Post all adjusting entries and closing entry on the General Ledger.
Juan Arellano Company General Journal For the Month of August 2020 Credit Date Aug 31 F GL-021 Particulars/Explanation SUPPLIES EXPENSE SUPPLIES SUPPLIES USED FOR THE MONTH Debit 2,125.00 2,125.00 31 833.33 DEPRECIATION EXPENSE - FURNITURE & FIXTURES ACCUMULATED DEPRECIATION - FURNITURE & FIXTURE DEPRECIATION FOR AUG. 2020 833.33 1,333.33 31 DEPRECIATION EXPENSE - STOP EQUIPMENT ACCUMULATED DEPRECIATION - STORE EQUIPMENT DEPRECIATION FOR AUG. 2020 1,333.33 1,500.00 31 SALARY EXPENSE SALARY PAYABLE UNPAID SALARIES FOR AUGUST 2020 1,500.00 700.00 31 UTILITY EXPENSE UTILITY PAYABLE UNPAID WATER BILL FOR AUGUST 700.00 4,575.00 31 MERCHANDISE INVENTORY, END INCOME SUMMARY MDSE ON HAND ON AUG. 31, 2020 4,575.00 Juan Arellano Company General Journal For the Month of August 2020 F Credit Date Aug 31 Debit 139,000.00 Particulars/Explanation Sales Revenue Sales Discount Income Summary to close sales 900.00 138,100.00 31 Income Summary Purchase Discount Purchase returns & Allow. Purchases Salary Expense Advertising Expense Fre ght Out Rerit Expense Utility Expense Supplies Expense Depreciation Expense - Furnitures & Fixtures Depreciation Expense - Store Equipment 124.421.66 785.00 2,500.00 65,000.00 27.500.00 16,000.00 1,000.00 10,000.00 3,915.00 2.125.00 833.33 1,333.33 127.706.66 127,706.66 Income Summary 124.421.66 4,575.00 138,100.00 124,421.66 142,675.00 18,253.34 Aug 31 18,253.34 Income Summary J. Arellano, Capital 18.253.34 Juan Arellano Company Income Statement For the period ended August 31, 2020 139,000.00 900.00 138,100.00 65,000.00 Sales Less: Sales Discount Net Sales Less: Cost of Sales Merchandise Inventory, Beg. Add: Purchases Freight In Totall Less: Purchase Discount Purchase Returns & Allowances Net Purchases Total Cost of Goods Available for Sale 65,000.00 785.00 2,500.00 61,715.00 61,715.00 4,575.00 57,140.00 80,960.00 Gross Profit Less: Operating Expenses Salary Expense Advertising Expense Freight Out Rent Expense Utility Expense Supplies Expense Depreciation Expenses - Furn & Fix. Depreciation Expense - Store Equipment Net Profit (Loss) 27,500.00 16,000.00 1,000.00 10,000.00 3,915.00 2,125.00 833.33 1,333.33 62,706.66 18,253.34 Juan Arellano Company Balance Sheet As of August 31, 2020 ASSETS Current Assets: Cash Notes Receivable Merchandise Inventory, End Supplies Total Current Assets 324,170.00 26,000.00 4,575.00 875.00 355,620.00 5 49,166.67 Net Book Values 3 Plant Property & Equipment Furniture & Fixtures Less: Accumulated Depreciation - Furn & Fix 5 Store Equipment Less: Accumulated Depreciation - Store Equipment 3 Total Plant Property & Equipment TOTAL ASSETS 50,000.00 833.33 80,000.00 1,333.33 - 78,666.67 127,844.34 483,453.34 1 LIABILITIES & OWNER'S EQUITY 2 Liabilities: 3 Account Payable Salary Payable 5 Utility Payable 15,000.00 1,500.00 700.00 17,200.00 5 3 - Owner's Equity: J. Arellano, Capital Add: Net Income Total Less: J. Arellano, Drawing Total Owner's Equity TOTAL LIABILITIES & OWNER'S EQUITY 448,000.00 18,253.34 466,253.34 466,253.34 483,453.34
