FEBRUARY

10

12

14
15

16

18

19

20

22

23

24

24

25

26
28

28
 The following are the transactions of Teresita Buenaflor Shoes for the month of February 2016.
FEBRUARY
Collected 113,000 from customers on account.
Debit Cash 113,000
Credit Accounts Receivable 113,000

Paid 64,000 of accounts due less discount of 3%

Debit Accounts Payable 62,080
Credit Cash 62,080

Purchased merchandise, 170,000. Terms: FOB shipping point; 3/10, n/30.

Debit Purchases 170,000
Credit Accounts Payable 170,000

Sold merchandise on account to Gonzales Inc. 270,000. Terms: FOB shipping point; 2/10, n/30.
Debit Accounts Receivable 270,000
Credit Sales 270,000

Paid for the advertisement for the month of February, 6,000.

Debit Advertising Expense 6,000
Credit Cash 6,000

Sold merchandise for cash, 250,000.

Debit Cash 250,000
Credit Sales 250,000

Paid the amount due from Feb. 4 transaction.

Debit Accounts Payable 170,000
Credit Purchase Discounts 5,100
Credit Cash 164,900

Paid Iloilo Freight 4,000 for delivering merchandise last February 4.

Debit Transportation In 4,000
Credit Cash 4,000

Received returns from Gonzales Inc., 70,000

Debit Sales Returns and Allowances 70,000
Credit Accounts Receivable 70,000

Received payment from Gonzales Inc. less returrns and discounts.

Debit Cash 196,00
Credit Sales Discount 4,000
Credit Accounts Receivable 200,000

Paid 26,000 interest on the mortgage payable.

Debit Interest Expense 26,000
 Credit Cash 26,000

Paid salaries, 51,000.

Debit Salaries Expense 51,000
Credit Cash 51,000

Sold merchandise on account to Ronzales Corp., 392,000. Terms: FOB destination; 2/10, n/30.
Debit Accounts Receivable 392,000
Credit Sales 392,000

Paid 4,000 freight charges on the sale of Feb. 16.

Debit Transportation Out 4,000
Credit Cash 4,000

Acquired supplies for cash, 21,000.

Debit Supplies 21,000
Credit Cash 21,000

Purchased 125,000 of merchandise from Lozada Imports on account. Terms: FOB destination; 3/10, n/30
Debit Purchases 125,000
Credit Accounts Payable 125,000

Paid 7,000 miscellaneous expenses.

Debit Miscellaneous Expense 7,000
Credit Cash 7,000

Received payment from Ronzales Corp. less discounts.

Debit Cash 384,160
Credit Sales Discount 7,840
Credit Accounts Receivable 384,160

Purchased 373,000 of merchandise on acccount from Agustin Enterprise. Terms: FOB Shipping point; 3/10, n/30.
Debit Purchases 373,000
Credit Accounts Payable 373,000

Paid La Paz Express 9,000 freight for delivering merchandise Acquired from Agustin.
Debit Transportation In 9,000
Credit Cash 9,000

Sold merchandise to Ronzales Corp. on account, 420,000. Terms: FOB shipping point; 2/10, n/30.
Debit Accounts Receivable 420,000
Credit Sales 420,000

Received returns from Ronzales Corp., 71,000.

Debit Sales Returns and Allowances 71,000
Credit Accounts Receivable 71,000
Buenaflor withdrew 400,000 from business.
Debit Buenaflor,Withdrawals 400,000
Credit Cash 400,000

Returned Merchandise purchased from Agustin on February 24, 25,000.

Debit Acccounts Payable 25,000
Credit Purchase Returns and Allowances 25,000

REQUIRED:

1. Post the February 2016 account balances to the ledger accounts .

2. Record the transactions for the month of February in a journal and post the transactions to the ledger.
3. Prepare the worksheet using the following information:
a. Salaries in the amount of 51,000 have accrued on Feb. 28.
b. Insurance coverage with premiums of 2,000 has expired at month-end.
c. Depreciation on the building and on the equipment of the month amounted to 9,000, and 12,000 respectively.
d. Supplies on hand at month-end amounted to 14,000.
e. A count of the merchandise inventory of Feb. 2016, amounted to 397,000.
4. Prepare an income statement and a statement of changes in equity for the month ended Feb. 28, 2016, and a balance shee
5. Prepare the adjusting and closing entries for the month.
6. Post the adjusting and closing entries on the ledger accounts.
64000 - 3% = 62,080

