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  • General Journal Entries for Papasa Ako Company

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    Renz Titong
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    1) The document records various journal entries for a business between January 1-31. It records initial investments, purchases and sales of inventory, equipment and supplies, expenses, borrowing, payments and adjustments. 2) Key transactions include the initial investment, purchases and sales of inventory on account, borrowing cash, paying expenses and salaries, recognizing depreciation and bad debts. 3) Adjusting entries were made at the end of January to adjust accounts for supplies used, depreciation, prepaid insurance, salaries incurred but not paid, and bad debts.

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    1) The document records various journal entries for a business between January 1-31. It records initial investments, purchases and sales of inventory, equipment and supplies, expenses, borrowing, payments and adjustments. 2) Key transactions include the initial investment, purchases and sales of inventory on account, borrowing cash, paying expenses and salaries, recognizing depreciation and bad debts. 3) Adjusting entries were made at the end of January to adjust accounts for supplies used, depreciation, prepaid insurance, salaries incurred but not paid, and bad debts.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    1K views33 pages

    General Journal Entries for Papasa Ako Company

    Uploaded by

    Renz Titong
    1) The document records various journal entries for a business between January 1-31. It records initial investments, purchases and sales of inventory, equipment and supplies, expenses, borrowing, payments and adjustments. 2) Key transactions include the initial investment, purchases and sales of inventory on account, borrowing cash, paying expenses and salaries, recognizing depreciation and bad debts. 3) Adjusting entries were made at the end of January to adjust accounts for supplies used, depreciation, prepaid insurance, salaries incurred but not paid, and bad debts.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 33

    GENERAL JOURNAL page 1

    DATE PARTICULARS PR DEBIT CREDIT


    Jan. 1 Cash 110 P 200,000.00
    Land 160 500,000.00
    Building 170 800,000.00
    Papasa Ako, Capital 310 P 1,500,000.00
    Initial investment of cash, land and building

    3 Equipment 180 60,000.00


    Cash 110 60,000.00
    Bought equipment in cash

    5 Office Supplies 140 30,000.00


    Cash 110 30,000.00
    Bought office supplies for cash

    7 Purchases 510 200,000.00


    Accounts Payable 210 200,000.00
    Purchased merchandise on account

    8 Accounts Receivable 120 200,000.00


    Sales 410 200,000.00
    Sold merchandise on account

    9 Accounts Payable 210 50,000.00


    Purchases Returns and Allowances 520 50,000.00
    Return of purchased merchandise

    10 Freight In 540 10,000.00


    Cash 110 10,000.00
    Paid freight charges for merchandised purchased

    12 Accounts Payable 210 150,000.00


    Purchase Discounts 530 4,500.00
    Cash 145,500.00
    Paid an account for merchandised purchased at discount period
    GENERAL JOURNAL page 2

    DATE PARTICULARS PR DEBIT CREDIT


    Jan. 14 Prepaid Insurance 150 P 3,000.00
    Cash 110 P 3,000.00
    Bought insurance for cash

    15 Cash 110 50,000.00


    Notes Payable 220 50,000.00
    Borrowed cash and issued a note

    16 Sales Returns and Allowances 420 40,000.00


    Accounts Receivable 120 40,000.00
    Merchandise sold was returned

    18 Freight Out 660 10,000.00


    Cash 110 10,000.00
    Paid freight charges to delivery merchandise to customer

    19 Cash 110 156,800.00


    Sales Discount 530 3,200.00
    Accounts Receivable 120 160,000.00
    Received payment from account of customer for merchandise sold

    20 Purchases 510 50,000.00


    Cash 110 50,000.00
    Purchased merchandise for cash

    21 Cash 110 100,000.00


    Sales 410 100,000.00
    Sold merchandise for cash

    22 Notes Payable 220 30,000.00


    Cash 110 30,000.00
    Paid the note from cash borrowed

    24 Salaries Expense 610 10,000.00


    Cash 110 10,000.00
    Paid salaries of workers for cash
    GENERAL JOURNAL page 3

    DATE PARTICULARS PR DEBIT CREDIT


    Jan. 25 Purchases 510 P 150,000.00
    Cash 110 P 50,000.00
    Accounts Payable 210 100,000.00
    Purchased merchandise on account with downpayment

    26 Accounts Payable 210 50,000.00


    Cash 110 50,000.00
    Paid an account for merchadised purchased

    27 Accounts Receivable 120 80,000.00


    Cash 110 20,000.00
    Sales 410 100,000.00
    Sold merchandise on account with downpayment

    28 Cash 110 50,000.00


    Accounts Receivable 120 50,000.00
    Received payment on account from merchandise sold

    29 Advertising Expense 670 5,000.00


    Cash 110 5,000.00
    Paid an advertisement for cash

    29 Interest Expense 680 5,000.00


    Cash 110 5,000.00
    Paid interest charges

    30 Papasa Ako, Withdrawals 320 20,000.00


    Cash 110 20,000.00
    Withdrew cash for personal use
    GENERAL JOURNAL page 4

    DATE PARTICULARS PR DEBIT CREDIT


    1.) 31 Supplies Expense 620 P 20,000.00
    Office Supplies 140 P 20,000.00
    To adjust office supplies inventory

    2.) 31 Depreciation Expense - Building 640 5,000.00


    Accumulated Depreciation - Building 175 5,000.00
    To recognize depreciation of building

    3.) 31 Depreciation Expense - Equipment 650 1,000.00


    Accumulated Depreciation - Equipment 185 1,000.00
    To recognize depreciation of equipment

