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Make an 'Income Statement', information indicated in the photo

Make an 'Income Statement', information indicated in the photo

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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Make an 'Income Statement', information indicated in the photo

General Journal Date Particulars PR DR CR Oct-01 Cash 101 P30,000 P30,000 Owner's Capital To record initial investment Purchases Accounts Payable To record purchase on account Freight-In 301 Oc-02 510 10,000 201 10,000 Oct-03 516 145 Cash 101 145 To record freight on purchase Equipment Oct-06 130 2,400 Cash 101 2,400 To record bought equipment on cash Accounts Payable Oc-07 201 2,000 Purchase Returns & Allowances 512 2,000 To record purchase refund Accounts Receivable Oct-08 112 4,500 Sales 401 4,500 To record sales on account Accounts Payable Purchase Discounts Oct-09 201 8,000 513 160 Cash 101 7,840 To record payment on account with 2% discount Sales Returns & Allowances Accounts Receivable To record refund to credit customer Cash Sales Discounts Accounts Receivable To record collection from sales on account Oct-11 412 200 112 200 Oct-14 101 4,214 413 86 112 4,300
Transcribed Image Text:General Journal Date Particulars PR DR CR Oct-01 Cash 101 P30,000 P30,000 Owner's Capital To record initial investment Purchases Accounts Payable To record purchase on account Freight-In 301 Oc-02 510 10,000 201 10,000 Oct-03 516 145 Cash 101 145 To record freight on purchase Equipment Oct-06 130 2,400 Cash 101 2,400 To record bought equipment on cash Accounts Payable Oc-07 201 2,000 Purchase Returns & Allowances 512 2,000 To record purchase refund Accounts Receivable Oct-08 112 4,500 Sales 401 4,500 To record sales on account Accounts Payable Purchase Discounts Oct-09 201 8,000 513 160 Cash 101 7,840 To record payment on account with 2% discount Sales Returns & Allowances Accounts Receivable To record refund to credit customer Cash Sales Discounts Accounts Receivable To record collection from sales on account Oct-11 412 200 112 200 Oct-14 101 4,214 413 86 112 4,300
Oct-15 Purchases 510 2,500 Cash 101 2,500 To record additional purchase on cash Cash Oct-18 101 5,000 Sales 401 5,000 To record sold merchandise on cash Freight-Out 644 150 Oct-19 Cash 101 150 To record freight on sale Cash Oct-21 101 100 Accounts Receivable 112 100 To record refund payment Salaries Expense Utilities Expense Rent Expense Advertising Expense 2,000 950 1,200 500 Oct-23 630 645 635 631 Cash 101 4,650 To record payment of expenses Owner's, Drawing Oct-24 302 1,000 Cash 101 1,000 To record withdrawal Oct-25 Accounts Receivable 500 Sales 500 To record sales on account Cash Notes Payable To record bank loan NO ENTRY Oct-30 101 10,000 202 10,000 Oct-31
Transcribed Image Text:Oct-15 Purchases 510 2,500 Cash 101 2,500 To record additional purchase on cash Cash Oct-18 101 5,000 Sales 401 5,000 To record sold merchandise on cash Freight-Out 644 150 Oct-19 Cash 101 150 To record freight on sale Cash Oct-21 101 100 Accounts Receivable 112 100 To record refund payment Salaries Expense Utilities Expense Rent Expense Advertising Expense 2,000 950 1,200 500 Oct-23 630 645 635 631 Cash 101 4,650 To record payment of expenses Owner's, Drawing Oct-24 302 1,000 Cash 101 1,000 To record withdrawal Oct-25 Accounts Receivable 500 Sales 500 To record sales on account Cash Notes Payable To record bank loan NO ENTRY Oct-30 101 10,000 202 10,000 Oct-31
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