From the following information, using Microsoft Excel, prepare

1 WorkSheet
2 Adjusting Journal Entries
3 Income Statement
4 Statement of Financial Position
5 Closing Journal Entries
6 Post-Closing Trial Balance

Cash 49,575.00
Accounts Receivable 116,100.00
Merchandise Inventory
Merchandise Inventory, Jan 1 75,500.00
Merchandise Inventory, Dec. 31
Prepaid Insurance 10,600.00
Store Supplies 3,750.00
Office Supplies 1,700.00
Store Equipment 125,000.00
Accumulated Depreciation - Store equipment 40,300.00
Office Equipment 62,000.00
Accumulated Depreciation - Office Equipment 17,200.00
Accounts Payable 66,700.00
Salaries Payable
Unearned Rent 1,200.00
Notes Payable 105,000.00
CS105, Capital 220,510.00
CS105, Drawing 40,000.00
Income Summary
Sales 1,017,500.00
Sales returns and allowances 15,500.00
Sales discounts 6,000.00
Purchases 733,900.00
Purchases discounts 4,200.00
Purchases returns and allowances 12,500.00
Freight in 13,500.00
Sales salaries expense 86,400.00
Advertising Expense 29,450.00
Freight out 10,000.00
Depreciation expense - Store Equipment
Store supplies expense
Miscellaneous selling expense 1,885.00
Office salaries expense 60,000.00
Rent Expense 30,000.00
Depreciation expense - Office equipment
 Insurance expense
Office supplies expense
Miscellaneous administrative expenses 1,650.00
Rent Income
Interest expense 12,600.00

Additional data:
1 Physical merchandise inventory, December 31 235,000.00
2 Insurance expired during the year 7,200.00
3 Supplies on hand on December 31
Store supplies 1,050.00
Office supplies 750.00
4 Depreciation for the year
Store equipment 8,500.00
Office equipment 4,500.00
5 Salaries payable on December 31
Sales salaries 3,250.00
Office salaries 1,550.00
6 Earned rent 400.00
7 Doubtful accounts is 5% of Accounts receivable
 CS
Inc
For the ye

PARTICULAR DR
Unadjusted Trial Balance
Cash ₱ 49,575.00
Accounts Receivable 116,100.00
Merchandise Inventory 75,500.00
Prepaid Insurance 10,600.00
Store Supplies 3,750.00
Office Supplies 1,700.00
Store Equipment 125,000.00
Accumulated Depreciation - Store equipment
Office Equipment 62,000.00
Accumulated Depreciation - Office Equipment
Accounts Payable
Salaries Payable
Unearned Rent
Notes Payable
CS105, Capital
CS105, Drawing 40,000.00
Income Summary
Sales
Sales returns and allowances 15,500.00
Sales discounts 6,000.00
Purchases 733,900.00
Purchases discounts
Purchases returns and allowances
Freight in 13,500.00
Sales salaries expense 86,400.00
Advertising Expense 29,450.00
Freight out 10,000.00
Depreciation expense - Store Equipment
Store supplies expense
Miscellaneous selling expense 1,885.00
Office salaries expense 60,000.00
Rent Expense 30,000.00
Depreciation expense - Office equipment
Insurance expense
Office supplies expense
Miscellaneous administrative expenses 1,650.00
Rent Income
Interest expense 12,600.00
TOTAL ₱ 1,485,110.00
Additional:
Doubtful Accounts
Estimated Doubtful Accounts
TOTAL
Profit (Loss)
TOTAL
 CS105 Company
Income Statement
For the year ended December 31

CR DR CR DR CR DR
adjusted Trial Balance Adjusting Entries Adjusted Trial Balance Income Statement
₱ 49,575.00
116,100.00
₱ 235,000.00 ₱ 75,500.00 235,000.00
7,200.00 3,400.00
2,700.00 1,050.00
950.00 750.00
125,000.00
₱ 40,300.00 8,500.00 ₱ 48,800.00
62,000.00
17,200.00 4,500.00 21,700.00
66,700.00 66,700.00
4,800.00 4,800.00
1,200.00 400.00 800.00
105,000.00 105,000.00
220,510.00 220,510.00
40,000.00
75,500.00 235,000.00 159,500.00
1,017,500.00 1,017,500.00
15,500.00 ₱ 15,500.00
6,000.00 6,000.00
733,900.00 733,900.00
4,200.00 4,200.00
12,500.00 12,500.00
13,500.00 13,500.00
3,250.00 89,650.00 89,650.00
29,450.00 29,450.00
10,000.00 10,000.00
8,500.00 8,500.00 8,500.00
2,700.00 2,700.00 2,700.00
1,885.00 1,885.00
1,550.00 61,550.00 61,550.00
30,000.00 30,000.00
4,500.00 4,500.00 4,500.00
7,200.00 7,200.00 7,200.00
950.00 950.00 950.00
1,650.00 1,650.00
 400.00 400.00