    4.) 31 Insurance Expense 630 1,000.00


    Prepaid Insurance 150 1,000.00
    To adjust the remaining portion of prepaid insurance

    5.) 31 Salaries Expense 610 10,000.00


    Salaries Payable 230 10,000.00
    To adjust salaries incurred but not yet paid

    6.) 31 Bad Debts Expense 690 7,136.00


    Allowance for Bad Debts 125 7,136.00
    To recognize bad debts expense

    COMPUTATION:

    1. 30,000 - 10,000 = 20,000

    2. 800,000 - 200,000 = 600,000/10 = 60,000 x 1/12 = 5,000

    3. 60,000 / 5 = 12,000 x 1/12 = 1,000

    4. 3,000 - 2,000 = 1,000

    5. 10,000 - Amount Given


    6. 400,000 - 40,000 - 3,200 = 356,800 x 2% = 7,136

    GENERAL JOURNAL page 1

    DATE PARTICULARS PR DEBIT CREDIT


    Jan. 1 Cash 110 P 200,000.00
    Land 160 500,000.00
    Building 170 800,000.00
    Papasa Ako, Capital 310 P 1,500,000.00
    Initial investment of cash, land and building

    3 Equipment 180 60,000.00


    Cash 110 60,000.00
    Bought equipment in cash

    5 Office Supplies 140 30,000.00


    Cash 110 30,000.00
    Bought office supplies for cash

    7 Merchandise Inventory 130 200,000.00


    Accounts Payable 210 200,000.00
    Purchased merchandise on account

    8 Accounts Receivable 120 200,000.00


    Sales 410 200,000.00
    Sold merchandise on account

    Cost of Goods Sold 700 100,000.00


    Merchandise Inventory 130 100,000.00
    To record actual cost of merchandise sold

    9 Accounts Payable 210 50,000.00


    Merchandise Inventory 130 50,000.00
    Return of purchased merchandise

    10 Merchandise Inventory 130 10,000.00


    Cash 110 10,000.00
    Paid freight charges for merchandised purchased
    12 Accounts Payable 210 150,000.00
    Merchandise Inventory 130 4,500.00
    Cash 110 145,500.00
    Paid an account for merchandised purchased at discount period

    GENERAL JOURNAL page 2

    DATE PARTICULARS PR DEBIT CREDIT


    Jan. 14 Prepaid Insurance 150 P 3,000.00
    Cash 110 P 3,000.00
    Bought insurance for cash

    15 Cash 110 50,000.00


    Notes Payable 220 50,000.00
    Borrowed cash and issued a note

    16 Sales Returns and Allowances 420 40,000.00


    Accounts Receivable 120 40,000.00
    Merchandise sold was returned

    Merchandise Inventory 130 20,000.00


    Cost of Goods Sold 700 20,000.00
    To record actual cost of merchandise returned

    18 Freight Out 660 10,000.00


    Cash 110 10,000.00
    Paid freight charges to delivery merchandise to customer

    19 Cash 110 156,800.00


    Sales Discount 430 3,200.00
    Accounts Receivable 120 160,000.00
    Received payment from account of customer for merchandise sold

    20 Merchandise Inventory 130 50,000.00


    Cash 110 50,000.00
    Purchased merchandise for cash

    21 Cash 110 100,000.00


    Sales 410 100,000.00
    Sold merchandise for cash
    Cost of Goods Sold 700 50,000.00
    Merchandise Inventory 130 50,000.00
    To record actual cost of merchandise sold

    22 Notes Payable 220 30,000.00


    Cash 110 30,000.00
    Paid the note from cash borrowed

    24 Salaries Expense 610 10,000.00


    Cash 110 10,000.00
    Paid salaries of workers for cash
    GENERAL JOURNAL page 3

    DATE PARTICULARS PR DEBIT CREDIT


    Jan. 25 Merchandise Inventory 130 P 150,000.00
    Cash 110 P 50,000.00
    Accounts Payable 210 100,000.00
    Purchased merchandise on account with downpayment

    26 Accounts Payable 210 50,000.00


    Cash 110 50,000.00
    Paid an account for merchadised purchased

    27 Accounts Receivable 120 80,000.00


    Cash 110 20,000.00
    Sales 410 100,000.00
    Sold merchandise on account with downpayment

    Cost of Goods Sold 700 50,000.00


    Merchandise Inventory 130 50,000.00
    To record the actual cost of merchandise sold

    28 Cash 110 50,000.00


    Accounts Receivable 120 50,000.00
    Received payment on account from merchandise sold

    29 Advertising Expense 670 5,000.00


    Cash 110 5,000.00
    Paid an advertisement for cash

    29 Interest Expense 680 5,000.00


    Cash 110 5,000.00
    Paid interest charges
    30 Papasa Ako, Withdrawals 320 20,000.00
    Cash 110 20,000.00
    Withdrew cash for personal use

    GENERAL JOURNAL page 4

    DATE PARTICULARS PR DEBIT CREDIT


    1.) 31 Supplies Expense 620 P 20,000.00
    Office Supplies 140 P 20,000.00
    To adjust office supplies inventory

    2.) 31 Depreciation Expense - Building 640 5,000.00


    Accumulated Depreciation - Building 175 5,000.00
    To recognize depreciation of building

    3.) 31 Depreciation Expense - Equipment 650 1,000.00


    Accumulated Depreciation - Equipment 185 1,000.00
    To recognize depreciation of equipment

    4.) 31 Insurance Expense 630 1,000.00


    Prepaid Insurance 150 1,000.00
    To adjust the remaining portion of prepaid insurance

