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    04PT1

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    christinemagbanua46
    1) The document is a general journal for Ferrera's Tailors for the month of June recording various transactions including owner investments, purchases, revenues, expenses and withdrawals. 2) Adjusting entries were made to record supplies expense of $9,500 and insurance expense of $4,000 that were previously recorded as assets. 3) Financial statements were prepared including an income statement showing a net income of $18,050, balance sheet with total assets of $181,550, and statement of changes in owner's equity showing an ending capital of $172,050 after a $6,000 withdrawal.

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    04PT1

    Uploaded by

    christinemagbanua46
    87 views9 pages
    1) The document is a general journal for Ferrera's Tailors for the month of June recording various transactions including owner investments, purchases, revenues, expenses and withdrawals. 2) Adjusting entries were made to record supplies expense of $9,500 and insurance expense of $4,000 that were previously recorded as assets. 3) Financial statements were prepared including an income statement showing a net income of $18,050, balance sheet with total assets of $181,550, and statement of changes in owner's equity showing an ending capital of $172,050 after a $6,000 withdrawal.

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    1) The document is a general journal for Ferrera's Tailors for the month of June recording various transactions including owner investments, purchases, revenues, expenses and withdrawals. 2) Adjusting entries were made to record supplies expense of $9,500 and insurance expense of $4,000 that were previously recorded as assets. 3) Financial statements were prepared including an income statement showing a net income of $18,050, balance sheet with total assets of $181,550, and statement of changes in owner's equity showing an ending capital of $172,050 after a $6,000 withdrawal.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    87 views9 pages

    04PT1

    Uploaded by

    christinemagbanua46
    1) The document is a general journal for Ferrera's Tailors for the month of June recording various transactions including owner investments, purchases, revenues, expenses and withdrawals. 2) Adjusting entries were made to record supplies expense of $9,500 and insurance expense of $4,000 that were previously recorded as assets. 3) Financial statements were prepared including an income statement showing a net income of $18,050, balance sheet with total assets of $181,550, and statement of changes in owner's equity showing an ending capital of $172,050 after a $6,000 withdrawal.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 9

    General Journal

    Date Particulars RF Dr
    June
    1 Cash 101 160,000.00
    Ferrera, Capital 301
    to record owner's investment

    2 Prepaid Insurance 104 10,000.00


    Cash 101
    to record purchase of insurance

    3 Supplies 103 16,500.00


    Accounts Payable 201
    to record purchase of supplies to Marker Supplies on account

    8 Accounts Payable 201 7,000.00


    Cash 101
    to record payment of account to Marker Supplies

    10 Rent Expense 501 6,000.00


    Cash 101
    to record payment of rent

    12 Cash 101 22,000.00


    Service Revenue 401
    to record service rendered

    15 Accounts Receivable 102 6,600.00


    Service Revenue 401
    to record service renderred to Army's Uniform on account

    16 Utilities Expense 502 950.00


    Cash 101
    to record payment of telephone bill

    18 Accounts Receivable 102 9,900.00


    Service Revenue 401
    to record service rendered to Alpha Company on account

    22 Cash 101 4,000.00


    Accounts Receivable 102
    to record payment of Army's Uniform's account
    25 Ferrera's, Drawing 302 6,000.00
    Cash
    to record owner's withdrawal
    Cr
    Cash 101 Accounts Payable 201
    1-Jun 160,000.00 2-Jun 10,000.00 8-Jun 7,000.00
    160,000.00 12-Jun 22,000.00 8-Jun 7,000.00 7,000.00
    22-Jun 4,000.00 10-Jun 6,000.00
    16-Jun 950.00
    25-Jun 6,000.00
    10,000.00 186,000.00 29,950.00
    (29,950.00)
    156,050.00

    16,500.00
    Accounts Receivable 102 Ferrera's Capital 301
    15-Jun 6,600.00 22-Jun 4,000.00
    18-Jun 9,900.00
    7,000.00 16,500.00 4,000.00
    (4,000.00)
    12,500.00

    6,000.00

    22,000.00
    Supplies 103 Ferrera's, Drawing 302
    3-Jun 16,500.00 25-Jun 6,000.00

    6,600.00

    950.00

    Prepaid Insurance 104 Service Revenue 401


    9,900.00 2-Jun 10,000.00

    4,000.00
    6,000.00
    Accounts Payable 201 Rent Expense 501
    3-Jun 16,500.00 10-Jun 6,000.00
    16,500.00
    (7,000.00)
    9,500.00

    Ferrera's Capital 301 Utilities Expense 502


    1-Jun 160,000.00 16-Jun 950.00

    Ferrera's, Drawing 302 Supplies Expense 503

    Service Revenue 401 Insurance Expense 504


    12-Jun 22,000.00
    15-Jun 6,600.00
    18-Jun 9,900.00
    38,500.00
    Ferrera's Tailors
    Worksheet
    June 30, 2xx1

    UNJUSTED TRIAL BALANCE ADJUSTMENTS


    Dr Cr Dr Cr

    Cash 156,050.00
    Accounts Receivable 12,500.00
    Supplies 16,500.00 9,500.00
    Prepaid Insurance 10,000.00 4,000.00
    Accounts Payable 9,500.00
    Ferrera's, Capital 160,000.00
    Ferrera's. Drawing 6,000.00
    Service Revenue 38,500.00
    Rent Expense 6,000.00
    Utilities Expense 950.00
    Supplies Expense 9,500.00
    Insurance Expense 4,000.00
    208,000.00 208,000.00

    ADJUSTING ENTRIES:

    Supplies Expense 9,500.00


    Supplies 9,500.00

    Insurance Expense 4,000.00


    Prepaid Insurance 4,000.00
    Ferrera's Tailors
    Worksheet
    June 30, 2xx1

    ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET


    Dr Cr Dr Cr Dr Cr

    156,050.00 156,050.00
    12,500.00 12,500.00
    7,000.00 7,000.00
    6,000.00 6,000.00
    9,500.00 9,500.00
    160,000.00 160,000.00
    6,000.00 6,000.00
    38,500.00 38,500.00
    6,000.00 6,000.00
    950.00 950.00
    9,500.00 9,500.00
    4,000.00 4,000.00
    208,000.00 208,000.00 20,450.00 38,500.00 169,500.00
    (20,450.00) 18,050.00
    18,050.00 187,550.00 187,550.00
    Ferrera's Tailors Ferrera's Tailors
    Income Statement Balance Sheet
    For the month ended June As of June

    Service Revenue 38,500.00 ASSETS


    Less: Expenses Cash
    Rent Expense 6,000.00 Accounts Receivable
    Utilities Expense 950.00 Supplies
    Supplies Expense 9,500.00 Prepaid Insurance
    Insurance Expense 4,000.00 (20,450.00) TOTAL ASSETS
    18,050.00
    LIABILITIES & OWNER'S EQUITY
    Accounts Payable
    Fererra's Capital
    Fererra's Tailors TOTAL LIABILITIES & OWNER'S EQUITY
    Statement of Changes in Equity
    For the month ended June

    Ferrera's Capital - beginning 160,000.00


    Add: Net Income 18,050.00
    Subtotal 178,050.00
    Less: Fererra' Drawing (6,000.00)
    Ferrera's Capital - ending 172,050.00
    Ferrera's Tailors
    Balance Sheet
    As of June

    156,050.00
    12,500.00
    7,000.00
    6,000.00
    181,550.00

    WNER'S EQUITY
    9,500.00
    172,050.00
    ES & OWNER'S EQUITY 181,550.00

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