did i answer it all? because my 'balance sheet' isn't balance. kindly understand balance sheet and income statement

ACCOUNTING 1

COMPREHENSIVE EXAMINATION

I. Using the account titles listed below, journalize on separate columnar sheets the following transactions of Gian Enterprises, a wholesaler, for the month of December 2020:

Sales Sales discountSales returns and allowances

PurchasesPurchase discountPurchase returns and allowances

Freight inFreight outSalary expenseTaxes and licensesAdvertising expenseStore furniture and fixtures

Delivery equipmentStore supplies expensePrepaid insurance

G. De Guzman capitalG. De Guzman drawingOffice equipment

Office furniture and fixturesAccounts receivableAccounts payable

CashNotes receivableNotes payable

Interest incomeInterest expenseRent expense

Light and waterCommunication expenseOffice suppliesexpense

Rent incomeWithholding tax payable

Dec1 - Gian De Guzman invested cash of P300,000 and office equipment valued at P200,000.

1 - Paid 6-month rent to Valiant Property effective December 1, 2020, P60,000.

1 - Paid business license, P7,000.

1 - Purchased merchandise from Excel Trading, P150,000. Terms: 20% down; balance 2/15, n/30

1 - Paid freight for goods purchased from Excel Trading, P3,000.

1 - Purchased office tables and chairs from Durable Trading, P32,000 and cabinets for the store, P20,000. Terms: n/10.

2 - Bought bond papers, pens and other office supplies from Great Enterprises on account amounting to P10,000.

2 - Returned goods to Excel Trading, P5,000.

2 - Purchased store supplies on cash, P15,000.

3 - Sold goods to Orgalink Corp., P10,000. Terms: n/15.

3 - Filed a complaint for minor scratches on tables purchased from Durable Trading and granted allowance for P2,000.

4 - Sold goods to Dimmer Inc. P15,000. Terms: COD

5 - Paid 5-month advertising fees effective December, P15,000.

7 - Billed Tramcor Inc. for goods sold, P20,000. Terms: 2/15, n/30.

8 - Paid Great Enterprises to apply on account, P5,000.

10 - Sold goods to Amnex Co., P50,000. Terms: 20% downpayment; balance, 15-day, 9% note.

10 - Paid freight for goods sold to Amnex Co., P2,000.

11 - Bought merchandise from Outstand Store, P120,000. Terms: 30-day 6% for the 50%; 2/15, n/30 for the balance of 50%.

12 - Issued a 15-day, 6% note in full settlement of the account with Durable Trading.

15 - Received P12,000 from Secure Corp. representing 4-month rental of space sub-leased effective this day.

16 - Paid the account with Excel Trading in full.

16 - Bought delivery equipment for cash, P500,000.

16 - Paid the annual insurance premium of delivery equipment,P12,000.

16 - Gian De Guzman invest additional cash of P600,000

17 - Paid Great Enterprises in full.

18 - Received the account of Orgalink Corp.

19 - Sold goods to Tram Corp., P50,000. Terms: n/5.

20 - Collected P10,000 from Tramcor Inc.

21 - Received a 30-day 9% note amounting to P40,000 for goods sold to Grand Corp.

23 - Issued cash to Gian for personal use, P5,000.

24 - Purchased goods from Excellent Trading, P80,000. Terms: 2/15, n/30.

25 - Amnex Co. settled its note.

26 - Settled the account with Outstand Store.

27 - Sold goods to Patience Ent., P30,000. Terms: n/15.

27 - Paid the note issued to Durable Trading.

29 - Received the account of Tramcor Inc. in full.

30 - Paid electricity bill, P3,000.

31 - Paid the telephone bill for the month, P2,000.

31 - Paid salaries: Office staff, P12,000; sales staff, P15,000. Total taxes withheld is P2,000.

31 - Per physical count, the following are the balances of inventories:

MerchandiseP60,000

Office supplies4,000

Store supplies5,000

II. Using the information on Test I, prepare the following:

1.Trial Balance

2.Adjusting entries (Note: In addition to the indicated adjustment information, the business provides for 10% of Accounts receivable as doubtful of collection and depreciates fixed assets over 5 years with no salvage value.)

3.Worksheet

4.Income Statement

5.Balance Sheet

6.Closing entries

7.Reversing entries

Dec 1cash300,000

Office equipment200,000

G. De Guzman capital500,000

Rent expense60,000

Cash60,000

Taxes and licenses7,000

Cash7,000

Purchases150,000

Cash30,000

Accounts payable120,000

Freight in3,000

Cash3,000

Store furniture and fixtures20,000

Office furniture and fixtures32,000

Accounts payable52,000

2office supplies expense10,000

Accounts payable10,000

Accounts payable5,000

Purchase returns and allowance5,000

Store supplies expense15,000

Cash15,000

3accounts receivable10,000

Sales10,000

Accounts payable2,000

Office furniture and fixtures2,000

4Cash15,000

Sales15,000

5advertising expense15,000

Cash15,000

7accounts receivable20,000

Sale20,000

8accounts payable5,000

Cash5,000

10cash10,000

Notes receivable40,000

Sale50,000

Freight out2,000

Cash2,000

11purchases120,000

Accounts payable60,000

Notes payable60,000

12Accounts payable50,000

notes payable50,000

15cash12,000

Rent income12,000

16accounts payable115,000

Purchase discount2,300

Cash112,700

Store equipment500,000

Cash500,000

Prepaid Insurance12,000

Cash12,000

Cash600,000

G. De Guzman capital600,000

17accounts payable5,000

Cash5,000

18cash10,000

accounts receivable10,000

19accounts receivable50,000

Sales50,000

20Cash10,000

accounts receivable10,000

21notes recivavle40,000

Accounts receivable40,000

23G. De Guzman drawing5,000

Cash5,000

24purchases80,000

Accounts payable80,000

25cash40,150

Notes recievable40,000

Interest income150

26accounts payable60,000

Notes payable60,000

Interest expense150

Cash120,150

27accounts receivable30,000

Sales30,000

notes payable50,000

interest expense125

Cash50,125

29cash10,000

Accounts receivable10,000

30light and water3,000

Cash3,000

31communication expense2,000

Cash2,000

Salaries expense27,000

Withholding payable2,000

Cash25,000

AJE

Income summary60,000

MerchandiseP60,000

Office supplies4,000

Office supplies expense4,000

Store supplies5,000

Store supplies expense5,000

Doubtful expense4,000

Allowance for doubtful4,000

depreciation expense- office equipment3,333.33

accumulated depreciation- office equipment3,333.33

depreciation expense- store equipment8,333.33

accumulated depreciation- store equipment8,333.33

depreciation expense- Office furniture and fixtures500

accumulated depreciation- Office furniture and fixtures500

depreciation expense- Store furniture and fixtures333.33

accumulated depreciation- Store furniture and fixtures333.33