    5.) 31 Salaries Expense 610 10,000.00


    Salaries Payable 230 10,000.00
    To adjust salaries incurred but not yet paid

    6.) 31 Bad Debts Expense 690 7,136.00


    Allowance for Bad Debts 125 7,136.00
    To recognize bad debts expense

    COMPUTATION:

    1. 30,000 - 10,000 = 20,000


    2. 800,000 - 200,000 = 600,000/10 = 60,000 x 1/12 = 5,000

    3. 60,000 / 5 = 12,000 x 1/12 = 1,000

    4. 3,000 - 2,000 = 1,000

    5. 10,000 - Amount Given

    6. 400,000 - 40,000 - 3,200 = 356,800 x 2% = 7,136

    GENERAL JOURNAL page 5

    DATE PARTICULARS PR DEBIT CREDIT


    Jan 31 Sales P 400,000.00
    Purchase Returns and Allowances 50,000.00
    Purchase Discounts 4,500.00
    Merchandise Inventory, end 175,500.00
    Income Summary P 630,000.00
    To close Income Statement accounts with credit balances

    31 Income Summary 527,336.00


    Purchases 400,000.00
    Freight In 10,000.00
    Sales Returns and Allowances 40,000.00
    Sales Discount 3,200.00
    Salaries Expense 20,000.00
    Supplies Expense 20,000.00
    Insurance Expense 1,000.00
    Depreciation Expense-Building 5,000.00
    Depreciation Expense-Equipment 1,000.00
    Freight Out 10,000.00
    Advertising Expense 5,000.00
    Interest Expense 5,000.00
    Bad Debts Expense 7,136.00
    To close Income Summary accounts with debit balances

    31 Income Summary 102,664.00


    Papasa Ako, Capital 102,664.00
    To close Income Summary to Capital Account
    31 Papasa Ako, Capital 20,000.00
    Papasa Ako, Withdrawals 20,000.00
    To close Withdrawals to Capital Account

    GENERAL JOURNAL page 5

    DATE PARTICULARS PR DEBIT CREDIT


    Jan 31 Sales P 400,000.00
    Income Summary P 400,000.00
    To close Income Statement accounts with credit balances

    31 Income Summary 297,336.00


    Cost of Goods Sold 180,000.00
    Sales Returns and Allowances 40,000.00
    Sales Discount 3,200.00
    Salaries Expense 20,000.00
    Supplies Expense 20,000.00
    Insurance Expense 1,000.00
    Depreciation Expense-Building 5,000.00
    Depreciation Expense-Equipment 1,000.00
    Freight Out 10,000.00
    Advertising Expense 5,000.00
    Interest Expense 5,000.00
    Bad Debts Expense 7,136.00
    To close Income Summary accounts with debit balances

    31 Income Summary 102,664.00


    Papasa Ako, Capital 102,664.00
    To close Income Summary to Capital Account

    31 Papasa Ako, Capital 20,000.00


    Papasa Ako, Withdrawals 20,000.00
    To close Withdrawals to Capital Account
    110 - CASH
    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan. 1 Initial Investment 1 200,000.00 2017 Jan. 3 Bought equipment 1 60,000.00
    15 Borrowed cash in note 2 50,000.00 5 Bought Office Supplies 1 30,000.00
    19 Received payment from account 2 156,800.00 10 Paid Freight In 1 10,000.00
    21 Sold merchandise 2 100,000.00 12 Paid an account 1 145,500.00
    27 Down payment from account 3 20,000.00 14 Bought Prepaid Insurance 2 3,000.00
    28 Received payment from account 3 50,000.00 18 Paid Freight Out 2 10,000.00
    Total 576,800.00 20 Purchased merchandise 2 50,000.00
    Balance 98,300.00 22 Paid the note 2 30,000.00
    24 Paid salaries 2 10,000.00
    25 Down payment for purchases 3 50,000.00
    26 Paid an account 3 50,000.00
    29 Paid advertisement 3 5,000.00
    29 Paid interest 3 5,000.00
    30 Withdrawals 3 20,000.00
    Total 478,500.00

    120 - ACCOUNTS RECEIVABLE


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan. 8 Sold merchandise 1 200,000.00 2017 Jan. 16 Returned merchand 2 40,000.00
    27 Sold merchandise 3 80,000.00 19 Account paid 2 160,000.00
    Total 280,000.00 28 Account paid 3 50,000.00
    Balance 30,000.00 Total 250,000.00

    125 - ALLOWANCE FOR BAD DEBTS


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 Recognized Bad De 4 7,136.00

    130 - MERCHANDISE INVENTORY


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan. 31
    140 - OFFICE SUPPLIES
    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    5 Purchased in cash 1 30,000.00 2017 Jan. 31 To adjust office sup 4 20,000.00
    Balance 10,000.00

    150 - PREPAID INSURANCE


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    14 Purchased in cash 2 3,000.00 2017 Jan. 31 To adjust expired p 4 1,000.00
    Balance 2,000.00

    160 - LAND
    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    1 Initial Investment 1 500,000.00

    170 - BUILDING
    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    1 Initial Investment 1 800,000.00

    175 - ACCUMULATED DEPRECIATION - BUILDING


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 Recognized Depreci 4 5,000.00

    180 - EQUIPMENT
    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    3 Purchased in cash 1 60,000.00

    185 - ACCUMULATED DEPRECIATION - EQUIPMENT


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 Recognized Depreci 4 1,000.00

