General Journal, General Ledger, WS, and FS are provided.

Listed below are the February 1, 2019 balances of Joseph the Dreamer Company: CREDIT DEBIT 33,000.00 192,000.00 12,000.00 413,000.00 51,000.00 48,000.00 460,000.00 1,750,000.00 350,000.00 2,310,000.00 CODE 110 120 125 130 140 150 160 170 175 180 185 210 220 230 240 250 310 320 330 410 420 630,000.00 96,000.00 2,600,000.00 1,569,000.00 ACCOUNT TITLE Cash Accounts receivable Allowance for bad debts Merchandise inventory Supplies Prepaid insurance Land Building Accumulated depreciation - Building Equipment Accumulated depreciation - Equipment Accounts payable Notes payable Interest payable Salaries payable Mortgage payable Joseph's capital Joseph's withdrawals Income summary Sales Sales returns and allowances Sales discounts Purchases Purchase returns and allowances Purchase discounts Transportation-in Salaries expense Supplies expense Insurance expense Depreciation expense - Building Depreciation expense - Equipment Delivery expense/Transportation-out Advertising expense Interest expense Miscellaneous expense Uncollectible account expense TOTAL 430 510 520 530 540 610 620 630 640 650 660 670 680 690 700 5,257,000.00 5,257,000.00 1 2 4 5 5 During the February 2019, the following transactions occurred: Collected P113,000 from customers on account Made an additional investment in the form of an equipment amounting to P10,000 Paid P64,000 of accounts due less discounts of 3% Purchased merchandise, P170,000. Terms FOB Shipping point, 3/10,n/10 Sold merchandise on account to Gonzales Company, P270,000. Terms: FOB shipping point, 2/10, n/30. Transferred P300,000 from savings account under the personal account of the owner to savings account in the name of the business. Paid advertising expense, P5,000. Sold merchandise for cash, P250,000. Paid the amount due from the Feb. 4 transaction. Hired an assistant and signed a contract of P15,000 per month. Paid Ilo-ilo freight P4,000 for delivering merchandise last Feb. 4 Received returns from the Gonzales company, P70,000. Borrowed P100,000 by issuing a note that carried a 9% annual interest rate with and a 2-year 7 7 8 8 9 10 10 term. 14 18 12 Received payment from the Gonzales company less returns and discounts. 14 Paid P26,000 interest on the mortgage payable. Write-off uncollectible accounts amounting to P2,000 15 Paid salaries, P51,000 16 Sold merchandise on account to Ronzales company, P392,000. Terms FOB destination; 2/10, n/30 Paid freight charges on the sale of Feb. 16 amounting to P1,000. 19 Acquired supplies for cash, P21,000 Purchased P125,000 of merchandise from Lozada Company on account. Terms: FOB destination 3/10, 1/30 Paid P7,000 miscellaneous expenses. Received payment from Ronzales company less discounts. Purchased P373,000 of merchandise on account from Agustin company. Terms: FOB shipping point; 3/10, n/30. 20 22 23 24 24 Paid P9,000 freight for delivering merchandise acquired from Agustin. Sold merchandise to Ronzales company on account, P420,000. Terms: FOB shipping point; 2/10, 25 n/30. 26 27 Received returns from Ronzales company, P71,000. Collected cash amounting P500 from the account previously written off. Withdrew P400,000 from the business. Returned merchandise purchased from Agustin on February 24, P25,000. 28 28 1 Additional information: The company is a merchandising business that uses periodic method in accounting for its inventories and gross method in recording cash discounts. The company reports balances every month-end period. Required: Post the Feb 1, 2019 balances to the ledger accounts. (Use general ledger) Record the transactions for the month of February in a journal and post the transactions to the ledger. (Use general journal) Prepare the adjusting entries (Use general journal). Prepare the worksheet (Unadjusted trial balance, adjustments, adjusted trial balance) with the following information (Use a 10-column worksheet): Salaries in the amount of P51,000 have accrued on Feb. 28. 