PROBLEM 8-3

Makati Tigers Club

Worksheet
As of December 31, 2013

Trial Balance Transactions Adjustments Current TOTAL Adjusted TB December Income Statement Balance Sheet December
December 31, 2012 Current Year Year 31, 2013 December 31, 2013 31, 2013
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 46,000 46,000 46,000 46,000
Membership Receivable 13,300 13,300 13,300 13,300
Allowance for doubtful accounts 700 700 700 700
Furniture and Fixtures 60,000 30,000 90,000 90,000 90,000
Accumulated Depreciation - FF 6,000 7,500 13,500 13,500 13,500

Accounts payable 18,000 18,000 18,000 18,000

Rent payable 4,200 4,200 4,200 4,200

Share Capital 45,000 10,200 62,000 10,200 107,000 96,800 96,800

Membership dues 114,000 2,000 13,300 2,000 127,300 125,300 125,300

Fines 11,000 11,000 11,000 11,000
Luncheons 75,000 75,000 75,000 75,000
Donations 15,000 15,000 15,000 15,000
Miscellaneous income 2,500 2,500 2,500 2,500

Office rent 58,800 4,200 4,200 50,400 50,400 50,400

Salary 73,200 73,200 73,200 73,200
Supplies 7,500 7,500 7,500 7,500
Stamps, telephone and telegram 8,000 8,000 8,000 8,000
Donations to charitable institutions 37,000 37,000 37,000 37,000
Furniture and equipment 12,000 12,000 12,000 12,000 - -
Representation and entertainment 15,000 15,000 15,000 15,000
Miscellaneous expenses 5,000 5,000 5,000 5,000
Doubtful account expense 700 700 700 700
Depreciation expense 7,500 7,500 7,500 7,500

262,500 262,500 72,200 72,200 55,700 55,700 382,000 382,000 357,800 357,800 204,300 228,800 153,500 129,000
NET INCOME 24,500 24,500
TOTALS 228,800 228,800 153,500 153,500
TRANSACTIONS DEBIT CREDIT

Cash 450000
Sales 450000

Accounts Receivable 120000

Sales 120000

Cash 116000
Sales Discounts 1000
Accounts Receivable 117000

Purchases 80000
Cash 80000

Purchases 320000
Accounts Payable 320000

Accounts payable 288000

Cash 286000
Purchase Discount 2000

Operating expenses 110000

Cash 110000

Equipment 10000
Cash 10000

Equipment 10000
Accounts payable 10000

Allowance for Doubtful Accounts 1000

Accounts Receivable 1000

Accounts receivable - other income 5000

Cash 5000

Investment in stocks 20000

Cash 20000

Loans payable 10000

Cash 10000

Interest expense 400

Cash 400

Sales return and allowances 1500

Cash 1500
ADJUSTING ENTRIES DEBIT CREDIT

Doubtful accounts expense 2100

Allowance for Doubtful accounts 2100

Depreciation expense 9000

Accumulated depreciation - Equipment 90000

Merchandise Inventory 80000

Income Summary 80000

Operating expense 6000

Accrued operating expenses 6000

Interest expense 100

Accrued interest expense 100

Prepaid operating expenses 3000

Operating expenses 3000

Accounts Receivable - other income 300

Other income 300

REVERSING ENTRIES DEBIT CREDIT

Accrued interest expense 300

Interest expense 300

Accrued operating expense 4000

Operating expense 4000

Operating expense 2000

Prepaid operating expense 2000
PROBLEM 8-4
CRISTOBAL STORE
Worksheet
As of December 31, 2013
ACCRUAL BASIS

Trial Balance Transactions Trial Balance Income Statement Balance Sheet December
December 31, 2012 Current Year December 31, 2013 December 31, 2013 31, 2013
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 36,000 450,000 80,000
116,000 286,000
110,000
10,000
5,000
20,000
10,000
400
1,500 602,000 522,900 79,100
Investment in stock 20,000 20,000 20,000

Loans payable 10,000 10,000 10,000

Bart Cristobal, capital 116,000 116,000 116,000

Sales 450,000
117,000 567,000 567,000
Sales discount 1,000 1,000 1,000
Sales returns 1,500 1,500 1,500
Other income 5,000 5,000 5,000

Purchases 80,000 80,000 80,000

288,000 288,000 288,000
Purchase discount 2,000 2,000 2,000
Operating expense 110,000 110,000 110,000
Interest expense 400 400 400
Equipment expense 80,000 10,000 90,000 90,000

116,000 116,000 1,091,900 1,091,900 1,207,900 1,207,900 575,900 569,000 109,100 116,000
NET INCOME - 6,900 - 6,900
TOTALS 569,000 569,000 109,100 109,100
TRANSACTIONS DEBIT CREDIT

Cash 450000
Sales 450000

Cash 116000
Sales Discounts 1000
Sales 117000

Purchases 80000
Cash 80000

Purchases 288000
Cash 286000
Purchase Discount 2000

Operating expenses 110000

Cash 110000

Equipment expense 10000

Cash 10000

Other income 5000

Cash 5000

Investment in stocks 20000

Cash 20000

Loans payable 10000

Cash 10000

Interest expense 400

Cash 400

Sales return and allowances 1500

Cash 1500