FABM Review Sheet for Senior High School, Cheat Sheet of Accounting

Download FABM Review Sheet for Senior High School and more Cheat Sheet Accounting in PDF only on Docsity! Teresita Buenaflor Shoes Journal Feb. Account Title Debit Credit 1 Cash 113,000 Accounts Receivable 113,000 Collections from customers on account 2 Accounts Receivable 64,000 Purchases Discounts 1,920 Cash 62,080 Paid accounts due less discounts of 3% 4 Purchases 170,000 Accounts Payable 170,000 Purchased merchandise on account, FOB shipping point; 3/10, n/30 5 Accounts Receivable Sales Sold merchandise on account to Gonzales Inc., FOB shippining point; 2/10, n/30 7 Advertising Expense 6,000 Cash 6,000 Paid for advertising for the month of February 7 Cash 250,000 Sales 250,000 Sold merchandise for cash 8 Accounts Payable 170,000 Purchases Discounts 5,100 Cash 164,900 Paid the amount due from Feb. 4 transaction 9 Transportation In 4,000 Cash 4,000 Paid Iloilo Freight for delivering merchandise last Feb. 4 10 Sales Return and Allowances 70,000 Accounts Receivable 70,000 Received returns from the Gonzales Inc. 12 Sales Discounts 4,000 Cash 196,000 Accounts Receivable 200,000 Received payment from the Gonzales Inc. less returns and discounts 14 Interest Expense 26,000 Cash 26,000 Payment of interest on the mortgage payable 15 Salaries Expense 51,000 Cash 51,000 Paid salaries 16 Accounts Receivable 392,000 Sales 392,000 Sold merchandise on account to Ronzales Corp., FOB destination; 2/10, n/30 18 Transportation Out 4,000 Cash 4,000 Paid freight charges on the sale of Feb. 16 19 Supplies 21,000 Cash 21,000 Acquired supplies for cash 20 Purchases 125,000 Accounts Payable 125,000 Purchased merchandise from Lozada Imports on account, FOB destination; 3/10, n/30 22 Miscellaneous Expense 7,000 Cash 7,000 Paid miscellaneous expense 23 Sales Discounts 7,840 Cash 384,160 Accounts Receivable 392,000 Received payment from the Ronzales Corp., less 2% discount 24 Purchases 373,000 Accounts Payable 373,000 Purchased merchandise on account from Agustin Enterprises, FOB shipping point; 3/10, n/30 24 Transportation In 9,000 Cash 9,000 Paid La Paz Express for delivering merchandise acquired from Agustin 25 Accounts Receivable 420,000 Sales 420,000 Sold merchandise to Ronzales Corp. on account, FOB shipping point; 2/10, n/30 26 Sales Return and Allowances 71,000 Accounts Receivable 71,000 Received returns from the Ronzales Corp. 28 Buenaflor, Withdrawals 400,000 Cash 400,000 Buenaflor withdrew cash from the business 28 Accounts Payable 25,000 Purchases Returns and Allowances 25,000 Returned merchandise purchased from Agustin on Feb. 24 210 Accounts Payable 02-01 Beginning balance 02-02 Paid accounts due less discount of 3% 02-04 Purchased merchandise, FOB shipping point; 3/10, n/30 02-08 Paid the amount due from Feb. 4 transaction 02-20 Purchased merchandise from Lozada Imports on account, FOB destination; 3/10, n/30 02-24 Purchased merchandise on account from Agustin Enterprises, FOB shipping point; 3/10, n/30 02-28 Returned merchandise purchased from Agustin on Feb. 24 220 Salaries Payable 230 Mortgage Payable 02-01 Beginning balance 310 Buenaflor, Capital 02-01 Beginning balance 320 Buenfalor, Withdrawals 02-28 Buenaflor withdrew cash from the business 330 Income Summary 410 Sales 02-05 Sold merchandise on account to Gonzales Inc., FOB shipping point; 2/10, n/30 02-07 Sold merchandise for cash 02-16 Sold merchandise on account to Ronzales Corp., FOB destination; 2/10, n/30 02-25 Sold merchandise to Ronzales Corp. on account, FOB shipping point; 2/10, n/30 420 Sales Returns and Allowances 02-10 Gonzales Inc. returned merchandise 02-26 Received returns from the Ronzales Corp. 430 Sales Discounts 02-12 Received payment from the Gonzales Inc. less returns and discounts 02-23 Received payment from the Ronzales Corp., less 2% discount 510 Purchases 02-04 Purchased merchandise on account, FOB shipping point; 3/10, n/30 02-20 Purchased merchandise from Lozada Imports on account, FOB destination; 3/10, n/30 02-24 Purchased merchandise on account from Agustin Enterprises, FOB shipping point; 3/10, n/30 520 Purchases Returns and Allowances 02-28 Returned merchandise purchased from Agustin on Feb. 24 530 Purchases Discounts 02-02 Paid accounts due less discount of 3% 02-08 