accumulated Depreciation-Building 89,000 89,000
Equipment 220,000 220,000
Accumulated Depreciation-Equipment 47,500 47,500
Furniture and Fikxures 95,000 95,000
Accumulated Depreciation-Furniture 16,000 16,000
Unearned commiossion income 20,000 20,000
Accounts payable 37,000 37,000
Notes pyable 51,750 51,750

Withholding taxes payable 8,950 8,950

Mortgage Payable 200,000 200,000
Guadalupe del Victoria, Capital 842,950 842,950
Guadalupe del Vicftoria, Drawing 10,000 10,000
 Upeng Fresh Veggies Store
Worksheet
September 30, 2013
Adjusted Trial Balance Income Statement Statement of Financial Position
Debit Credit Debit Credit Debit Credit
Sales 876,850 876,850
Sales discount 15,000 15,000
Sales returns & allowances 12,500 12,500
Purchases 325,000 325,000
Purchase discount 10,000 10,000
Purchase returns & allowances 14,700 14,700
Freight in 6,850 6,850
Freight out 9,500 9,500
Salaries Expense 194,000 194,000
Insurance Expense 40,000 40,000
Utilities expense 30,500 30,500
Erepairs and Maintenance 16,750 16,750
Miscellaneous Expense 18,800 18,800
Interest receivable 250 250
Interest Income 250 250
Utilities payable 4,500 4,500
Store supplies used 32,650 32,650
Commission income 20,000 20,000
Doubtful Accounts Expense 8,800 8,800
Allowance for doubtful accounts 8,800 8,800
Depreciation Expense 44,000 44,000
Merchandise Inventory, September 30 15,950 15,950

Income Summary 15,950 15.950

2,248,250 2,248,250 772,150 937,750 1,492,050 1,326,450
Net Income 165,600 165,600
937,750 937,750 1,492,050 1,492,050
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