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Prepare the following: • Statement of Financial Position • Trial balance

Prepare the following: • Statement of Financial Position • Trial balance

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: • Statement of Financial Position • Trial balance
ACCOUNTING CYCLE: Complete the illustration Problem: On January 1 of the current year Josef Cacdac opened the "J.C. Men's wear shop", and during the month, the following transactions were completed January 1- Josef invested 8,000.00 cash in the business. 1- He bought two sewing machines worth 3,000 00 each from Rufino Merchandising. Gave 1,500.00 down and the balance is payable within 60 days. 1- Paid a three-month rental of the shop, 3,000.00 this was charged to prepaid rent account 1-paid a one-year insurance policy, 570. (Use expense method) 3- bought sewing tools 590.00 and sewing supplies 270.000 from Virgilio trading on credit. 5- received 120 from a customer for a terno delivered. 7- billed flor valdez 500.00 for a two-pair of pants and polo barong delivered. 10- purchased ciothing materials from Divisoria Market and paid 1,500.00 cash. 13-Received 1,250.00 from various customers for pants and barong made and delivered. 14 - Gave Rufino Merchandising 1,500.00 and issued a 60-day, 6% note for the balance. 15- paid the wages of the shop helper, 250.00 17- Josef Cacdac withdrew 500.00 from the business for personal use. 18-F. Valdez gave 200.00 as partial payment pf his account 20 - Received 1,475.00 from various customers for pants and shirts delivered. 22- paid the wages of the shop helper 250.00 23 - Billed Julius llagan 400.000 for barong and pants delivered to him 27 - paid the following monthly expenses Utility bills, 150.00, telephone bill, 250 00.
Transcribed Image Text:ACCOUNTING CYCLE: Complete the illustration Problem: On January 1 of the current year Josef Cacdac opened the "J.C. Men's wear shop", and during the month, the following transactions were completed January 1- Josef invested 8,000.00 cash in the business. 1- He bought two sewing machines worth 3,000 00 each from Rufino Merchandising. Gave 1,500.00 down and the balance is payable within 60 days. 1- Paid a three-month rental of the shop, 3,000.00 this was charged to prepaid rent account 1-paid a one-year insurance policy, 570. (Use expense method) 3- bought sewing tools 590.00 and sewing supplies 270.000 from Virgilio trading on credit. 5- received 120 from a customer for a terno delivered. 7- billed flor valdez 500.00 for a two-pair of pants and polo barong delivered. 10- purchased ciothing materials from Divisoria Market and paid 1,500.00 cash. 13-Received 1,250.00 from various customers for pants and barong made and delivered. 14 - Gave Rufino Merchandising 1,500.00 and issued a 60-day, 6% note for the balance. 15- paid the wages of the shop helper, 250.00 17- Josef Cacdac withdrew 500.00 from the business for personal use. 18-F. Valdez gave 200.00 as partial payment pf his account 20 - Received 1,475.00 from various customers for pants and shirts delivered. 22- paid the wages of the shop helper 250.00 23 - Billed Julius llagan 400.000 for barong and pants delivered to him 27 - paid the following monthly expenses Utility bills, 150.00, telephone bill, 250 00.
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