Prepare the following:1. April 2018 Journal Entries (with explanation)2. General Ledger Posting for the month3. Trial Balance4. Cost of Goods Sold Statement5. Statement of Performance (Income Statement)6. Closing Entries (with explanation)7. Post Closing Trial Balance8. Statement of Financial Position (Balance Sheet)9. Statement of Cash Flow10. Statement of Changes in EquityASG Wholesale and Retail, Inc. completed the following merchandising transactionsin the month of April 2018 as follows:Use this Chart of Accounts in journalizing and posting in the ledgerCash and Cash Equivalents401Sales101 Cash412Sales Returns and Allowance110Receivables420 Sales Discount112 Accounts Receivable120Inventories501Purchases121 Merchandise Inventory 512Prepaid Expenses126 SuppliesProperty, Plant and Equipment155 EquipmentPurchase Returns and Allowance125520Purchase Discounts526 Freight In150601 Advertising ExpenseLiabilities644 Freight OutSalaries201 Accounts Payable210 Notes PayableOwner's EquityA. Lledo Capital310 A. Lledo Drawing701710Rent Expense720Utilities301Income SummaryUse this Chart of Accounts in preparation of Financial Statement100 Cash and Cash Equivaler 201Accounts PayableNotes Payable301 A. Lledo CapitalA. Lledo Drawing110 Receivables210120 Inventories125 Prepaid Expenses150 Property, Plant and Equipment310TRANSACTIONS AT THE BACK! April 1 Mr. Allan Lleda, the owner started the ASG Wholesale and Retail, Inc. by investing P150.00April 2 Purchased merchandise on account from MJ Wholesale Supply P65,000 terms 2/10, n/30FOB DestinationApril 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 ofunsatisfactory 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 pointApril 13 Paid freight for the purchase of merchandise P 1,200April 14 Purchase merchandise on cash, P15,000.April 15 Paid salaries of P6,500April 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 pointApril 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 ofP 50,000April 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, P12,500April 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 1,000April 30, 2018 ending inventory -P 154,000.00

NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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PaAICulurs April I ZUCK Started busi ness WHh and a cush Rm 20000 KM 40,000 in bank. 4 He bought secunahand renicle for RM 25,060 on (redit 12 He puid rent km 3000 in Cheque 15 Purchase goods Credif RM 700 from sam on 18 Sold gord cedit to Alya (Rm500) in fuy Paid utilHty bil Bought 20 RM 250 In Cash 22 cumputer (RM 4000) I puy km 2o00 in Cush und Rm d000 on credit 25 Setfle Sum money km 2500 29 Pay ralary Cheque in Requirement ) Journal am an d Khas Ledijer 1) Inai balanie
Req D only
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Make a general journal using these transactions.
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March 1 Invested cash P 950,000 into the business to buy and sell various merchandise. She also invested computer equipment worth P 85,000 into the business. 3 Purchased on account merchandise, P 430,000 terms 5/10, n/30 FOB Shipping point. 4 Purchased Supplies P 5,000 on account. 5 Sold for cash P 350,000 6 Returned P 75,000 worth of defective merchandise. 10 Sold on account, P 350,000 to customers with credit terms: 2/10, n/40 FOB Destination 10 Paid the freight charges on transaction made on MAr. 3, P 4,500 11 Paid in full the purchases made on Mar. 3 12 Made additional purchases for cash P 350,000 14 Borrowed from the bank P 1,250,000 and issued a 5-year promissory note. 15 Purchased computer equipment for cash P95,000 15 Paid salaries to employees - P 10,500 16 Refund P 50,000 to customers. 17 Sold merchandise for P 450,000. FOB Destination 20 Paid the freight charges on Mar 10 and 17- P 7,500 25 Purchased merchandise on account, P 220,000 terms 2/20, n/30 FOB Shipping…
Exercise 1: 1. In May 7 Ali Co. purchase goods FOB shipping point from Ahmed Co. for $5000 on account under credit terms 2/10, n/30, 2. in May 7, Ali Co. paid cash $150 as freight expenses FOB shipping point 3. May 12 Ali Co. returns goods purchased in May 7 to Ahmed Co. for $300 4. in May 15, Ali Co. paid the balance due within the discount period Instructions: Prepare Journal entries assuming periodic inventory system. Purchase transactions: 1- Purchases Date May 7 Handout 5: Accounting for merchandising operations Date May 7 General Journal Account Title & Explanation 2- Freight expenses Example: in May 7, Ali Co. paid cash $150 as freight expenses FOB shipping point General Journal Account Title & Explanation Date May 12 3- Purchase Return and allowances Ref. Debit General Journal Account Title & Explanation Ref. Debit Credit Ref. Debit Credit Credit
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Make an 'Income Statement', information indicated in the photo
Hw.41.
Post to the general ledger