₱ 1,485,110.00

5,805.00 5,805.00 5,805.00

5,805.00 5,805.00
₱ 345,355.00 ₱ 345,355.00 ₱ 1,668,215.00 ₱ 1,668,215.00 1,035,340.00
158,760.00
₱ 1,194,100.00
 CR DR CR
Income Statement Balance Sheet
₱ 49,575.00
116,100.00
235,000.00
3,400.00
1,050.00
750.00
125,000.00
₱ 48,800.00
62,000.00
21,700.00
66,700.00
4,800.00
800.00
105,000.00
220,510.00
40,000.00
₱ 159,500.00
1,017,500.00

4,200.00
12,500.00
 400.00

5,805.00
1,194,100.00 632,875.00 474,115.00
158,760.00
₱ 1,194,100.00 ₱ 632,875.00 ₱ 632,875.00
 Adjusting Journal Entries :

1 Merchandise Inventory, Dec. 31

Income Summary

2 Income Summary
Merchandise Inventory, Jan 1

3 Insurance expense
Prepaid Insurance

4 Store supplies expense

Store Supplies

5 Office supplies expense

Office Supplies

6 Depreciation expense - Store Equipment

Accumulated Depreciation - Store equipme

7 Depreciation expense - Office equipment

Accumulated Depreciation - Office Equipm

8 Sales salaries expense

Office salaries expense
Salaries Payable

9 Unearned Rent
Rent Income

10 Doubtful Accounts
Estimated Doubtful Accounts
 DR CR

₱ 235,000.00
₱ 235,000.00

₱ 75,500.00
₱ 75,500.00

₱ 7,200.00
₱ 7,200.00

₱ 2,700.00
₱ 2,700.00

₱ 950.00
₱ 950.00

₱ 8,500.00
₱ 8,500.00

₱ 4,500.00
₱ 4,500.00

₱ 3,250.00
1,550.00 ₽
₱ 4,800.00

₱ 400.00
₱ 400.00

₱ 5,805.00
₱ 5,805.00
 CS105 Company
For the year endedStatement
Income December 31

Note
Net Sales 7
Cost of Good Sold 8
Gross Income
Other Income 9
Total Income

Expenses:
Distribution cost 10 ₱ 142,185.00
Administrative Expenses 11 111,655.00
Finance Cost 12 12,600.00
Gross Profit (Loss)
any
ment
mber 31

₱ 996,000.00
(571,200.00)
₱ 424,800.00
400.00
₱ 425,200.00

(266,440.00)
₱ 158,760.00
 CS105 Company
Statement of Financial Positi
As of December 31

A
Note
Current Assets
Cash and Cash Equivalents 1
Trade and Other Receivables 2
Inventories 3
Prepaid Expense 4
Total Current Assets

Non-Current Assets
Property, plant and Equipment 5

TOTAL ASSETS

LIABILITIES AND O
Note
Current Liabilities
Trade and Other Payables 6

Owner's Equity
CS105, Capital

TOTAL LIABILITIES AND OWNER'S EQUITY

 CS105 Company
ment of Financial Position
As of December 31

₱ 49,575.00
110,295.00
235,000.00
5,200.00
₱ 400,070.00

₱ 116,500.00

₱ 516,570.00

₱ 177,300.00

₱ 339,270.00

₱ 516,570.00
 Closing Journal Entries

DR
1 Sales ₱ 1,017,500.00
Sales returns and allowances
Sales discounts
Income Summary
To close sales and other related account
to income and expenses summary

2 Merchandise Inventory, Dec. 31 ₱ 235,000.00

Purchases discounts 4,200.00
Purchases returns and allowances 12,500.00
Income Summary 571,200.00
Merchandise Inventory, Jan 1
Purchases
Freight in
To close cost of good sold and related
accounts to Income and Expense Summary account.

3 Rent Income ₱ 400.00

Income Summary
To close rent income to Income and
Expense summary account.

4 Income Summary ₱ 266,440.00

Sales salaries expense
Advertising Expense
Freight out
Depreciation expense - Store Equipment
Store supplies expense
Miscellaneous selling expense
Office salaries expense
Rent Expense
Depreciation expense - Office equipment
Insurance expense
Office supplies expense
Miscellaneous administrative expenses
Doubtful Accounts
Interest expense
To close Expnses to Income and Expense
summary account.
5 Income Summary ₱ 158,760.00
CS105, Capital
To close income and expense summary
account to Capital Account.