    210 - ACCOUNTS PAYABLE


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    9 Returned Merchand 1 50,000.00 2017 Jan. 7 Purchased Merchan 1 200,000.00
    12 Paid an account 1 150,000.00 25 Purchased Merchan 3 100,000.00
    26 Paid an account 3 50,000.00 Total 300,000.00
    Total 250,000.00 Balance 50,000.00
    220 - NOTES PAYABLE
    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    22 Paid note 30,000.00 2017 Jan. 15 Borrowed cash in n 1 50,000.00
    Balance 20,000.00

    230 - SALARIES PAYABLE


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 Workers not yet pa 4 10,000.00

    310 - PAPASA AKO, CAPITAL


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 Withdrawal to Capit 5 20,000.00 2017 Jan. 1 Initial Investment 1 1,500,000.00
    Income Summary to5 102,664.00
    Total 1,602,664.00
    Balance 1,582,664.00

    320 - PAPASA AKO, WITHDRAWALS


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    30 Withdrew cash for 3 20,000.00 2017 Jan. 31 To close withdrawal 5 20,000.00
    Balance 0.00

    330 - INCOME SUMMARY


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 To close credits 5 527,336.00 2017 Jan. 31 To close debits 5 630,000.00
    To close Income S 5 102,664.00 Total 102,664.00
    Balance 0.00

    410 - SALES
    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 To close Sales 5 400,000.00 2017 Jan. 8 Sold Merchandise 1 200,000.00
    21 Sold Merchandise 2 100,000.00
    27 Sold Merchandise 3 100,000.00
    Totals 400,000.00
    Balance 0.00

    420 - SALES RETURNS AND ALLOWANCES


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    16 Merchandise Retur 2 40,000.00 2017 Jan. 31 To close Sales R an 5 40,000.00
    Balance 0.00
    430 - SALES DISCOUNTS
    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    19 Discounted 2 3,200.00 2017 Jan. 31 To close Sales Disc 5 3,200.00
    Balance 0.00

    510 - PURCHASES
    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    7 Purchased Merchan 1 200,000.00 2017 Jan. 31 To close Purchases 5 400,000.00
    20 Purchased Merchan 2 50,000.00
    25 Purchased Merchan 3 150,000.00
    Total 400,000.00
    Balance 0.00

    520 - PURCHASES RETURNS AND ALLOWANCES


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 To close Purchases 5 50,000.00 2017 Jan. 9 Returned Merchand 1 50,000.00
    Balance 0.00

    530 - PURCHASES DISCOUNTS


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 To close Purchases 5 4,500.00 2017 Jan. 12 Discounted 1 4,500.00
    Balance 0.00

    540 - FREIGHT IN
    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    10 Paid freight charge 1 10,000.00 2017 Jan. 31 To close freight in 5 10,000.00
    Balance 0.00

    610 - SALARIES EXPENSE


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    24 Paid workers 2 10,000.00 2017 Jan. 31 To close Salaries E 5 20,000.00
    31 Recognized salarie 4 10,000.00
    Total 20,000.00
    Balance 0.00

    620 - SUPPLIES EXPENSE


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 Supplies used 4 20,000.00 2017 Jan. 31 To close Supplies 5 20,000.00
    Balance 0.00

    630 - INSURANCE EXPENSE


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 Insurance expired 4 1,000.00 2017 Jan.
    31 To close Insurance 5 1,000.00
    Balance 0.00

    640 - DEPRECIATION EXPENSE - BUILDING


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 Recognized depreci 4 5,000.00 2017 Jan. 31 To close Depreciat 5 5,000.00
    Balance 0.00

    650 - DEPRECIATION EXPENSE - EQUIPMENT


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 Recognized depreci 4 1,000.00 2017 Jan. 31 To close Depreciat 5 1,000.00
    Balance 0.00

    660 - FREIGHT OUT


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    18 Paid freight charge 2 10,000.00 2017 Jan. 31 To close freight out 5 10,000.00
    Balance 0.00

    670 - ADVERTISING EXPENSE


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    29 Paid advertisement 3 5,000.00 2017 Jan. 31 To close Advertisi 5 5,000.00
    Balance 0.00

    680 - INTEREST EXPENSE


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    29 Paid interest 3 5,000.00 2017 Jan. 31 To close Interest E 5 5,000.00
    Balance 0.00

    690 - BAD DEBTS EXPENSE


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 Recognized Bad De 4 7,136.00 2017 Jan. 31 To close Bad Debts 5 7,136.00
    Balance 0.00

    700 - COST OF GOODS SOLD


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    110 - CASH
    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan. 1 Initial Investment 1 200,000.00 2017 Jan. 3 Bought equipment 1 60,000.00
    15 Borrowed cash in note 2 50,000.00 5 Bought Office Supplies 1 30,000.00
    19 Received payment from account 2 156,800.00 10 Paid Freight In 1 10,000.00
    21 Sold merchandise 2 100,000.00 12 Paid an account 1 145,500.00
    27 Down payment from account 3 20,000.00 14 Bought Prepaid Insurance 2 3,000.00
    28 Received payment from account 3 50,000.00 18 Paid Freight Out 2 10,000.00
    Total 576,800.00 20 Purchased merchandise 2 50,000.00
    Balance 98,300.00 22 Paid the note 2 30,000.00
    24 Paid salaries 2 10,000.00
    25 Down payment for purchases 3 50,000.00
    26 Paid an account 3 50,000.00
    29 Paid advertisement 3 5,000.00
    29 Paid interest 3 5,000.00
    30 Withdrawals 3 20,000.00
    Total 478,500.00

    120 - ACCOUNTS RECEIVABLE


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan. 8 Sold merchandise 1 200,000.00 2017 Jan. 16 Returned merchand 2 40,000.00
    27 Sold merchandise 3 80,000.00 19 Account paid 2 160,000.00
    Total 280,000.00 28 Account paid 3 50,000.00
    Balance 30,000.00 Total 250,000.00

