Example 7-CBA Company
Onย May Year 1,ย CBA Company, starts wholesaling business. Following transactions as follows:
| Date for May | Transactions |
| 1 | Company started business with cash of $50,000 and Land worth $20,000 as capital. |
| 2 | The business acquires office equipment $19,200. |
| 3 | Paid Office supply $20 |
| 5 | Purchased goods from BBB Co. $5,000 by cash. |
| 6 | Purchased goods from AAA Company $7,000 on credit. |
| 10 | Sold goods to CCC Co. $3,000 on credit. |
| 12 | Sold goods to DDD Co. $4,000 by cash. |
| 13 | Gave away charity of cash $100 and merchandising worth $100. |
| 15 | Paid AAA Company $6,950 by cash and get discount received $50 for credit purchase on May,6. |
| 20 | Received cash from CCC Co. $2,990 and allowed discount of $10 for credit sale on May, 10. |
| 30 | Paid office rental for $1,000. |
| 31 | Paid salary expense for $2,000. |
Information for Adjusting Entry:
- Assume cost of goods sold $4,500.
- Assume depreciation expense of fixed assets for May Year 1 is $400.
- For the month of May Year 1, CBA Company estimated utilities expense of $500. The company received the bills on June 07, Year 1.
You are required to:
- Prepare General Journal
- Prepare General Ledger
- Prepare Trial Balance
- Make Adjusting Entry
- Prepare Adjusted Trial Balance
- Prepare income statement
- Prepare Statement of Change in Equity
- Prepare balance sheet
- Make closing entry
- Prepare Post (After) Closing Trial Balance