6 CS105, Capital ₱ 40,000.00

CS105, Drawing
To close drawing to capital account.
 CR

₱ 15,500.00
6,000.00
996,000.00

₱ 75,500.00
733,900.00
13,500.00

₱ 400.00

₱ 89,650.00
29,450.00
10,000.00
8,500.00
2,700.00
1,885.00
61,550.00
30,000.00
4,500.00
7,200.00
950.00
1,650.00
5,805.00
12,600.00
₱ 158,760.00

₱ 40,000.00
 CS105 Company
For the Post-Closing Trial Balanc3
year ended December

Cash
Accounts Receivable
Estimated Doubtful Accounts
Merchandise Inventory, Jan 1
Prepaid Insurance
Store Supplies
Office Supplies
Store Equipment
Accumulated Depreciation - Store equipment
Office Equipment
Accumulated Depreciation - Office Equipment
Accounts Payable
Salaries Payable
Unearned Rent
Notes Payable
CS105, Capital
Total
CS105 Company
Closing Trial Balance
ended December 31

DR CR
₱ 49,575.00
116,100.00
₱ 5,805.00
235,000.00
3,400.00
1,050.00
750.00
125,000.00
48,800.00
62,000.00
21,700.00
66,700.00
4,800.00
800.00
105,000.00
339,270.00
₱ 592,875.00 ₱ 592,875.00
Note 1 Cash and Cash Equivalents
Cash ₱ 49,575.00

Note 2 Trade and Other Receivables

Accounts Receivable ₱ 116,100.00
Estimated Doubtful Accounts (5,805.00)
Net Realizable value ₱ 110,295.00

Note 3 Inventories
Merchandise Inventory, Jan 1 ₱ 235,000.00

Note 4 Prepaid Expense

Prepaid Insurance ₱ 3,400.00
Store Supplies 1,050.00
Office Supplies 750.00
Total ₱ 5,200.00

Note 5 Property, plant and Equipment

Store Equipment ₱ 125,000.00
Office Equipment 62,000.00
Total ₱ 187,000.00
Accumulated Depreciation (70,500.00)
Carrying Amount ₱ 116,500.00

Accumulated Depreciation
Accumulated Depreciation - Store equipment ₱ 48,800.00
Accumulated Depreciation - Office Equipment 21,700.00
Total ₱ 70,500.00

Note 6 Trade and Other Payables

Accounts Payable ₱ 66,700.00
Salaries Payable 4,800.00
Unearned Rent 800.00
Notes Payable 105,000.00
Total ₱ 177,300.00

Note 7 Net Sales

Sales
Sales returns and allowances 15,500.00
Sales discounts 6,000.00
Net Sales
Note 8 Cost of Good Sold
Merchandise Inventory, Jan 1
Purchases
Purchases discounts 4,200.00
Purchases returns and allowances 12,500.00
Net Purchases
Freight in
Cost of Good Available for Sale
Merchandise Inventory, Jan 1
Cost of Good Sold

Note 9 Other Income

Rent Income ₱ 400.00

Note 10 Distribution cost

Sales salaries expense ₱ 89,650.00
Advertising Expense 29,450.00
Freight out 10,000.00
Depreciation expense - Store Equipment 8,500.00
Store supplies expense 2,700.00
Miscellaneous selling expense 1,885.00
Total ₱ 142,185.00

Note 11 Administrative Expenses

Office salaries expense ₱ 61,550.00
Rent Expense 30,000.00
Depreciation expense - Office equipment 4,500.00
Insurance expense 7,200.00
Office supplies expense 950.00
Miscellaneous administrative expenses 1,650.00
Doubtful Accounts 5,805.00
Total ₱ 111,655.00

Note 12 Finance Cost

Interest expense ₱ 12,600.00
₱ 1,017,500.00

(21,500.00)
₱ 996,000.00
 ₱ 75,500.00
₱ 733,900.00

(16,700.00) 717,200.00
₱ 792,700.00
13,500.00
₱ 806,200.00
(235,000.00)
₱ 571,200.00
 CS105 Company
Statement
For the yearofended
Changes in Owner's
December 31 Equity

CS105, Capital ₱ 220,510.00

Gross Profit (Loss) 158,760.00
Total ₱ 379,270.00
CS105, Drawing (40,000.00)
CS105, Capital ₱ 339,270.00
ompany
es in Owner's
December 31 Equity