In January 2024, Blooming Trading Corporation was established as a corporation with authorized capital of ₱

500,000 and with paid-up capital of ₱300,000. Blooming is engaged in buying and selling of merchandising Presented below is the Post – Closing Trial Balance of Blooming Trading Corporation for the month ended,
with a store located in Silang. August 31, 2024.
The corporation prepares financial statements on a monthly basis. It prepares adjusting and closing
entries at the end of each month. Cash ₱ 200,000.00
Accounts Receivable 25,000.00
101 Cash Merchandise Inventory 100,000.00
103 Accounts Receivable Input VAT 12,000.00
105 Merchandise Inventory Store Equipment 120,000.00
108 Input VAT Accumulated Depreciation-Store Equipment ₱ 8,000.00
111 Store Equipment Office Equipment 81,000.00
111A Accumulated Depreciation – Store Equipment Accumulated Depreciation-Office Equipment 5,400.00
112 Office Equipment Accounts Payable 30,000.00
112A Accumulated Depreciation – Office Equipment Withholding Taxes Payable 800.00
201 Accounts Payable Expanded Withholding Tax Payable 500.00
202 Withholding Tax Payable SSS, PhilHealth and Pag-ibig Payable 5550.00
203 Expanded Withholding Tax Payable Utilities Payable 3,800.00
204 SSS, PhilHealth and Pag-Ibig Contributions Payable Ordinary Share Capital ₱ 100 par 300,000.00
205 Utilities Payable Retained Earnings 183,950.00
208 Output VAT
209 Cash Dividends Payable Required:
301 Ordinary Share Capital ₱ 100 par 1. Transfer the Post-Closing Trial Balance amounts to its corresponding account in general ledger as beginning
302 Retained Earnings balance.
303 Income Summary 2. Journalize and post the transactions for the month of September.
401 Sales 3. Prepare Trial Balance directly at a worksheet. Complete the worksheet.
402 Sales Returns and Allowances 4. Prepare the financial statement (Statement of Performance, Statement of Financial Position and Cash
403 Sales Discount Flows).
501 Purchases 5. Journalize and post the adjusting entry.
502 Purchase Returns and Allowances 6. Journalize and post the closing entry.
503 Purchase Discount 7. Prepare the Post-Closing Trial Balance for the month of September.
512 Salaries Expense
513 SSS, PhilHealth, and Pag-Ibig Contributions Additional Information:
521 Rent Expense a. Depreciation expense of long-lived assets is 10% of the asset cost per annum.
522 Utilities Expense b. Purchased of supplies is directly recorded as Supplies Expense
523 Supplies Expense c. Merchandise inventory at September 30, is ₱120, 000.00
524 Transportation Expense
531 Depreciation Expense-Store Equipment
532 Depreciation Expense-Office Equipment
541 Miscellaneous Expense
551 Income Tax Expense