2 3 4 a b Insurance coverage with premiums of P2,000 has expired at month-end. Insurance was previously recorded to prepaid insurance. Depreciation on the building and on the equipment for the month amounted to P9,000 and P12,000, respectively. Equipment invested on February 1, 2019 had a depreciable cost of P8,000, residual value of P2,000 and a useful life of 24 months. (Record depreciation on the nearest month). Supplies on hand at month-end amounted to P14,000. Initial entry was recorded to supplies. Company estimates that 2% of net credit sales will be uncollectible. Recorded accrued interest for the borrowed amount on February 10, 2019. Round off to the nearest month for accrual of interest. e f CASH DEBIT 11.000.00 CREDIT ACCOUNTS CENABLE DET CREDIT 192,000.00 30 ALLOWANCE FOR UNCOLLECTIE DET 3 1.000.00 MERCHANDISINVENTORY DET CREDIT PREPAID SURANCE 18 LAND SUPPLIES 51.000.00 20.000.00 7200000 B 2:19 8 ACCUMULATED DEPRECIATION. BLDG TOLOMENT ACCUMULATIO DEPRECATONHOUPMENT ACCOUNTS PAYABLE NOTES PAYABLE MORTGAGE PAYABLE OSCARTA JOSE WORAWALS SALES SALES RETURNS AND ALLOWANCES SALES DECOUNTS PUROLMS PUROLA TURNS PURCHASE DISCOUNTS TEASPORTATIONEN SALARIES DATES TRANSPORTATION-OUT ADVERTISING DOENSE INTUITENSE MILLANEOUS TERSE PURCUM DECOUNTS PURCHASES SALES CODE ACCOUNT TITLE UNADIUSTIO TRIAL BALANCE DER CREDIT ADJUSTMENTS DENT CREDIT ADRUSTEO TRIAL BALANCE DENT CREDIT WOU HADEMENT 72.000.00 al SOBO 10.000 DO 150 G 120 Accountable 135 waruncata cu 110 Merande inventory open 170 g 115 Acunding 130 cent 185 Acumulated deprecationen 30 Asbe 730 totes 250 payable 310 Los 10 410 Sales 200 Sale and lower 500 eum wants 530 940 THPatien- GIOpen opples experte o aprecian wapense - Building Open-count 8,000.00 MORE TOTAL JOSEPH THE DREAMER STATEMENT OF COMPREHENSIVE INCOME FOR THE MONTH ENDING FEBRUARY 25, 2019 ON THE DREAMER STATEMENT OFFICIAL POWTION FOR THE MONTH ENDING PLAY 28, 2019 Gros Sales Less Sales tumandances Sales Discounts ASSETS CURRENT ASSETS Ace Les Award for the Merchandise vertory Supplies Produce TOTAL CURRENT ASSETS Beginning inventory Purchase Les Purchase return Purchase discount Net Purchase Transportation in Netcost of purchases Goods valable for sale Les Ending inventory Cost of Sales NON-CURRENT ASSETS Land Bulong Accurated deprecat-Building ent Accurated depreciation TOTAL NON CURRENT ASSETS TOTALES Gross pro UAB CURRENT LABUTIES A wyle TOTAL CURRENT ASUTIES Salaries expense Supplies expense Insurance pense Depreciation expense-Building Depreciation expense-Equipment Transportation-out Advertigen Miscellaneous expense Uncollectible account expense Total operating per Operating profitome Interest expense Net profit/income NON-CURRENT BRITIES Notes proble Interpe More TOTAL NON CURRENT ALS TOTAL LISTS CARTAL Enong TOTALLATIES AND AREAL JOSEP THE DREAMER STATEMENT OF OUANGES IN EQUITY FOR THE MONTH ENDUNG PEBRUARY 28, 2015 JOSEPH RAME STATEMENT OF CASH FLOWS FOR THE MONTH INDING REBRUARY 22, 2015 CASH ROWS FROM OPERATING ACTIVE Cash received from chat Cashreedom other BEGINNING CAPITAL ADD: NETCOM OSS TOTAL LESS WITH AWALS ENDING CAPITAL Poppen Payment forest Payment for operating Ne propre CASH FLOWS FROM WESTING ACTIVITIES POMPA Net Gashi CASH ROWS TOMANCING ACTIVE Reception Whe Netshoeding NITHEASE/CHASO IN CASH DEGANCAS ENCES CAR 2019 February Account Titles Det Credit 2019 Februan Account Titles Dain Credit 1 CASI ACCOUNTS RECEIVABLE 113,000.00 14 111 000.00 1 15 SALARES EXPENSE CASH 51,000.00 51.000.00 2 16 4 PURCHASES ACCOUNTS PAYABLE DELIVERY EXPENSECRANSPORTATION OUT CATH 170,000.00 120,000.00 21.000.00 5 SUPUES CASH OK 21,000.00 20 MI CASH JOSEPS CAPITAL 100,000.00 100,000.00 LLLLLLLLLLLLLLS NIIN 1 24 TRANSPORTATION INTEGRITAINE CASH 9 4,000.00 25 TRANSPORTATION IN AIGHT.IN CASH 4,000.00 10 26 10 12 20 14 Credit ADIUSTMENTS 2019 February Account Thes Debit Cedhe 2019 February Account Titles DINICESPUESTARINSE