    125 - ALLOWANCE FOR BAD DEBTS


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 Recognized Bad De 4 7,136.00

    130 - MERCHANDISE INVENTORY


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan. 7 Purchased Merchan 1 200,000.00 2017 Jan. 8 Sold Merchandise 1 100,000.00
    2017 Jan. 10 Paid freight charge 1 10,000.00 2017 Jan. 9 Returned Merchand 1 50,000.00
    2017 Jan. 16 Returned Merchand 2 20,000.00 2017 Jan. 12 Discounted 1 4,500.00
    20 Purchased Merchan 2 50,000.00 21 Sold Merchandise 2 50,000.00
    25 Purchased Merchan 3 150,000.00 27 Sold Merchandise 3 50,000.00
    Total 430,000.00 Total 254,500.00
    Balance 175,500.00
    140 - OFFICE SUPPLIES
    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    5 Purchased in cash 1 30,000.00 2017 Jan. 31 To adjust office sup 4 20,000.00
    Balance 10,000.00

    150 - PREPAID INSURANCE


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    14 Purchased in cash 2 3,000.00 2017 Jan. 31 To adjust expired p 4 1,000.00
    Balance 2,000.00

    160 - LAND
    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    1 Initial Investment 1 500,000.00

    170 - BUILDING
    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    1 Initial Investment 1 800,000.00

    175 - ACCUMULATED DEPRECIATION - BUILDING


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 Recognized Depreci 4 5,000.00

    180 - EQUIPMENT
    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    3 Purchased in cash 1 60,000.00

    185 - ACCUMULATED DEPRECIATION - EQUIPMENT


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 Recognized Depreci 4 1,000.00

    210 - ACCOUNTS PAYABLE


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    9 Returned Merchand 1 50,000.00 2017 Jan. 7 Purchased Merchan 1 200,000.00
    12 Paid an account 1 150,000.00 25 Purchased Merchan 3 100,000.00
    26 Paid an account 3 50,000.00 Total 300,000.00
    Total 250,000.00 Balance 50,000.00
    220 - NOTES PAYABLE
    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    22 Paid note 30,000.00 2017 Jan. 15 Borrowed cash in n 1 50,000.00
    Balance 20,000.00

    230 - SALARIES PAYABLE


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 Workers not yet pa 4 10,000.00

    310 - PAPASA AKO, CAPITAL


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 Withdrawal to Capit 5 20,000.00 2017 Jan. 1 Initial Investment 1 1,500,000.00
    Income Summary to5 102,664.00
    Total 1,602,664.00
    Balance 1,582,664.00

    320 - PAPASA AKO, WITHDRAWALS


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    30 Withdrew cash for 3 20,000.00 2017 Jan. 31 To close withdrawal 5 20,000.00
    Balance 0.00

    330 - INCOME SUMMARY


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 To close credits 5 297,336.00 2017 Jan. 31 To close debits 5 400,000.00
    To close Income S 5 102,664.00 Total 102,664.00
    Balance 0.00

    410 - SALES
    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 To close Sales 5 400,000.00 2017 Jan. 8 Sold Merchandise 1 200,000.00
    21 Sold Merchandise 2 100,000.00
    27 Sold Merchandise 3 100,000.00
    Totals 400,000.00
    Balance 0.00

    420 - SALES RETURNS AND ALLOWANCES


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    16 Merchandise Retur 2 40,000.00 2017 Jan. 31 To close Sales R an 5 40,000.00
    Balance 0.00
    430 - SALES DISCOUNTS
    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    19 Discounted 2 3,200.00 2017 Jan. 31 To close Sales Disc 5 3,200.00
    Balance 0.00

    510 - PURCHASES
    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT

    520 - PURCHASES RETURNS AND ALLOWANCES


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT

    530 - PURCHASES DISCOUNTS


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT

    540 - FREIGHT IN
    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT

    610 - SALARIES EXPENSE


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    24 Paid workers 2 10,000.00 2017 Jan. 31 To close Salaries E 5 20,000.00
    31 Recognized salarie 4 10,000.00
    Total 20,000.00
    Balance 0.00

    620 - SUPPLIES EXPENSE


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 Supplies used 4 20,000.00 2017 Jan. 31 To close Supplies 5 20,000.00
    Balance 0.00

    630 - INSURANCE EXPENSE


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 Insurance expired 4 1,000.00 2017 Jan.
    31 To close Insurance 5 1,000.00
    Balance 0.00

    640 - DEPRECIATION EXPENSE - BUILDING


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 Recognized depreci 4 5,000.00 2017 Jan. 31 To close Depreciat 5 5,000.00
    Balance 0.00

    650 - DEPRECIATION EXPENSE - EQUIPMENT


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 Recognized depreci 4 1,000.00 2017 Jan. 31 To close Depreciat 5 1,000.00
    Balance 0.00

    660 - FREIGHT OUT


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    18 Paid freight charge 2 10,000.00 2017 Jan. 31 To close freight out 5 10,000.00
    Balance 0.00

    670 - ADVERTISING EXPENSE


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    29 Paid advertisement 3 5,000.00 2017 Jan. 31 To close Advertisi 5 5,000.00
    Balance 0.00

    680 - INTEREST EXPENSE


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    29 Paid interest 3 5,000.00 2017 Jan. 31 To close Interest E 5 5,000.00
    Balance 0.00

    690 - BAD DEBTS EXPENSE


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    31 Recognized Bad De 4 7,136.00 2017 Jan. 31 To close Bad Debts 5 7,136.00
    Balance 0.00

