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    Accounting Endterm

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    Now Onwoo
    The document shows adjusting entries, trial balance, income statement, statement of owner's equity, and statement of financial position for Dores Marie Pateno Hobby Shop for the year ended December 31, 2022. It includes adjusting entries for prepaid rent, salaries expense, and depreciation expense. The income statement shows revenues, costs of goods sold, expenses and net income. The statement of owner's equity shows contributions, withdrawals and ending balance. The statement of financial position lists assets, liabilities and owner's equity at year end.

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    Accounting Endterm

    Uploaded by

    Now Onwoo
    148 views4 pages
    The document shows adjusting entries, trial balance, income statement, statement of owner's equity, and statement of financial position for Dores Marie Pateno Hobby Shop for the year ended December 31, 2022. It includes adjusting entries for prepaid rent, salaries expense, and depreciation expense. The income statement shows revenues, costs of goods sold, expenses and net income. The statement of owner's equity shows contributions, withdrawals and ending balance. The statement of financial position lists assets, liabilities and owner's equity at year end.

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    ACCOUNTING ENDTERM

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    The document shows adjusting entries, trial balance, income statement, statement of owner's equity, and statement of financial position for Dores Marie Pateno Hobby Shop for the year ended December 31, 2022. It includes adjusting entries for prepaid rent, salaries expense, and depreciation expense. The income statement shows revenues, costs of goods sold, expenses and net income. The statement of owner's equity shows contributions, withdrawals and ending balance. The statement of financial position lists assets, liabilities and owner's equity at year end.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    148 views4 pages

    Accounting Endterm

    Uploaded by

    Now Onwoo
    The document shows adjusting entries, trial balance, income statement, statement of owner's equity, and statement of financial position for Dores Marie Pateno Hobby Shop for the year ended December 31, 2022. It includes adjusting entries for prepaid rent, salaries expense, and depreciation expense. The income statement shows revenues, costs of goods sold, expenses and net income. The statement of owner's equity shows contributions, withdrawals and ending balance. The statement of financial position lists assets, liabilities and owner's equity at year end.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    ADJUSTING ENTRIES: C.

    DEPRECIATION EXPENSE 200,000


    A. SALARIES EXPENSE 30,000 ACC. DEP. – SHOP EQPT. 200,000
    SALARIES PAYABLE 30,000 D. INCOME SUMMARY 700,000
    B. RENT EXPENSE 100,000 MERCH. INV. 700,000
    PREPAID RENT 100,000 MERCH. INV. 500,000
    INCOME SUMMARY 700,000

    DORES MARIE PATENO HOBBY SHOP


    WORKSHEET
    FOR THE YEAR ENDED DECEMBER 31, 2022
    ACCOUNT TITLE TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT BALANCE SHEET
    DR CR DR CR DR CR DR CR
    CASH 100,000 100,000
    ACCOUNTS RECEIVABLE 500,000 500,000
    MERCHANDISE INVENTORY 700,000 700,000 500,000 500,000
    PREPAID RENT 300,000 b. 100,000 200,000
    SHOP EQUIPMENT 1,600,000 1,600,000
    ACCUMULATED DEPRECIATION 200,000 c. 200,000 400,000
    ACCOUNTS PAYABLE 400,000 400,000
    PATENO, CAPITAL 1,300,000 1,300,000
    PATENO, WITHDRAWALS 100,000 100,000
    SALES 2,900,000 2,900,000
    SALES DISCOUNT 100,000 100,000
    PURCHASES 800,000 800,000
    PURCHASES RETURNS & ALLOW. 200,000 200,000
    FREIGHT IN 100,000 100,000
    SALARIES EXPENSE 400,000 a. 30,000 430,000
    ADVERTISING EXPENSE 150,000 150,000
    UTILITIES EXPENSE 100,000 100,000
    SUPPLIES EXPENSE 50,000 50,000
    SALARIES PAYABLE TOTAL: 5,000,000 5,000,000 a. 30,000 30,000
    RENT EXPENSE b. 100,000 100,000
    DEPRECIATION EXPENSE c. 200,000 200,000
    TOTAL: 330,000 330,000 2,730,000 3,600,000 3,000,000 2,130,000
    PROFIT 870,000 870,000
    TOTAL: 3,600,000 3,600,000 3,000,000 3,000,000
    DORES MARIE PATENO HOBBY SHOP
    INCOME STATEMENT
    FOR THE YEAR ENDED DECEMBER 31, 2022
    NET SALES
    GROSS SALES 2,900,000
    LESS: SALES DISCOUNTS 100,000 100,000
    NET SALES 2,800,000
    COST OF SALES
    BEGINNING INVENTORY 700,000
    PURCHASES 800,000
    LESS: PURCHASES RETURNS AND ALLOWANCES 200,000 200,000
    NET PURCHASES 600,000
    TRANSPORTATION IN 100,000
    NET COST OF PURCHASES 700,000
    TOTAL GOODS AVAILABLE FOR SALE 1,400,000
    ENDING MERCHANDISE INVENTORY 500,000
    COST OF GOODS SOLD/SALES 900,000
    GROSS PROFIT 1,900,000
    OPERATING EXPENSES
    ADMINISTRATIVE EXPENSES
    SALARIES EXPENSE 430,000
    ADVERTISING EXPENSE 150,000
    UTILITIES EXPENSE 100,000
    SUPPLIES EXPENSE 50,000
    RENT EXPENSE 100,000
    DEPRECIATION EXPENSE 200,000
    TOTAL ADMINISTRATIVE EXPENSES 1,030,000
    TOTAL OPERATING EXPENSES 1,030,000
    PROFIT 870,000
    DORES MARIE PATENO HOBBY SHOP
    STATEMENT OF OWNER’S EQUITY
    FOR THE YEAR ENDED DECEMBER 31, 2022
    PATENO, OWNER’S EQUITY, 1/1/2022 1,300,000
    ADD: PROFIT 870,000
    TOTAL 2,170,000
    LESS: WITHDRAWALS 100,000
    PATENO, OWNER’S EQUITY, 12/31/2022 2,070,000