Detin 5000.00 OK 500.00 Listed below are the February 1, 2019 balances of Joseph the Dreamer Company: CREDIT DEBIT 33,000.00 192,000.00 12,000.00 413,000.00 51,000.00 48,000.00 460,000.00 1,750,000.00 350,000.00 2,310,000.00 CODE 110 120 125 130 140 150 160 170 175 180 185 210 220 230 240 250 310 320 330 410 420 630,000.00 96,000.00 2,600,000.00 1,569,000.00 ACCOUNT TITLE Cash Accounts receivable Allowance for bad debts Merchandise inventory Supplies Prepaid insurance Land Building Accumulated depreciation - Building Equipment Accumulated depreciation - Equipment Accounts payable Notes payable Interest payable Salaries payable Mortgage payable Joseph's capital Joseph's withdrawals Income summary Sales Sales returns and allowances Sales discounts Purchases Purchase returns and allowances Purchase discounts Transportation-in Salaries expense Supplies expense Insurance expense Depreciation expense - Building Depreciation expense - Equipment Delivery expense/Transportation-out Advertising expense Interest expense Miscellaneous expense Uncollectible account expense TOTAL 430 510 520 530 540 610 620 630 640 650 660 670 680 690 700 5,257,000.00 5,257,000.00 1 2 4 5 5 During the February 2019, the following transactions occurred: Collected P113,000 from customers on account Made an additional investment in the form of an equipment amounting to P10,000 Paid P64,000 of accounts due less discounts of 3% Purchased merchandise, P170,000. Terms FOB Shipping point, 3/10,n/10 Sold merchandise on account to Gonzales Company, P270,000. Terms: FOB shipping point, 2/10, n/30. Transferred P300,000 from savings account under the personal account of the owner to savings account in the name of the business. Paid advertising expense, P5,000. Sold merchandise for cash, P250,000. Paid the amount due from the Feb. 4 transaction. Hired an assistant and signed a contract of P15,000 per month. Paid Ilo-ilo freight P4,000 for delivering merchandise last Feb. 4 Received returns from the Gonzales company, P70,000. Borrowed P100,000 by issuing a note that carried a 9% annual interest rate with and a 2-year 7 7 8 8 9 10 10 term. 14 18 12 Received payment from the Gonzales company less returns and discounts. 14 Paid P26,000 interest on the mortgage payable. Write-off uncollectible accounts amounting to P2,000 15 Paid salaries, P51,000 16 Sold merchandise on account to Ronzales company, P392,000. Terms FOB destination; 2/10, n/30 Paid freight charges on the sale of Feb. 16 amounting to P1,000. 19 Acquired supplies for cash, P21,000 Purchased P125,000 of merchandise from Lozada Company on account. Terms: FOB destination 3/10, 1/30 Paid P7,000 miscellaneous expenses. Received payment from Ronzales company less discounts. Purchased P373,000 of merchandise on account from Agustin company. Terms: FOB shipping point; 3/10, n/30. 20 22 23 24 24 Paid P9,000 freight for delivering merchandise acquired from Agustin. Sold merchandise to Ronzales company on account, P420,000. Terms: FOB shipping point; 2/10, 25 n/30. 26 27 Received returns from Ronzales company, P71,000. Collected cash amounting P500 from the account previously written off. Withdrew P400,000 from the business. Returned merchandise purchased from Agustin on February 24, P25,000. 28 28 1 Additional information: The company is a merchandising business that uses periodic method in accounting for its inventories and gross method in recording cash discounts. The company reports balances every month-end period. Required: Post the Feb 1, 2019 balances to the ledger accounts. (Use general ledger) Record the transactions for the month of February in a journal and post the transactions to the ledger. (Use general journal) Prepare the adjusting entries (Use general journal). Prepare the worksheet (Unadjusted trial balance, adjustments, adjusted trial balance) with the following information (Use a 10-column worksheet): Salaries in the amount of P51,000 have accrued on Feb. 28. 