A. Journal Entry
B. Ledger
C. Trial Balance
D. Adjusting Entry
E. Adjusted Trial Balance
F. Closing Entry
G. Post closing Trial Balance
H. Prepare Income Statement, owner\'s equity statement, Cash Flow statements and Statement of Financial Position
ALPHA TRUCKING SERVICES The following are the transactions of ALPHA TRUCKING SERVICES. 1. Mr. Allan invested P150,000 cash in the business. 2. Purchased a truck for cash, P75,000 3. Paid rent for the office, P5.000 4. Purchased another truck from Bacil on account, P100.000. 5. Paid business licenses and taxes. P1,500 6. Received cash for trucking services, P75,000 7. Paid driver\'s & employees\' salaries, P10.000 8. Sent a check to Bacil to pay for the truck previously purchased on account P100.000 9. Paid water and electricity bill, P2,500 10. Paid gasoline and oil used for the truck, P3,000 11. Purchased supplies from Chris at P20.000. 50% downpayment and the balance on account 12. Rendered trucking services to customers on account, P35,000 13. Mr. Allan withdrewcash for personal use, P8.000 14, Paid 50% account with Chris. 15. Collected from customers for trucking services previously rendered on account, P25.000 16.70% of supplies purchased has been used.
Journal entries:
To Capital 1,50,000
To Cash 75,000
To Cash 5,000
To Bacil 1,00,000
To Cash 1,500
To Trucking services 75,000
To cash 10,000
To Bank 1,00,000
To cash 2,500
To cash 3,000
To cash 10,000
To Chris 10,000
To Trucking services 35,000
To Cash 8,000
To Cash 10,000
To Customers 25,000
To Insurance 450
To Notes payable 250
To Interest income 150
To Truck 3,500
To Customers 305
To Trading P&L 6,000
Homework Sourse