    700 - COST OF GOODS SOLD


    DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
    2017 Jan.
    8 Sold Merchandise 1 100,000.00 2017 Jan. 16 Returned Merchand 1 20,000.00
    21 Sold Merchandise 2 50,000.00 31 To Close Cost of Go 5 180,000.00
    27 Sold Merchandise 3 50,000.00 Balance 0.00
    Total 200,000.00
    Balance 180,000.00
    PAPASA AKO COMPANY
    TRIAL BALANCE
    January 31, 2017

    CODE ACCOUNTS DEBIT CREDIT


    110 Cash 98,300.00
    120 Accounts Receivable 30,000.00
    125 Allowance for Bad Debts
    130 Merchandise Inventory
    140 Office Supplies 30,000.00
    150 Prepaid Insurance 3,000.00
    160 Land 500,000.00
    170 Building 800,000.00
    175 Accumulated Depreciation Building
    180 Equipment 60,000.00
    185 Accumulated Depreciation Equipment
    210 Accounts Payable 50,000.00
    220 Notes Payable 20,000.00
    230 Salaries Payable
    310 Papasa Ako, Capital 1,500,000.00
    320 Papasa Ako, Withdrawals 20,000.00
    330 Income Summary
    410 Sales 400,000.00
    420 Sales Returns and Allowances 40,000.00
    430 Sales Discounts 3,200.00
    510 Purchases 400,000.00
    520 Purchases Returns and Allowances 50,000.00
    530 Purchases Discounts 4,500.00
    540 Freight In 10,000.00
    610 Salaries Expense 10,000.00
    620 Supplies Expense
    630 Insurance Expense
    640 Depreciation Expense Building
    650 Depreciation Expense Equipment
    660 Freight Out 10,000.00
    670 Advertising Expense 5,000.00
    680 Interest Expense 5,000.00
    690 Bad Debts Expense
    700 Cost of Goods Sold
    TOTALS 2,024,500.00 2,024,500.00
    PAPASA AKO COMPANY
    ADJUSTED TRIAL BALANCE
    January 31, 2017

    CODE ACCOUNTS DEBIT CREDIT


    110 Cash 98,300.00
    120 Accounts Receivable 30,000.00
    125 Allowance for Bad Debts 7,136.00
    130 Merchandise Inventory
    140 Office Supplies 10,000.00
    150 Prepaid Insurance 2,000.00
    160 Land 500,000.00
    170 Building 800,000.00
    175 Accumulated Depreciation Building 5,000.00
    180 Equipment 60,000.00
    185 Accumulated Depreciation Equipment 1,000.00
    210 Accounts Payable 50,000.00
    220 Notes Payable 20,000.00
    230 Salaries Payable 10,000.00
    310 Papasa Ako, Capital 1,500,000.00
    320 Papasa Ako, Withdrawals 20,000.00
    330 Income Summary
    410 Sales 400,000.00
    420 Sales Returns and Allowances 40,000.00
    430 Sales Discounts 3,200.00
    510 Purchases 400,000.00
    520 Purchases Returns and Allowances 50,000.00
    530 Purchases Discounts 4,500.00
    540 Freight In 10,000.00
    610 Salaries Expense 20,000.00
    620 Supplies Expense 20,000.00
    630 Insurance Expense 1,000.00
    640 Depreciation Expense Building 5,000.00
    650 Depreciation Expense Equipment 1,000.00
    660 Freight Out 10,000.00
    670 Advertising Expense 5,000.00
    680 Interest Expense 5,000.00
    690 Bad Debts Expense 7,136.00
    700 Cost of Goods Sold
    TOTALS 2,047,636.00 2,047,636.00
    PAPASA AKO COMPANY
    POST CLOSING TRIAL BALANCE
    January 31, 2017

    CODE ACCOUNTS DEBIT CREDIT


    110 Cash 98,300.00
    120 Accounts Receivable 30,000.00
    125 Allowance for Bad Debts 7,136.00
    130 Merchandise Inventory 175,500.00
    140 Office Supplies 10,000.00
    150 Prepaid Insurance 2,000.00
    160 Land 500,000.00
    170 Building 800,000.00
    175 Accumulated Depreciation Building 5,000.00
    180 Equipment 60,000.00
    185 Accumulated Depreciation Equipment 1,000.00
    210 Accounts Payable 50,000.00
    220 Notes Payable 20,000.00
    230 Salaries Payable 10,000.00
    310 Papasa Ako, Capital 1,582,664.00
    TOTALS 1,675,800.00 1,675,800.00
    PAPASA AKO COMPANY
    TRIAL BALANCE
    January 31, 2017

    CODE ACCOUNTS DEBIT CREDIT


    110 Cash 98,300.00
    120 Accounts Receivable 30,000.00
    125 Allowance for Bad Debts
    130 Merchandise Inventory 175,500.00
    140 Office Supplies 30,000.00
    150 Prepaid Insurance 3,000.00
    160 Land 500,000.00
    170 Building 800,000.00
    175 Accumulated Depreciation Building
    180 Equipment 60,000.00
    185 Accumulated Depreciation Equipment
    210 Accounts Payable 50,000.00
    220 Notes Payable 20,000.00
    230 Salaries Payable
    310 Papasa Ako, Capital 1,500,000.00
    320 Papasa Ako, Withdrawals 20,000.00
    330 Income Summary
    410 Sales 400,000.00
    420 Sales Returns and Allowances 40,000.00
    430 Sales Discounts 3,200.00
    510 Purchases
    520 Purchases Returns and Allowances
    530 Purchases Discounts
    540 Freight In
    610 Salaries Expense 10,000.00
    620 Supplies Expense
    630 Insurance Expense
    640 Depreciation Expense Building
    650 Depreciation Expense Equipment
    660 Freight Out 10,000.00
    670 Advertising Expense 5,000.00
    680 Interest Expense 5,000.00
    690 Bad Debts Expense
    700 Cost of Goods Sold 180,000.00
    TOTALS 1,970,000.00 1,970,000.00
    PAPASA AKO COMPANY
    ADJUSTED TRIAL BALANCE
    January 31, 2017