    DORES MARIE PATENO HOBBY SHOP


    STATEMENT OF FINANCIAL POSITION
    DECEMBER 31, 2022

    ASSETS
    CURRENT ASSETS
    CASH 100,000
    ACCOUNTS RECEIVABLE 500,000
    MERCHANDISE INVENTORY 500,000
    PREPAID RENT 200,000
    TOTAL CURRENT ASSETS 1,300,000

    NON-CURRENT ASSETS
    SHOP EQUIPMENT 1,600,000
    ACCUMULATED DEPRECIATION (400,000)
    TOTAL N C/A 1,200,000
    TOTAL ASSETS 2,500,000

    LIABILITIES
    CURRENT LIABILITIES
    ACCOUNTS PAYABLE 400,000
    SALARIES PAYABLE 30,000
    TOTAL CURRENT LIABILITIES 430,000
    TOTAL LIABILITIES 430,000

    OWNER’S EQUITY
    PATENO, OWNER’S EQUITY, 12/31/2022 2,070,000
    TOTAL LIABILITIES AND OWNER’S EQUITY 2,500,000
    CLOSING ENTRIES:
    ACCOUNT TITLE INCOME STATEMENT MERCH. INV, END 500,000
    DR CR SALES 2,900,000
    CASH PURCHASES R&A 200,000
    ACCOUNTS RECEIVABLE
    INCOME SUMMARY 3,600,000
    MERCHANDISE INVENTORY 700,000 500,000
    PREPAID RENT
    INCOME SUMMARY 2,730,000
    SHOP EQUIPMENT
    MERCH. INV, BEG 700,000
    ACCUMULATED DEPRECIATION
    ACCOUNTS PAYABLE SALES DISCOUNT 100,000
    PATENO, CAPITAL PURCHASES 800,000
    PATENO, WITHDRAWALS FREIGHT IN 100,000
    SALES 2,900,000 SALARIES EXPENSE 430,000
    SALES DISCOUNT 100,000 ADVERTISING EXPENSE 150,000
    PURCHASES 800,000 UTILITIES EXPENSE 100,000
    PURCHASES RETURNS & ALLOW. 200,000 SUPPLIES EXPENSE 50,000
    FREIGHT IN 100,000 RENT EXPENSE 100,000
    SALARIES EXPENSE 430,000 DEPRECIATION EXPENSE 200,000
    ADVERTISING EXPENSE 150,000
    UTILITIES EXPENSE 100,000
    SUPPLIES EXPENSE 50,000 INCOME SUMMARY 870,000
    RENT EXPENSE 100,000 PATENO, CAPITAL 870,000
    DEPRECIATION EXPENSE 200,000
    TOTAL 2,730,000 3,600,000 PATENO, CAPITAL 100,000
    PROFIT 870,000 PATENO, WITHDRAWALS 100,000
    3,600,000 3,600,000
    *revise or remove the merchandise inventory beginning and
    ending if there are already adjustments in the journal for
    inventory before this

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