Paid the amount due from Feb. 4 transaction granting 3% discount 540 Transportation In 02-09 Paid Iloilo Freight for delivering merchandise last Feb. 4 02-24 Paid La Paz Express for delivering merchandise acquired from Agustin 610 Salaries Expense 02-15 Paid salaries 620 Supplies Expense 630 Insurance Expense 640 Depreciation Expense - Building 650 Depreciation Expense - Equipment 660 Transportation Out 02-18 Paid freight charges on the sale of Feb. 16 670 Advertising Expense 02-07 Paid for advertising for the month of February 680 Interest Expense 02-14 Payment of interest on the mortgage payable 51,000 51,000 21,000 72,000 48,000 48,000 460,000 460,000 1,750,000 1,750,000 350,000 350,000 2,310,000 2,310,000 630,000 630,000 108,000 108,000 64,000 44,000 170,000 214,000 170,000 44,000 125,000 169,000 373,000 542,000 25,000 517,000 2,600,000 2,600,000 1,569,000 1,569,000 400,000 400,000 270,000 270,000 250,000 520,000 392,000 912,000 420,000 1,332,000 70,000 70,000 71,000 141,000 4,000 4,000 7,840 11,840 170,000 170,000 125,000 295,000 373,000 668,000 25,000 25,000 1,920 1,920 5,100 7,020 4,000 4,000 9,000 13,000 Teresita Buenfalor Shoes Worksheet February 28, 2015 Unadjusted Trial Balance Adjustments Account Title DEBIT CREDIT DEBIT CREDIT 110 Cash 221,180 120 Accounts Receivable 428,000 130 Merchandise Inventory 413,000 140 Supplies 72,000 d 150 Prepaid Insurance 48,000 b 160 Land 460,000 170 Building 1,750,000 175 Accumulated Depreciation - Building 350,000 c 180 Equipment 2,310,000 185 Accumulated Depreciation - Equipment 630,000 c 210 Accounts Payable 517,000 220 Salaries Payable a 230 Mortgage Payable 2,600,000 310 Buenaflor, Capital 1,569,000 320 Buenaflor, Withdrawals 400,000 330 Income Summary 410 Sales 1,332,000 420 Sales Returns and Allowances 141,000 430 Sales Discounts 11,840 510 Purchases 668,000 520 Purchases Returns and Allowances 25,000 530 Purchases Discounts 7,020 540 Transportation In 13,000 610 Salaries Expense 51,000 a 51,000 620 Supplies Expense d 58,000 630 Insurance Expense b 2,000 640 Depreciation Expense - Building c 9,000 650 Depreciation Expense - Equipment c 12,000 660 Transportation Out 4,000 670 Advertising Expense 6,000 680 Interest Expense 26,000 690 Miscellaneous Expense 7,000 TOTAL 7,030,020 7,030,020 132,000 NET INCOME TOTAL Teresita Buenfalor Shoes Worksheet February 28, 2015 Adjustments Adjusted Trial Balance Income Statement Balance Sheet CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT 221,180 221,180 428,000 428,000 413,000 413,000 397,000 397,000 58,000 14,000 14,000 2,000 46,000 46,000 460,000 460,000 1,750,000 1,750,000 9,000 359,000 2,310,000 2,310,000 12,000 642,000 517,000 51,000 51,000 2,600,000 1,569,000 400,000 400,000 1,332,000 1,332,000 141,000 141,000 11,840 11,840 668,000 668,000 25,000 25,000 7,020 7,020 13,000 13,000 102,000 102,000 58,000 58,000 2,000 2,000 9,000 9,000 12,000 12,000 4,000 4,000 6,000 6,000 26,000 26,000 7,000 7,000 132,000 7,102,020 7,102,020 1,472,840 1,761,020 6,026,180 288,180 1,761,020 1,761,020 6,026,180 Teresita Buenfalor Shoes Worksheet February 28, 2015 Balance Sheet CREDIT 359,000 642,000 517,000 51,000 2,600,000 1,569,000 5,738,000 288,180 6,026,180 Teresita Buenaflor Shoes Statement of Changes in Owner's Equity For the Month Ended February 28, 2015 Buenaflor, Owner's Equity, 2/1/2015 Add: Profit Total Less: Withdrawals Buenaflor, Owner's Equity, 2/28/2015 Teresita Buenaflor Shoes Statement of Changes in Owner's Equity For the Month Ended February 28, 2015 1,569,000 288,180 1,857,180 400,000 1,457,180 Teresita Buenaflor Shoes Balance Sheet February 28, 2015 ASSETS Current Assets Cash 221,180 Accounts Receivable 428,000 Merchandise Inventory 397,000 Supplies 14,000 Prepaid Insurance 46,000 Total Current Assets Non-Current Assets Land 460,000 Building 1,750,000 Less: Accumulated Depreciation - Building 359,000 Building - Net 1,391,000 Equipment 2,310,000 Less: Accumulated Depreciation - Equipment 642,000 Equipment - Net 1,668,000 Total Non-Current Assets TOTAL ASSETS LIABILITIES AND OWNER'S EQUITY Current Liabilities Accounts Payable 517,000 Salaries Payable 51,000 Total Current Liabilities Non-Current Liabilities Mortgage Payable Total Liabilities Owner's Equity Buenaflor, Capital, Feb. 28 TOTAL LIABILITIES AND OWNER'S EQUITY