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April 1 Mr. Allan Lleda, the owner started the ASG Wholesale and Retail, Inc. by investing P150.000 April 2 Purchased merchandise on account from MJ Wholesale Supply P65,000 terms 2/10, n/30 FOB Destination April 4 Purchased office equipment for cash P 25,000.

April 1 Mr. Allan Lleda, the owner started the ASG Wholesale and Retail, Inc. by investing P150.000 April 2 Purchased merchandise on account from MJ Wholesale Supply P65,000 terms 2/10, n/30 FOB Destination April 4 Purchased office equipment for cash P 25,000.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare the following: 1. April 2018 Journal Entries (with explanation) 2. General Ledger Posting for the month 3. Trial Balance 4. Cost of Goods Sold Statement 5. Statement of Performance (Income Statement) 6. Closing Entries (with explanation) 7. Post Closing Trial Balance 8. Statement of Financial Position (Balance Sheet) 9. Statement of Cash Flow 10. Statement of Changes in Equity ASG Wholesale and Retail, Inc. completed the following merchandising transactions in the month of April 2018 as follows: Use this Chart of Accounts in journalizing and posting in the ledger Cash and Cash Equivalents 401 Sales 101 Cash 412 Sales Returns and Allowance 110 Receivables 420 Sales Discount 112 Accounts Receivable 120 Inventories 501 Purchases 121 Merchandise Inventory 512 Prepaid Expenses 126 Supplies Property, Plant and Equipment 155 Equipment Purchase Returns and Allowance 125 520 Purchase Discounts 526 Freight In 150 601 Advertising Expense Liabilities 644 Freight Out Salaries 201 Accounts Payable 210 Notes Payable Owner's Equity A. Lledo Capital 310 A. Lledo Drawing 701 710 Rent Expense 720 Utilities 301 Income Summary Use this Chart of Accounts in preparation of Financial Statement 100 Cash and Cash Equivaler 201 Accounts Payable Notes Payable 301 A. Lledo Capital A. Lledo Drawing 110 Receivables 210 120 Inventories 125 Prepaid Expenses 150 Property, Plant and Equipment 310 TRANSACTIONS AT THE BACK!
Transcribed Image Text:Prepare the following: 1. April 2018 Journal Entries (with explanation) 2. General Ledger Posting for the month 3. Trial Balance 4. Cost of Goods Sold Statement 5. Statement of Performance (Income Statement) 6. Closing Entries (with explanation) 7. Post Closing Trial Balance 8. Statement of Financial Position (Balance Sheet) 9. Statement of Cash Flow 10. Statement of Changes in Equity ASG Wholesale and Retail, Inc. completed the following merchandising transactions in the month of April 2018 as follows: Use this Chart of Accounts in journalizing and posting in the ledger Cash and Cash Equivalents 401 Sales 101 Cash 412 Sales Returns and Allowance 110 Receivables 420 Sales Discount 112 Accounts Receivable 120 Inventories 501 Purchases 121 Merchandise Inventory 512 Prepaid Expenses 126 Supplies Property, Plant and Equipment 155 Equipment Purchase Returns and Allowance 125 520 Purchase Discounts 526 Freight In 150 601 Advertising Expense Liabilities 644 Freight Out Salaries 201 Accounts Payable 210 Notes Payable Owner's Equity A. Lledo Capital 310 A. Lledo Drawing 701 710 Rent Expense 720 Utilities 301 Income Summary Use this Chart of Accounts in preparation of Financial Statement 100 Cash and Cash Equivaler 201 Accounts Payable Notes Payable 301 A. Lledo Capital A. Lledo Drawing 110 Receivables 210 120 Inventories 125 Prepaid Expenses 150 Property, Plant and Equipment 310 TRANSACTIONS AT THE BACK!
