Monica Cement Company

Journal Entries
Account Titles Dr. Cr.
a. Cash Php 5,000,000.00
Loan Payable Php 5,000,000.00

b. Warehouse and Office Building 1,500,000

Cash 1,500,000

c. Office Equipment 500,000

Office Supplies 20,000
Cash 520,000

d. Merchandise Inventory 2,700,000

Accounts Payable 1,700,000
Cash 1,000,000

e. NO ENTRY

f. Cash 2,500,000
Sales 2,500,000

COGS 1,800,000
Merchandise Inventory 1,800,000

g. Accounts Receivable 1,350,000

Sales 1,350,000

COGS 900,000
Merchandise Inventory 900,000

h. Cash 1,080,000
Accounts Receivable 1,080,000

i. Salaries Expense 27,000

Cash 27,000

j. Accounts Payable 1,700,000

Cash 1,700,000

k. Operating Expense 30,000

Selling Expense 10,000
Cash 40,000

l. Personal Expenses 5,000

Cash 5,000

m. Donation Expense 3,000

Cash 3,000
n. Interest Expense 43,750
Cash 43,750

o. Cash 270,000
Accounts Receivable 270,000

p. Interest Expense 37,500

Cash 37,500

q. Loan Payable 1,000,000

Cash 1,000,000
Php 20,476,250.00 Php 20,476,250.00
 Dr. Cr. Classification
Cash Php 5,000,000.00 BS
Warehouse and Office Bui 1,500,000 BS
Office Equipment 500,000 BS
Office Supplies 20,000 BS
Merchandise Inventory 2,700,000 BS
Cash 2,500,000 BS
Accounts Receivable 1,350,000 BS
Cash 1,080,000 BS
Accounts Payable 1,700,000 BS
Cash 270,000 BS
Loan Payable 1,000,000 BS
Loan Payable (5,000,000.00) Php 5,000,000.00 BS
Cash (1,500,000.00) 1,500,000 BS
Cash (520,000.00) 520,000 BS
Accounts Payable (1,700,000.00) 1,700,000 BS
Cash (1,000,000.00) 1,000,000 BS
Merchandise Inventory (1,800,000.00) 1,800,000 BS
Merchandise Inventory (900,000.00) 900,000 BS
Accounts Receivable (1,080,000.00) 1,080,000 BS
Cash (27,000.00) 27,000 BS
Cash (1,700,000.00) 1,700,000 BS
Cash (40,000.00) 40,000 BS
Cash (5,000.00) 5,000 BS
Cash (3,000.00) 3,000 BS
Cash (43,750.00) 43,750 BS
Accounts Receivable (270,000.00) 270,000 BS
Cash (37,500.00) 37,500 BS
Cash (1,000,000.00) 1,000,000 BS
 Monica Cement Company
Income Statement
For the period ended December 31, 2016

Sales Php 3,850,000.00

Less: Cost of Good Sold 2,700,000.00
GROSS PROFIT 1,150,000.00

Operating Expenses
Operating Expenses Php 30,000.00
Interest Expense 81,250.00
Salaries Expense 27,000.00 138,250.00
Selling Expenses
Selling Expenses 10,000.00 10,000.00
Other Expenses
Personal Expenses 5,000.00
Donation Expenses 3,000.00 8,000.00

Total Expenses 156,250.00

NET INCOME Php 993,750.00
 Monica Cement Company
Statement of Financial Position
For the Period June 1 to December 31, 2016

ASSETS

Current Assets
Cash Php 2,973,750.00
Office Supplies 20,000.00
Total Current Assets 2,993,750.00

Property, Plant and Equipment

Warehouse and Office Building 1,500,000.00
Office Equipment 500,000.00
Total PPE 2,000,000.00

TOTAL ASSETS Php 4,993,750.00

LIABILITIES AND OWNER'S EQUITY

Current Liabilities
Loan Payable $ 4,000,000.00

Owner's Equity
Net Income 993,750.00

TOTAL LIABILITIES AND OWNER'S EQUITY Php 4,993,750.00

 Monica Cement Company
Statement of Cash Flows
For the Period June 1 to December 31, 2016

Operating Activities
Cash Receipts from Sales Php 3,850,000.00
Cash Payments 2,856,250.00
Net Cash Php 6,706,250.00

Investing Activities
Warehouse and Office Building 1,500,000.00
Office Equipment 500,000.00
Office Supplies 20,000.00
Net Cash 2,020,000.00

Financing Activities
Loan Payable 5,000,000.00
Paid Loan Payable 1,000,000.00
Net Cash 6,000,000.00

Net Increase/ Decrease in Cash 10,686,250.00

Beginning Cash Balance -
Ending Cash Balance 10,686,250.00