Example 9-CBA Company

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

1. Company borrowed from bank $10,000 and interest rate 0.98% per month
2. Company injected more capital by cash $50,000
3. Company Purchase goods for sale $12,000 from AAA Company on credit
4. Received invoice $ 590 for utilities expense. And the end of last month company estimated $600
5. Paid $8000 to AAA Company for credit on purchase on 7 July by cheque
6. Sold goods to CCC customer $9,000 in cash
7. Owner withdraw $30,000 by cheque to buy car for use in business
8. Sold goods to DDD Company on credit $5,000
9. Paid AAA Company $4,000 by cash
10. Received cash from DDD Company $4,980 and discount allowed $20 for credit sale on 21, July
11. Paid interest expense borrowed from bank at 1, July
12. Paid office rental $1,000
13. Paid salary to employees $2,000

Additional information

• Assume the car has useful life 10 years.
• Utilities expense are estimated $750 on July
• Assume ending inventory 10,000
• 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