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04PT1

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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105 views

04PT1

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.

Uploaded by

christinemagbanua46
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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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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