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  • Accounting Cycle Assignment

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    Kestrel
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    The document provides transactions for ABC Grocery Store for the month of January. It includes details of initial capital investment, purchases and payments made throughout the month, sales both in cash and on credit, as well as expenses. Journal entries are to be prepared to record the transactions in the general ledger. Adjusting entries are also needed for prepaid rent and depreciation of equipment. A worksheet is to be prepared with the trial balance, adjustments, adjusted trial balance, balance sheet and income statement.

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    The document provides transactions for ABC Grocery Store for the month of January. It includes details of initial capital investment, purchases and payments made throughout the month, sales both in cash and on credit, as well as expenses. Journal entries are to be prepared to record the transactions in the general ledger. Adjusting entries are also needed for prepaid rent and depreciation of equipment. A worksheet is to be prepared with the trial balance, adjustments, adjusted trial balance, balance sheet and income statement.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    15 views1 page

    Accounting Cycle Assignment

    Uploaded by

    Kestrel
    The document provides transactions for ABC Grocery Store for the month of January. It includes details of initial capital investment, purchases and payments made throughout the month, sales both in cash and on credit, as well as expenses. Journal entries are to be prepared to record the transactions in the general ledger. Adjusting entries are also needed for prepaid rent and depreciation of equipment. A worksheet is to be prepared with the trial balance, adjustments, adjusted trial balance, balance sheet and income statement.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 1

    1.

    Please prepare journal entries and post to the general ledger for the below transactions:

    Jan. 1 ABC Grocery Store, is a merchandising business established with an initial capital of P300, 000.00

    Jan. 1 Paid one year rental of Store Location for P150,000.00

    Jan 5 Purchase on account store racks for P60, 000.00, freezer 40,000.00, a cash register for P10,000.00

    Jan 6 Purchase on account store merchandise and beverages for P200,000.00

    Jan 6 Paid cash for the purchase grocery supplies for P10,000.00

    Jan 31 Sales for the month P80,000.00 on cash and 60,0000.00 on credit. Cost of Sales was 100,000.00

    Jan 31 Paid telephone bill of 1,850.00

    Jan 31 Receive electricity bill of 15,000.00 and water bill of P5,000.00 which is due next month and not
    yet paid

    Jan 31 Paid salaries of helper for P10,000.00

    Jan 31 Paid the account for the store racks of P60, 000.00, freezer 40,000.00, a cash register for
    P10,000.00

    Jan 31 ABC withdraw P20,000 from the business due to an emergency.

    2. Please prepare adjusting entries for the following transactions:


    a. Expired portion of prepaid rent
    b. Deprecation of equipment. Estimated useful life of equipment is 5 years with no salvage
    value

    3. Please prepare the worksheet for the trial balance, adjustments, adjusted trial balance,
    balance sheet and Income Statement.

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