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File 000

The document outlines the account balances and transactions for A. Cabrera Shoes during February 2020, including sales, purchases, payments, and expenses. It requires posting transactions to ledger accounts, preparing a worksheet with accrued expenses and inventory counts, and generating financial statements. Additionally, it involves making adjusting and closing entries for the month.

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Jhenny Mae Deduyo
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39 views3 pages

File 000

The document outlines the account balances and transactions for A. Cabrera Shoes during February 2020, including sales, purchases, payments, and expenses. It requires posting transactions to ledger accounts, preparing a worksheet with accrued expenses and inventory counts, and generating financial statements. Additionally, it involves making adjusting and closing entries for the month.

Uploaded by

Jhenny Mae Deduyo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Listed below are the Feb. 1, 2020 account balances of A.

Cabrera Shoes:

During the month of February 2020, the following transactions occured:


Feb 1 Collected P113,000 from customers on account.
2 Paid P64,000 of accounts dues less discounts of 3%.
4 Purchased merchandise, P170,000. Terms: FOB Shipping point; 3/10,
n/30.
5 Sold merchandise on account to Robles, Inc., P270,000. Terms: FOB
shipping point; 2/10, n/30.
7 Paid for advertising for the month of February, P6,000
7 Sold merchandise for cash P250,000
8 Paid the amount due from the Feb 4 transaction
9 Paid Bacolod Freight P4,000 for delivering merchandise last Feb 4
10 Received returns from the Robles, Inc., P70,000
12 Received payment from the Robles, Inc, less returns and allowances
14 Paid P26,000 interest on the mortgage payable
15 Paid salaries P51,000
16 Sold merchandise on account to Empleo Corp., P392,000. Terms: FOB
destination; 2/10, n/30.
18 Paid P4,000 freight charges on the sale of Feb 16.
19 Acquired supplies for cash P21,000
20 Purchased P125,000 of merchandise from Millan Imports on account.
Terms: FOB shipping point; 3/10, n/30.
22 Paid P7,000 miscellaneous expense
23 Received payment from Empleo Corp. less discounts.
24 Purchased P373,000 of merchandise on account from Valix Enterprises.
Terms: FOB shipping point; 3/10, n/30.
24 Paid Bobadilla Express P9,000 freight for delivering merchandise acquired
from Valix.
25 Sold merchandise to Empleo Corp on account P420,000. Terms: FOB
shipping point; 2/10, n/30
26 Received returns from Empleo Corp, 71,000
28 Cabrera withdrew P400,000 from the business.
28 Returned merchandise purchased from Valix, P25,000.
Required:
1. Post the February 1, 2020 account balances to the edger accounts.
2. Record the transactions for the month of February in a journal and post the
transactions to the ledger.
3. Prepare the worksheet using the following information:
a. Salaries in the amount of P51,000 have accrued on Feb. 28
b. Insurance coverage with premiums of P2,000 has expired at month
end.
c. Depreciation on the building and on the equipment for the month
amounted to P9,000 and P12,000 respectively.
d. Supplies on hand at month-end amounted to P14,000
e. A count of the merchandise inventory on Feb 28, 2020 amounted to
P397,000
4. Prepare an income statement and a statement of changes in equity for the
month ended February 28, 2020
5. Prepare the adjusting and closing entries for the month
6. Post the adjusting and closing entries to the ledger accounts

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