2 3 4 a b Insurance coverage with premiums of P2,000 has expired at month-end. Insurance was previously recorded to prepaid insurance. Depreciation on the building and on the equipment for the month amounted to P9,000 and P12,000, respectively. Equipment invested on February 1, 2019 had a depreciable cost of P8,000, residual value of P2,000 and a useful life of 24 months. (Record depreciation on the nearest month). Supplies on hand at month-end amounted to P14,000. Initial entry was recorded to supplies. Company estimates that 2% of net credit sales will be uncollectible. Recorded accrued interest for the borrowed amount on February 10, 2019. Round off to the nearest month for accrual of interest. e f CASH DEBIT 11.000.00 CREDIT ACCOUNTS CENABLE DET CREDIT 192,000.00 30 ALLOWANCE FOR UNCOLLECTIE DET 3 1.000.00 MERCHANDISINVENTORY DET CREDIT PREPAID SURANCE 18 LAND SUPPLIES 51.000.00 20.000.00 7200000 B 2:19 8 ACCUMULATED DEPRECIATION. BLDG TOLOMENT ACCUMULATIO DEPRECATONHOUPMENT ACCOUNTS PAYABLE NOTES PAYABLE MORTGAGE PAYABLE OSCARTA JOSE WORAWALS SALES SALES RETURNS AND ALLOWANCES SALES DECOUNTS PUROLMS PUROLA TURNS PURCHASE DISCOUNTS TEASPORTATIONEN SALARIES DATES TRANSPORTATION-OUT ADVERTISING DOENSE INTUITENSE MILLANEOUS TERSE PURCUM DECOUNTS PURCHASES SALES CODE ACCOUNT TITLE UNADIUSTIO TRIAL BALANCE DER CREDIT ADJUSTMENTS DENT CREDIT ADRUSTEO TRIAL BALANCE DENT CREDIT WOU HADEMENT 72.000.00 al SOBO 10.000 DO 150 G 120 Accountable 135 waruncata cu 110 Merande inventory open 170 g 115 Acunding 130 cent 185 Acumulated deprecationen 30 Asbe 730 totes 250 payable 310 Los 10 410 Sales 200 Sale and lower 500 eum wants 530 940 THPatien- GIOpen opples experte o aprecian wapense - Building Open-count 8,000.00 MORE TOTAL JOSEPH THE DREAMER STATEMENT OF COMPREHENSIVE INCOME FOR THE MONTH ENDING FEBRUARY 25, 2019 ON THE DREAMER STATEMENT OFFICIAL POWTION FOR THE MONTH ENDING PLAY 28, 2019 Gros Sales Less Sales tumandances Sales Discounts ASSETS CURRENT ASSETS Ace Les Award for the Merchandise vertory Supplies Produce TOTAL CURRENT ASSETS Beginning inventory Purchase Les Purchase return Purchase discount Net Purchase Transportation in Netcost of purchases Goods valable for sale Les Ending inventory Cost of Sales NON-CURRENT ASSETS Land Bulong Accurated deprecat-Building ent Accurated depreciation TOTAL NON CURRENT ASSETS TOTALES Gross pro UAB CURRENT LABUTIES A wyle TOTAL CURRENT ASUTIES Salaries expense Supplies expense Insurance pense Depreciation expense-Building Depreciation expense-Equipment Transportation-out Advertigen Miscellaneous expense Uncollectible account expense Total operating per Operating profitome Interest expense Net profit/income NON-CURRENT BRITIES Notes proble Interpe More TOTAL NON CURRENT ALS TOTAL LISTS CARTAL Enong TOTALLATIES AND AREAL JOSEP THE DREAMER STATEMENT OF OUANGES IN EQUITY FOR THE MONTH ENDUNG PEBRUARY 28, 2015 JOSEPH RAME STATEMENT OF CASH FLOWS FOR THE MONTH INDING REBRUARY 22, 2015 CASH ROWS FROM OPERATING ACTIVE Cash received from chat Cashreedom other BEGINNING CAPITAL ADD: NETCOM OSS TOTAL LESS WITH AWALS ENDING CAPITAL Poppen Payment forest Payment for operating Ne propre CASH FLOWS FROM WESTING ACTIVITIES POMPA Net Gashi CASH ROWS TOMANCING ACTIVE Reception Whe Netshoeding NITHEASE/CHASO IN CASH DEGANCAS ENCES CAR 2019 February Account Titles Det Credit 2019 Februan Account Titles Dain Credit 1 CASI ACCOUNTS RECEIVABLE 113,000.00 14 111 000.00 1 15 SALARES EXPENSE CASH 51,000.00 51.000.00 2 16 4 PURCHASES ACCOUNTS PAYABLE DELIVERY EXPENSECRANSPORTATION OUT CATH 170,000.00 120,000.00 21.000.00 5 SUPUES CASH OK 21,000.00 20 MI CASH JOSEPS CAPITAL 100,000.00 100,000.00 LLLLLLLLLLLLLLS NIIN 1 24 TRANSPORTATION INTEGRITAINE CASH 9 4,000.00 25 TRANSPORTATION IN AIGHT.IN CASH 4,000.00 10 26 10 12 20 14 Credit ADIUSTMENTS 2019 February Account Thes Debit Cedhe 2019 February Account Titles DINICESPUESTARINSE Detin 5000.00 OK 500.00