Example 8-CBA Company

On June, Year 1, CBA Company transactions for the month are:

2. Purchase goods from AAA company $5,000 in cash and $5,000 on credit and paid cash $60 for shipping goods
3. Owner withdrew cash for personal use $7000
4. Received invoice $560 for utilities expense, at end of May company estimated $500
5. Sold goods to DDD Company $4,500 by cash
6. Paid AAA Company $5,000 for credit purchase on 2 June
7. Sold goods to CCC Company $7,000 on credit
8. Owner add more capital $30,000 into bank
9. Company paid advertisement by cheque $3,700
10. CCC Company paid $5,000 by cheque and returned goods price $2,000 purchased on 15 June because goods are expired.
11. Paid office rental for Jun $1,000
12. Paid salary expense for Jun $2,000

Additional information

• Utilities expense are estimated $600 on Jun
• Inventory Expire $1,500
• Loss of inventory $1,000
• Assume ending inventory $2,000
• After Closing Trial Balance

 Note 1: assume depreciation expense of $400

 You are required to:

1. Prepare General Journal
2. Prepare General Ledger
3. Prepare Trial Balance
4. Make Adjusting Entry
5. Prepare Adjusted Trial Balance
6. Prepare income statement
7. Prepare Statement of Change in Equity
8. Prepare balance sheet
9. Make closing entry
10. Prepare Post (After) Closing Trial Balance