Quijonez Fashionables Comprehensive Prob Merchandising Solution.xlsx Direct Extension Method

QUIJONEZ FASHIONABLES DECEMBER 31, 2016 23

WORKSHEET Account Name

Cash  Accounts receivable Supplies Prepai rent Co"puter e#uip"ent $nearne sales revenue %oans pa&able 'ui(one), Capital 'ui(one), Dra*in+s Sales revenue Sales iscount Sales return an allo*ances Rent inco"e Purchases Purchase iscount

Unadjusted Trial Balance DR P 175,713 26,250 2,000 2!,!00 36,000 P

Proit or loss otals

CR

DR P 175,713 26,250 P 1,450 550 26,400 2,400 36,000

2,500 P 1,000 50,000 123,000

P

1,000

77 300

DR

1,500 50,000 123,000 134,000

77 300 1,200

300

P

30,000 50

500 1,500 200

1,000 2,100 5,200 350 200

50!

1,000 2,100 5,200 350 200 50!

 1,500

1,500 ,167 300 6,000 200 4,125

P 310,70

30,000 50

500 1,000 3,600 5,000 350 200

77 300

00

30,000

P 310,70

CR

1,500 133,000

Doubtul account e/pense otals

DR

State Compre Inc

Adjusted Trial Balance

1,500

Purchase return an allo*ances -rei+ht in .nsurance e/pense $tilities e/pense iscellaneous e/pense -rei+ht out  Allo*ance or oubtul oubtul accounts erchanise inventor& Prepai insurance  AD  Co"puter Co"puter e#uip"ent $nearne rent revenue Salaries pa&able $tilities pa&able .nterest pa&able Cost o +oos sol Salaries e/pense Rent e/pense Supplies e/pense Depreciation e/pense .nterest e/pense

CR

Adjustments

,167 300 6,000 200 4,125

6,000 26,400 1,450 ,167 4,125

 6,000 26,400 1,450 ,167 4,125

 6,000 26,400 1450 167 4,125

50!

50!

50!

P 50,650

P 50,650 

P 330,70

P 330,70 

P !6,!77 61,113 61,113 P 147,0

ent of hensive me CR

Statement of %inancial Position DR P 175,713 26,250 550 2,400 36,000

Account Titles

CR

DR P

50

Cash Accounts receivable Allo*ance or oubtul accounts erchanise inventor& Supplies Prepai rent Prepai insurance Co"puter e#uip"ent AD  Co"puter e#uip"ent $nearne rent revenue Salaries pa&able $tilities pa&able .nterest pa&able $nearne sales revenue %oans pa&able 'ui(one), Capital

500

Totals

P

P

1,500 50,000 123,000

1,500 P 134,000

00

50! 12,000

12,000 1,500 ,167 300 6,000 200 4,125

P 147,0

P 255,13

P 14,!00 61,113

P 147,0

P 255,13

P 255,13



CR

175,713 26,250 P

50!

12,000 550 2,400 1,500 36,000 ,167 300 6,000 200 4,125 1,500 50,000 1!2,613 2!"!#$ P

2!"!#$ 

Quijonez Fashionables CLOSING ENTRIES December 31 !"1# Thru CGS Dec$ 31

Sales re%enue Ren' income

13&"""$"" (""$""

Sales re'urn an) allo*

3""$""

Sales )iscoun'

++$""

Income summar, Dec$ 31

Income summar,

13&-!3$"" +3&1"$""

Cos' o. /oo)s sol)

1+(1"$""

Ren' e0ense

#"""$""

Derecia2on e0ense

!1""$""

Salaries e0ense

-!""$""

2li2es e0ense

!#&""$""

Insurance e0ense

1&-"$""

Sulies e0ense

(1#+$""

Doub4ul accoun' e0ense

-"5$""

6iscellaneous e0ense

3-"$""

Frei/h' ou'

!""$""

in'eres' e0ense Dec$ 31

Income summar,

&1!-$"" #1113$""

Quijonez Cai'al Dec$ 31

Quijonez Cai'al Quizonez Dra*in/

#1113$"" 1-""$"" 1-""$""

CLOSING ENTRIES DIRECT E7TENSION 6ET8OD Sales re%enue Ren' income

13&"""$"" (""$""

Sales re'urn an) allo*

3""$""

Sales )iscoun'

++$""

Income summar,

13&-!3$""

Income summar,

+3&1"$""

6erchan)ise in%en'or,

1!"""$""

9urchase )iscoun'

-("$""

9urchase re'urn an) allo*ances

-""$""

9urchases

3""""$""

Frei/h' in

1"""$""

Ren' e0ense

#"""$""

Derecia2on e0ense

!1""$""

Salaries e0ense

-!""$""

2li2es e0ense

!#&""$""

Insurance e0ense

1&-"$""

Sulies e0ense

(1#+$""

Doub4ul accoun' e0ense

-"5$""

6iscellaneous e0ense

3-"$""

Frei/h' ou'

!""$""

in'eres' e0ense

Income summar,

&1!-$""

#1113$""

Quijonez Cai'al Quijonez Cai'al Quizonez Dra*in/

#1113$"" 1-""$"" 1-""$""