    CODE ACCOUNTS DEBIT CREDIT


    110 Cash 98,300.00
    120 Accounts Receivable 30,000.00
    125 Allowance for Bad Debts 7,136.00
    130 Merchandise Inventory 175,500.00
    140 Office Supplies 10,000.00
    150 Prepaid Insurance 2,000.00
    160 Land 500,000.00
    170 Building 800,000.00
    175 Accumulated Depreciation Building 5,000.00
    180 Equipment 60,000.00
    185 Accumulated Depreciation Equipment 1,000.00
    210 Accounts Payable 50,000.00
    220 Notes Payable 20,000.00
    230 Salaries Payable 10,000.00
    310 Papasa Ako, Capital 1,500,000.00
    320 Papasa Ako, Withdrawals 20,000.00
    330 Income Summary
    410 Sales 400,000.00
    420 Sales Returns and Allowances 40,000.00
    430 Sales Discounts 3,200.00
    510 Purchases
    520 Purchases Returns and Allowances
    530 Purchases Discounts
    540 Freight In
    610 Salaries Expense 20,000.00
    620 Supplies Expense 20,000.00
    630 Insurance Expense 1,000.00
    640 Depreciation Expense Building 5,000.00
    650 Depreciation Expense Equipment 1,000.00
    660 Freight Out 10,000.00
    670 Advertising Expense 5,000.00
    680 Interest Expense 5,000.00
    690 Bad Debts Expense 7,136.00
    700 Cost of Goods Sold 180,000.00
    TOTALS 1,993,136.00 1,993,136.00
    PAPASA AKO COMPANY
    POST CLOSING TRIAL BALANCE
    January 31, 2017

    CODE ACCOUNTS DEBIT CREDIT


    110 Cash 98,300.00
    120 Accounts Receivable 30,000.00
    125 Allowance for Bad Debts 7,136.00
    130 Merchandise Inventory 175,500.00
    140 Office Supplies 10,000.00
    150 Prepaid Insurance 2,000.00
    160 Land 500,000.00
    170 Building 800,000.00
    175 Accumulated Depreciation Building 5,000.00
    180 Equipment 60,000.00
    185 Accumulated Depreciation Equipment 1,000.00
    210 Accounts Payable 50,000.00
    220 Notes Payable 20,000.00
    230 Salaries Payable 10,000.00
    310 Papasa Ako, Capital 1,582,664.00
    TOTALS 1,675,800.00 1,675,800.00
    PAPASA AKO COMPANY
    INCOME STATEMENT
    For the month ended January 31, 2017

    Net Sales 1 356,800.00


    Less: Cost of Goods Sold 2 180,000.00
    Gross Profit 176,800.00
    Less: Expenses 3 74,136.00
    Net Income 102,664.00

    Notes to Financial Statements:

    Note 1 - NET SALES


    Sales 400,000.00
    Less: Sales Returns and Allowances 40,000.00
    Sales Discounts 3,200.00 43,200.00
    NET SALES 356,800.00

    Note 2 - COST OF GOODS SOLD


    Merchandise Inventory, beg -
    Purchases 400,000.00
    Freight In 10,000.00
    Less: Purchase Returns and Allowances 50,000.00
    Purchase Discounts 4,500.00 54,500.00
    Merchandise Available for Sale 355,500.00
    Less: Merchandise Inventory, end 175,500.00
    COST OF GOODS SOLD 180,000.00

    Note 3 - EXPENSES
    Salaries Expense 20,000.00
    Supplies Expense 20,000.00
    Insurance Expense 1,000.00
    Depreciation Expense Building 5,000.00
    Depreciation Expense Equipment 1,000.00
    Freight Out 10,000.00
    Advertising Expense 5,000.00
    Interest Expense 5,000.00
    Bad Debts Expense 7,136.00
    EXPENSES 74,136.00
    PAPASA AKO COMPANY
    STATEMENT OF CHANGES IN OWNER'S EQUITY
    For the month ended January 31, 2017

    Papasa Ako, Capital Beg 1,500,000.00


    Additional Investment -
    Net Income 102,664.00
    Less: Withdrawals 20,000.00
    Papasa Ako, Capital End 1,582,664.00

    PAPASA AKO COMPANY


    STATEMENT OF CASH FLOWS
    For the month ended January 31, 2017

    Cash Flows from Operating Activities:


    Received payment from account 156,800.00
    Received payment from account 50,000.00
    Down payment from account 20,000.00
    Sold merchandise 100,000.00
    Paid an account (145,500.00)
    Paid an account (50,000.00)
    Down payment for purchases (50,000.00)
    Purchased merchandise (50,000.00)
    Paid Freight In (10,000.00)
    Paid Freight Out (10,000.00)
    Bought Office Supplies (30,000.00)
    Bought Prepaid Insurance (3,000.00)
    Paid salaries (10,000.00)
    Paid advertisement (5,000.00)
    Paid interest (5,000.00)
    Net Cash provided (used in) by Operating Activities (41,700.00)