170,000 - 3% = 164,900

270,000 -70,000 - 4,000 = 196,000

392,000 -2% = 384,160
 TERESITA BUENAFLOR SHOES
GENERAL LEDGER

ASSETS

CASH IN BANK ACCOUNT NO. 100

DATE PARTICULAF DEBIT DATE PARTICULAF CREDIT

YEAR 2020
Jan-31 CRJ 2,246,146 Jan-31 CDJ 732,952
1,513,194

ACCUMULATED DEPRECIATION ACCOUNT NO. 106

DATE PARTICULAF DEBIT DATE PARTICULAF CREDIT

MM, WITHDRAL ACCOUNT NO. 302

DATE PARTICULAF DEBIT DATE PARTICULAF CREDIT

YEAR 2020
Jan-31 CDJ 35,000

PURCHASE RETURNS ACCOUNT NO. 502

DATE PARTICULAF DEBIT DATE PARTICULAF CREDIT

YEAR 2020
Jan-06 GJ 35,000
Jan-09 CRJ 34,000
69,000

RENT EXPENSE ACCOUNT NO. 604

DATE PARTICULAF DEBIT DATE PARTICULAF CREDIT

ACCOUNTS RECEIVABLE ACCOUNT NO. 101

DATE PARTICULA F DEBIT DATE PARTICULA F CREDIT

YEAR 2020
Jan-31 SJ 1,099,250 Jan-10 GJ 40,300
Jan-31 CRJ 527,700
### 568,000
531,250

CDJ

ACCOUNTS PAYABLE ACCOUNT NO. 200

DATE PARTICULAF DEBIT DATE PARTICULAF CREDIT

YEAR 2020
Jan-06 GJ 35,000 Jan-02 GJ 75,000
Jan-31 CDJ 387,400 Jan-31 PJ 734,400
422,400 809,400
387,000
SALES ACCOUNT NO. 400

DATE PARTICULAF DEBIT DATE PARTICULAF CREDIT

YEAR 2020
Jan-31 SJ 1,099,250
Jan-31 CRJ 345,000
###

FREIGHT IN ACCOUNT NO. 503

DATE PARTICULAF DEBIT DATE PARTICULAF CREDIT

YEAR 2020
Jan-02 CDJ 4,800

UNCOLLECTIBLE ACCOUNTS ACCOUNT NO. 605

DATE PARTICULAF DEBIT DATE PARTICULAF CREDIT

ENT
ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS ACCOUNT NO. 102 OFFICE SUPPLIES

DATE PARTICULAF DEBIT DATE PARTICULAF CREDIT DATE

YEAR 2020 YEAR 2020
Jan-31

SALARIES PAYABLE ACCOUNT NO. 201 UTILITIES PAYABLE

DATE PARTICULAF DEBIT DATE PARTICULAF CREDIT DATE

SALES DISCOUNT ACCOUNT NO. 401 SALES RETURNS

DATE PARTICULAF DEBIT DATE PARTICULAF CREDIT DATE

YEAR 2020 YEAR 2020
Jan-31 CRJ 10,554 Jan-10
Jan-11

FREIGHT OUT ACCOUNT NO. 600 SALARIES EXPENSE

DATE PARTICULAF DEBIT DATE PARTICULAF CREDIT DATE

YEAR 2020 YEAR 2020
Jan-11 CDJ 4,500 Jan-31

DEPRECIATION EXPENSE ACCOUNT NO. 606

DATE PARTICULAF DEBIT DATE PARTICULAF CREDIT

OFFICE SUPPLIES ACCOUNT NO. 103 PREPAID RENT

PARTICULAF DEBIT DATE PARTICULAF CRDIT DATE PARTICULA

YEAR 2020 YEAR 2020
CDJ 12,000 Jan-31

UTILITIES PAYABLE ACCOUNT NO. 202 BANK LOAN PAYABLE

PARTICULAF DEBIT DATE PARTICULAF CREDIT DATE PARTICULA

YEAR 2020
Jan-31
SALES RETURNS ACCOUNT NO. 402 PURCHASES

PARTICULAF DEBIT DATE PARTICULAF CREDIT DATE PARTICULA

YEAR 2020 YEAR 2020
GJ 40,300 Jan-31
CDJ 40,000 Jan-31
80,300

SALARIES EXPENSE ACCOUNT NO. 601 UTILITIES

PARTICULAF DEBIT DATE PARTICULAF CREDIT DATE PARTICULA

YEAR 2020
CDJ 104,000
 ACCOUNT NO. 104 OFFICE EQUIPMENT

F DEBIT DATE PARTICULAF CRDIT DATE PARTICULAF

YEAR 2020
CDJ 60,000 Jan-31 GJ

AN PAYABLE ACCOUNT NO. 203 MM,CAPITAL

F DEBIT DATE PARTICULAF CREDIT DATE PARTICULAF

Jan-01 CRJ
Jan-31 CRJ 450,000
 ACCOUNT NO. 500 PURCHASE DISCOUNT

F DEBIT DATE PARTICULAF CREDIT DATE PARTICULAF

PJ 734,400
CDJ 93,000
827,400

ACCOUNT NO. 602 SUPPLIES EXPENSE

F DEBIT DATE PARTICULAF CREDIT DATE PARTICULAF

 ACCOUNT NO. 105

DEBIT DATE PARTICULAF CREDIT

75,000

ACCOUNT NO. 300

DEBIT DATE PARTICULAF CREDIT

900,000
 ACCOUNT NO. 501

DEBIT DATE PARTICULAF CREDIT

YEAR 2020
Jan-31 CDJ 7,748

ACCOUNT NO. 603

DEBIT DATE PARTICULAF CREDIT