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    The document provides account balances for Teresita Buenaflor Company as of February 1, 2013 and lists transactions that occurred during the month of February 2013, including purchases and sales of merchandise, payments of expenses, receipt of payments from customers, and withdrawals from the business. It includes details on cash flows, inventory amounts, accounts receivable and payable, and depreciation and other expenses for the period.

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    The document provides account balances for Teresita Buenaflor Company as of February 1, 2013 and lists transactions that occurred during the month of February 2013, including purchases and sales of merchandise, payments of expenses, receipt of payments from customers, and withdrawals from the business. It includes details on cash flows, inventory amounts, accounts receivable and payable, and depreciation and other expenses for the period.

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    The document provides account balances for Teresita Buenaflor Company as of February 1, 2013 and lists transactions that occurred during the month of February 2013, including purchases and sales of merchandise, payments of expenses, receipt of payments from customers, and withdrawals from the business. It includes details on cash flows, inventory amounts, accounts receivable and payable, and depreciation and other expenses for the period.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    27 views2 pages

    Compre

    Uploaded by

    First Andlast
    The document provides account balances for Teresita Buenaflor Company as of February 1, 2013 and lists transactions that occurred during the month of February 2013, including purchases and sales of merchandise, payments of expenses, receipt of payments from customers, and withdrawals from the business. It includes details on cash flows, inventory amounts, accounts receivable and payable, and depreciation and other expenses for the period.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 2

    Comprehensive Problem

    Listed below are the Feb. 1, 2013 account balances of the Teresita Buenaflor Company:

    Debit Credit
    110 Cash 33,000
    120 Accounts Receivable 192,000
    130 Merchandise Inventory 413,000
    140 Supplies 51,000
    150 Prepaid Insurance 48,000
    160 Land 460,000
    170 Building 1,750,000
    175 Accumulated Depreciation - Building 350,000
    180 Equipment 2,310,000
    185 Accumulated Depreciation - Equipment 630,000
    210 Accounts Payable 108,000
    220 Salaries Payable
    230 Mortgage Payable 2,600,000
    310 Buenaflor, Capital 1,569,000
    320 Buenaflor, Withdrawals
    330 Income Summary
    410 Sales
    420 Sales Returns and Allowances
    430 Sales Discounts
    510 Purchases
    520 Purchase Returns and Allowances
    530 Purchase Discounts
    540 Transportation In
    610 Salaries Expense
    620 Supplies Expense
    630 Insurance Expense
    640 Depreciation Expense - Building
    650 Depreciation Expense - Equipment
    660 Transportation Out
    670 Advertising Expense
    680 Interest Expense
    690 Miscellaneous Expense
    5,257,000 5,257,000

    During the month of February 2013, the following transactions occurred:

    Feb. 1 Collected P113,000 from customers on account


    2 Paid P64,000 of accounts due less discounts of 3%
    4 Purchased merchandise, P170,000. Terms: FOB shipping point; 3/10, n/30
    5 Sold merchandise on account to Gonzales Company, P270,000. Terms: FOB shipping
    point; 2/10, n/30
    7 Paid for advertising for the month of February, P6,000
    7 Sold merchandise for cash, P250,000
    8 Paid the amount due from the Feb. 4 transaction
    9 Paid Iloilo freight P4,000 for delivering merchandise last Feb. 4
    10 Received returns from the Gonzales Company , P70,000
    12 Received payment from the Gonzales Company less returns and discounts
    14 Paid P26,000 interest on the mortgage payable
    15 Paid salaries, P51,000
    16 Sold merchandise on account to Ronzales Company, P392,000. Terms: FOB destination;
    2/10, n/30
    18 Paid P4,000 freight charges on the sale of Feb. 16
    19 Acquired supplies for cash, P21,000
    20 Purchased P125,000 of merchandise from Lozada Company on account. Terms:
    FOB destination; 3/10, n/30
    22 Paid P7,000 miscellaneous expenses
    23 Received payment from Ronzales Company less discounts
    24 Purchased P373,000 of merchandise on account from Agustin Company. Terms: FOB
    shipping point; 3/10, n/30
    24 Paid La Paz Express P9,000 freight for delivering merchandise acquired from Agustin
    25 Sold merchandise to Ronzales Company on account, P420,000. Terms: FOB shipping
    point; 2/10, n/30
    26 Received returns from Ronzales Company, P71,000
    28 Buenaflor withdrew P400,000 from the business
    28 Returned merchandise purchased from Agustin on Feb. 24, P25,000
    28 Salaries in the amount of P51,000 have accrued
    28 Insurance coverage with premiums of P2,000 has expired at month-end
    28 Depreciation on the building and on the equipment for the month amounted to
    P9,000 and P12,000 respectively
    28 Supplies on hand amounted to P14,000
    28 A count of the merchandise inventory amounted to P397,000

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