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Prepare the Income Statement t

Prepare the Income Statement t

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 Income Statement t
June 2 Commenced business with a capital of 1,000,000 June 4 Purchased 2,000 vape at a cost of Php 250.00 per vape. June 5 Paid trucking firm Php 6,000.00 to ship the vapes purchased. June 7 Purchased 800 vapes at a cost of Php 250.00 per vape June 8 Paid trucking firm Php 5,000.00 to ship the vapes purchased. June 9 Sold 1,100 vapes purchased on June 4 June 10 Bought office supplies worth 50,000 June 12 Paid for the tires purchased on June 4 June 14 Purchased Office Supplies for cash, P 3,600 June 15 Sold 500 tires from those purchased on June 2. The selling price was Php 250.00 per tire. June 18 Bought furniture for the shop and paid cash 12,000 June 19 Received cash from sale of tires on June 7. June 22 withdrew P 8,000 cash for personal use June 25 Paid for vapes purchased on June 5. June 28 Purchased machinery for cash 15,000
Transcribed Image Text:June 2 Commenced business with a capital of 1,000,000 June 4 Purchased 2,000 vape at a cost of Php 250.00 per vape. June 5 Paid trucking firm Php 6,000.00 to ship the vapes purchased. June 7 Purchased 800 vapes at a cost of Php 250.00 per vape June 8 Paid trucking firm Php 5,000.00 to ship the vapes purchased. June 9 Sold 1,100 vapes purchased on June 4 June 10 Bought office supplies worth 50,000 June 12 Paid for the tires purchased on June 4 June 14 Purchased Office Supplies for cash, P 3,600 June 15 Sold 500 tires from those purchased on June 2. The selling price was Php 250.00 per tire. June 18 Bought furniture for the shop and paid cash 12,000 June 19 Received cash from sale of tires on June 7. June 22 withdrew P 8,000 cash for personal use June 25 Paid for vapes purchased on June 5. June 28 Purchased machinery for cash 15,000
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