April 1 Mr. Allan Lleda, the owner started the ASG Wholesale and Retail, Inc. by investing P150.00 April 2 Purchased merchandise on account from MJ Wholesale Supply P65,000 terms 2/10, n/30 FOB Destination April 4 Purchased office equipment for cash P 25,000. April 4 Purchased supplies for cash, P 5,500. April 5 Sold rmerchandise for cash, P31,500. April 6 Sold P24,000 worth of goods to Don Sales inc. 2/10, n/30 FOB Destination. April 7 Received P 1,500 credit from MJ Wholesale Supply for the return of unsatisfactory goods. April 8 Paid P600 for the delivery of goods to Don Sales Inc. April 9 Purchase merchandise on cash, P60,000. April 10 Made a full payment to MJ Wholesale Supply. April 11 Made a sale to NA Travels for P 38,800 with credit term 2/10, n/30 FOB Destination. April 12 Purchase merchandise on account from Care Enterprises P55,000 terms 2/10, n/30 FOB Shipping point April 13 Paid freight for the purchase of merchandise P 1,200 April 14 Purchase merchandise on cash, P15,000. April 15 Paid salaries of P6,500 April 16 Receive payment from Don Sales Inc. April 17 Received refund for poor quality merchandise from purchased April 14, P800. April 18 A. Lledo withdraw cash from the business P 24,000. April 18 Sold merchandise on account to Venz Supply, P43,500. April 19 Sold merchandise for cash, P 40,500. April 20 Purchase merchandise on account from Dave Wholesale Inc. P45,000 terms 2/10, n/30 FOB Shipping point April 21 Issued a credit for P1,500 to NA Travels for the return of unsatisfactory goods. April 22 Receive payment from NA Travels. April 23 Made refunds to cash customer for defective merchandise P 2,50o. April 24 Sold merchandise for cash, P 45,500. April 24 Made partial payment to Care Enterprises P 27,500. No discount for partial payment made. April 25 The business made a loan at Rural Bank and issued promissory note in the amount of P 50,000 April 26 Purchase merchandise on cash, P95,000. April 27 Sold merchandise for cash, P 25,500. April 28. Sold merchandise on account to Caby Wholesale, P12,500 April 29 Made a full payment to Dave Wholesale Inc. April 30 Paid the following operating expenses for the month: Salaries 6,500; Rent 7.000- Utilities P2,500; Advertising 1,000 April 30, 2018 ending inventory -P 154,000.00
Transcribed Image Text:April 1 Mr. Allan Lleda, the owner started the ASG Wholesale and Retail, Inc. by investing P150.00 April 2 Purchased merchandise on account from MJ Wholesale Supply P65,000 terms 2/10, n/30 FOB Destination April 4 Purchased office equipment for cash P 25,000. April 4 Purchased supplies for cash, P 5,500. April 5 Sold rmerchandise for cash, P31,500. April 6 Sold P24,000 worth of goods to Don Sales inc. 2/10, n/30 FOB Destination. April 7 Received P 1,500 credit from MJ Wholesale Supply for the return of unsatisfactory goods. April 8 Paid P600 for the delivery of goods to Don Sales Inc. April 9 Purchase merchandise on cash, P60,000. April 10 Made a full payment to MJ Wholesale Supply. April 11 Made a sale to NA Travels for P 38,800 with credit term 2/10, n/30 FOB Destination. April 12 Purchase merchandise on account from Care Enterprises P55,000 terms 2/10, n/30 FOB Shipping point April 13 Paid freight for the purchase of merchandise P 1,200 April 14 Purchase merchandise on cash, P15,000. April 15 Paid salaries of P6,500 April 16 Receive payment from Don Sales Inc. April 17 Received refund for poor quality merchandise from purchased April 14, P800. April 18 A. Lledo withdraw cash from the business P 24,000. April 18 Sold merchandise on account to Venz Supply, P43,500. April 19 Sold merchandise for cash, P 40,500. April 20 Purchase merchandise on account from Dave Wholesale Inc. P45,000 terms 2/10, n/30 FOB Shipping point April 21 Issued a credit for P1,500 to NA Travels for the return of unsatisfactory goods. April 22 Receive payment from NA Travels. April 23 Made refunds to cash customer for defective merchandise P 2,50o. April 24 Sold merchandise for cash, P 45,500. April 24 Made partial payment to Care Enterprises P 27,500. No discount for partial payment made. April 25 The business made a loan at Rural Bank and issued promissory note in the amount of P 50,000 April 26 Purchase merchandise on cash, P95,000. April 27 Sold merchandise for cash, P 25,500. April 28. Sold merchandise on account to Caby Wholesale, P12,500 April 29 Made a full payment to Dave Wholesale Inc. April 30 Paid the following operating expenses for the month: Salaries 6,500; Rent 7.000- Utilities P2,500; Advertising 1,000 April 30, 2018 ending inventory -P 154,000.00
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