MANAGEMENT DEPARTMENT, FACULTY PROBLEM On January 1 of the current year, Juan David opened the " J.D Men's Wear Shop", and during the month, the following transactions were completed: Jan. 1 Juan David invested cash P 80,000 in the business. He bought two sewing machines amounting P 30,000 each from Patio Merchandising, the he gave P15,000 down and the balance is payable within 60 days. 1 1 Paid a three month rental of the shop, P30,000. This was charged to prepaid Rent account. 1 Paid a one year insurance policy, P 5,700. Bought sewing tools P 5,900 and sewing supplies P 2,700 from Jomar Trading on credit. Received P 1,200 from customer for a short delivered. Billed to Maricris Acosta, P 5,000 for two-pair of pants and polo barong 7 delivered. 10 Purchased clothing materials from Baclaran Market and paid P 15,000 cash. 13 Received P 12,500 from various customers for pants and barong made and delivered. 14 Gave Patio Merchandising P 15,000 and issued a 60-day, 6% note for the balance. 15 Paid the wages of the shop helper, P 2,500. Juan David withdrew P 5,000 for his personal use. 17 18 M. Acosta gave P 2,000 as partial payment of his account. Received P 14,750 from various customers pants and shirts delivered. Paid the wages of the shop helper, P 2,500. Billed Joevanie Garcia P 4,000 for barong and pants delivered t him. Paid the following monthly expenses: utility bills, P 1,500; telephone bill, P 20 22 23 27 2,500. At the end of accounting period, the following data were taken: 1. The sewing machines are estimated to have a 5-year useful life. 2. The actual count of sewing supplies revealed a balance of P 1,700. 3. The business is conservative to estimate a 5% of the receivables to be uncollected. 4. Balance of the clothing materials account is P 7,000. Required the following 1. Journal entries 2. Ledger entries 3. Trial Balance 4. Adjusting Journal Entries
MANAGEMENT DEPARTMENT, FACULTY PROBLEM On January 1 of the current year, Juan David opened the " J.D Men's Wear Shop", and during the month, the following transactions were completed: Jan. 1 Juan David invested cash P 80,000 in the business. He bought two sewing machines amounting P 30,000 each from Patio Merchandising, the he gave P15,000 down and the balance is payable within 60 days. 1 1 Paid a three month rental of the shop, P30,000. This was charged to prepaid Rent account. 1 Paid a one year insurance policy, P 5,700. Bought sewing tools P 5,900 and sewing supplies P 2,700 from Jomar Trading on credit. Received P 1,200 from customer for a short delivered. Billed to Maricris Acosta, P 5,000 for two-pair of pants and polo barong 7 delivered. 10 Purchased clothing materials from Baclaran Market and paid P 15,000 cash. 13 Received P 12,500 from various customers for pants and barong made and delivered. 14 Gave Patio Merchandising P 15,000 and issued a 60-day, 6% note for the balance. 15 Paid the wages of the shop helper, P 2,500. Juan David withdrew P 5,000 for his personal use. 17 18 M. Acosta gave P 2,000 as partial payment of his account. Received P 14,750 from various customers pants and shirts delivered. Paid the wages of the shop helper, P 2,500. Billed Joevanie Garcia P 4,000 for barong and pants delivered t him. Paid the following monthly expenses: utility bills, P 1,500; telephone bill, P 20 22 23 27 2,500. At the end of accounting period, the following data were taken: 1. The sewing machines are estimated to have a 5-year useful life. 2. The actual count of sewing supplies revealed a balance of P 1,700. 3. The business is conservative to estimate a 5% of the receivables to be uncollected. 4. Balance of the clothing materials account is P 7,000. Required the following 1. Journal entries 2. Ledger entries 3. Trial Balance 4. Adjusting Journal Entries
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter21: Cash Budgeting (cashbud)
Section: Chapter Questions
Problem 1R: On January 1, Sweet Pleasures, Inc., begins business. The company has 14,000 cash on hand and is...
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