REQUIRED:- Statement of Income- Statement of Financial Position MANAGEMENT DEPARTMENT, FACULTYPROBLEMOn January 1 of the current year, Juan David opened the " J.D Men's Wear Shop", andduring the month, the following transactions were completed:Jan.1Juan David invested cash P 80,000 in the business.He bought two sewing machines amounting P 30,000 each from PatioMerchandising, the he gave P15,000 down and the balance is payable within 60 days.Paid a three month rental of the shop, P30,000. This was charged to11prepaid Rent account.1Paid a one year insurance policy, P 5,700.Bought sewing tools P 5,900 and sewing supplies P 2,700 from JomarTrading on credit.Received P 1,200 from customer for a short delivered.Billed to Maricris Acosta, P 5,000 for two-pair of pants and polo barong7delivered.10Purchased clothing materials from Baclaran Market and paid P 15,000cash.13Received P 12,500 from various customers for pants and barong madeand delivered.14Gave Patio Merchandising P 15,000 and issued a 60-day, 6% note for thebalance.Paid the wages of the shop helper, P 2,500.Juan David withdrew P 5,000 for his personal use.151718M. Acosta gave P 2,000 as partial payment of his account.Received P 14,750 from various customers pants and shirts delivered.2022Paid the wages of the shop helper, P 2,500.Billed Joevanie Garcia P 4,000 for barong and pants delivered t him.Paid the following monthly expenses: utility bills, P 1,500; telephone bill, P23272,500.At the end of accounting period, the following data were taken:1. The sewing machines are estimated to have a 5-year useful life.2. The actual count of sewing supplies revealed a balance of P 1,700.3. The business is conservative to estimate a 5% of the receivables to be uncollected.4. Balance of the clothing materials account is P 7,000. Chart of AccountsAssetsOwner's Equity301 J. David, Capital302 J. David, Drawing101Cash102Accounts Receivable103a Allowance for Bad Debts303 Income and Expenses Summary104Sewing SuppliesClothing MaterialsPrepaid RentPrepaid InsuranceSewing ToolsSewing Equipment110a Accumulated Depreciation-105106Income107401 Service Income108109Expenses501 Wages502 Utility Expense503 Insurance Expense504 Telephone and CommunicationSewing EquipmentExpense505 Sewing Supplies UsedLiabilities506 Clothing Materials UsedAccounts PayableNotes PayableAccrued Interest Expense201507 Rent Expense202508 Interest Expense203509 Depreciation-Sewing Equiptment510 Bad Debts

Name: REQUIRED:- Statement of Income- Statement of Financial Position MANAGE
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Description: REQUIRED:- Statement of Income- Statement of Financial Position MANAGEMENT DEPARTMENT, FACULTYPROBLEMOn January 1 of the current year, Juan David opened the " J.D Men's Wear Shop", andduring the month, the following transactions were completed:Jan.1J

Financial statements are those statements which are prepared at the end of the period for the review…

Answered: REQUIRED: - Statement of Income -…

Business

Accounting

REQUIRED: - Statement of Income - Statement of Financial Position

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 4CE

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