    Cash Flows from Investing Activities:


    Bought equipment (60,000.00)
    Net Cash provided (used in) by Investing Activities (60,000.00)

    Cash Flows from Financing Activities:


    Initial Investment 200,000.00
    Borrowed cash in note 50,000.00
    Paid the note (30,000.00)
    Withdrawals (20,000.00)
    Net Cash provided (used in) by Financing Activities 200,000.00
    Net Increase(Decrease) in Cash 98,300.00
    Add: Cash Balance Beginning -
    Cash Balance Ending 98,300.00

    PAPASA AKO COMPANY


    STATEMENT OF FINANCIAL POSITION
    As of January 31, 2017

    ASSETS
    Current Assets:
    Cash 98,300.00
    Accounts Receivable 30,000.00
    Less: Allowance for Bad Debts 7,136.00 22,864.00
    Merchandise Inventory 175,500.00
    Office Supplies 10,000.00
    Prepaid Insurance 2,000.00
    Total Current Assets 308,664.00

    Non Current Assets:


    Land 500,000.00
    Building 800,000.00
    Less: Accumulated Depreciation - Building 5,000.00 795,000.00
    Equipment 60,000.00
    Less: Accumulated Depreciation - Equipment 1,000.00 59,000.00
    Total Non Current Assets 1,354,000.00
    TOTAL ASSETS 1,662,664.00

    LIABILITIES
    Accounts Payable 50,000.00
    Notes Payable 20,000.00
    Salaries Payable 10,000.00
    Total Liabilities 80,000.00

    OWNER'S EQUITY
    Papasa Ako, Capital (end) 1,582,664.00
    Total Owner's Equity 1,582,664.00
    TOTAL LIABILITIES AND OWNER'S EQUITY 1,662,664.00
    PAPASA AKO COMPANY
    INCOME STATEMENT
    For the month ended January 31, 2017

    Net Sales 1 356,800.00


    Less: Cost of Goods Sold 180,000.00
    Gross Profit 176,800.00
    Less: Expenses 2 74,136.00
    Net Income 102,664.00

    Notes to Financial Statements:

    Note 1 - NET SALES


    Sales 400,000.00
    Less: Sales Returns and Allowances 40,000.00
    Sales Discounts 3,200.00 43,200.00
    NET SALES 356,800.00

    Note 2 - EXPENSES
    Salaries Expense 20,000.00
    Supplies Expense 20,000.00
    Insurance Expense 1,000.00
    Depreciation Expense Building 5,000.00
    Depreciation Expense Equipment 1,000.00
    Freight Out 10,000.00
    Advertising Expense 5,000.00
    Interest Expense 5,000.00
    Bad Debts Expense 7,136.00
    EXPENSES 74,136.00
    PAPASA AKO COMPANY
    STATEMENT OF CHANGES IN OWNER'S EQUITY
    For the month ended January 31, 2017

    Capital, Beg 1,500,000.00


    Additional Investment -
    Net Income 102,664.00
    Less: Withdrawals 20,000.00
    Capital, End 1,582,664.00

    PAPASA AKO COMPANY


    STATEMENT OF CASH FLOWS
    For the month ended January 31, 2017

    Cash Flows from Operating Activities:


    Received payment from account 156,800.00
    Received payment from account 50,000.00
    Down payment from account 20,000.00
    Sold merchandise 100,000.00
    Paid an account (145,500.00)
    Paid an account (50,000.00)
    Down payment for purchases (50,000.00)
    Purchased merchandise (50,000.00)
    Paid Freight In (10,000.00)
    Paid Freight Out (10,000.00)
    Bought Office Supplies (30,000.00)
    Bought Prepaid Insurance (3,000.00)
    Paid salaries (10,000.00)
    Paid advertisement (5,000.00)
    Paid interest (5,000.00)
    Net Cash provided (used in) by Operating Activities (41,700.00)

    Cash Flows from Investing Activities:


    Bought equipment (60,000.00)
    Net Cash provided (used in) by Investing Activities (60,000.00)

    Cash Flows from Financing Activities:


    Initial Investment 200,000.00
    Borrowed cash in note 50,000.00
    Paid the note (30,000.00)
    Withdrawals (20,000.00)
    Net Cash provided (used in) by Financing Activities 200,000.00
    Net Increase(Decrease) in Cash 98,300.00
    Add: Cash Balance Beginning -
    Cash Balance Ending 98,300.00

    PAPASA AKO COMPANY


    STATEMENT OF FINANCIAL POSITION
    As of January 31, 2017

    ASSETS
    Current Assets:
    Cash 98,300.00
    Accounts Receivable 30,000.00
    Less: Allowance for Bad Debts 7,136.00 22,864.00
    Merchandise Inventory 175,500.00
    Office Supplies 10,000.00
    Prepaid Insurance 2,000.00
    Total Current Assets 308,664.00

    Non Current Assets:


    Land 500,000.00
    Building 800,000.00
    Less: Accumulated Depreciation - Building 5,000.00 795,000.00
    Equipment 60,000.00
    Less: Accumulated Depreciation - Equipment 1,000.00 59,000.00
    Total Non Current Assets 1,354,000.00
    TOTAL ASSETS 1,662,664.00

    LIABILITIES
    Accounts Payable 50,000.00
    Notes Payable 20,000.00
    Salaries Payable 10,000.00
    Total Liabilities 80,000.00

    OWNER'S EQUITY
    Papasa Ako, Capital (end) 1,582,664.00
    Total Owner's Equity 1,582,664.00
    TOTAL LIABILITIES AND OWNER'S EQUITY 1,662,664.00

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