GENERAL JOURNAL
Date Particulars F Debit Credit
31-Oct Sales 900,000
Merchandise Inventory-IS 90,000
Income summary (125,000)
Purchases 600,000
Freight-in 30,000
Salaries Expense 108,000
Rent Expense 70,000
Office Supplies Expense 110,000
Depreciation Expense 87,000
Interest Expense 10,000
Merchandise Inventory 100,000
To close all income statememt accounts.
31-Oct Income summary (125,000)
Jude, capital (145,000)
Jude, withdrawal 20,000
To close income summary and withdrawal accounts to capital account.
Jude Company
Worksheet
31-Oct-18
Acct # Account Unadjusted trial balance
Debit Credit
1100 Cash 500,000
1200 Accounts Receivable 20,000
1300 Merchandise Inventory 100,000
1400 Prepaid Rent 80,000
1500 Office Supplies 15,000
2100 Office Equipment 120,000
2200 Accum. Depreciation-Office Equipment 24,000
2300 Building 700,000
2400 Accum. Depreciation-Building 180,000
3100 Notes Payable-Current 175,000
3200 Accounts Payable 50,000
3400 Salaries Payable
3500 Notes Payable-Non Current 260,000
4100 Jude, Capital 936,000
4200 Jude, Withdrawals 20,000
5100 Income Summary
5200 Sales 900,000
5300 Purchases 600,000
5330 Freight-in 30,000
5400 Salaries Expense 100,000
5500 Rent Expense 50,000
5600 Office Supplies Expense 100,000
5700 Depreciation Expense 80,000
5800 Interest Expense 10,000
2,525,000 2,525,000
Merchandise Inventory-BS
Merchandise Inventory-IS
Net Income/Loss
-
Jude Company
Worksheet
31-Oct-18
Adjustment Adjusted trial balance Income statement Balance Sheet
Debit Credit Debit Credit Debit Credit Debit
500,000 500,000
20,000 20,000
100,000 100,000
20,000 60,000 60,000
10,000 5,000 5,000
120,000 120,000
2,000 26,000
700,000 700,000
5,000 185,000
175,000
50,000
8,000 8,000
260,000
936,000
20,000 20,000
900,000 900,000
600,000 600,000
30,000 30,000
8,000 108,000 108,000
20,000 70,000 70,000
10,000 110,000 110,000
7,000 87,000 87,000
10,000 10,000
- -
90,000 90,000 90,000
90,000 90,000 90,000
135,000 135,000 2,630,000 2,630,000 1,115,000 990,000 1,515,000
(125,000)
- 990,000 990,000 1,515,000
Balance Sheet
Credit
Jude Company
Post-closing Trial Balance
31-Dec-18
Debit
600 Accounts Receivable 20,000
26,000 650 Merchandise Inventory 90,000
700 Prepaid Rent 60,000
185,000 750 Office Supplies 5,000
175,000 800 Input Tax
50,000 1050 Office Equipment 120,000
8,000 1200 Accum. Depreciation-Building
260,000 1700 Salaries Payable
936,000 1705 Pag-ibig Payable
1710 SSS Payable
1715 Withholding Tax Payable
1720 PhilHealth Payable
1750 Notes Payable-Non Current
2050 Charmaine, Capital
295,000
1,640,000
(125,000)
1,515,000
Credit
185,000
#REF!
#REF!
#REF!
#REF!
260,000
791,000
#REF!
Jude Company
Statement of Financial Position
As of October 31, 2018
Current Assets
Cash P 500,000.00
Accounts Receivable 20,000.00
Merchandise Inventory 90,000.00
Prepaid Expense 1 65,000.00
Total Current Asset 675,000.00
Noncurrent Assets
Property, Plant, and Equipment 2 609,000.00
Total Asset P 1,284,000.00
Liabilities
Current Liability
Trade and Other Payables 3 P 233,000.00
Noncurrent Liability
Note Payable-Non Current P 260,000.00
Total Liabilities 493,000.00
Owner's Equity
Jude, capital 791,000.00
Total Owner's Equity 791,000.00
Total Liabilities and Owner's Equity P 1,284,000.00
Note 1
Prepaid Rent 60,000.00
Office Supplies 5,000.00
Total Prepaid Expense 65,000.00
Note 2
Office Equipment 120,000.00
Accu. Dep. - Office Equipment (26,000.00)
Building 700,000.00
Accu. Dep. - Buildinh (185,000.00)
Property, Plant, and Equipment 609,000.00
Note 3
Accounts Payable 50,000.00
Note Payable-Current 175,000.00
Salaries Payable 8,000.00
Trade and Other Payables 233,000.00
Jude Company
Statement of Cash Flows
As of October 31, 2018
Beginning Cash Balance P #REF!
Operating Activities
Collections from Customers P #REF!
Payments to suppliers #REF!
Payment for freight #REF!
Payment for interest #REF!
Payment to employees #REF!
Payment for rentals #REF!
Net Cash flow from Operating Activities #REF!
Financing Activities
Proceeds from long term bank notes #REF!
Owner withdrawal #REF!
Ending Cash Balance #REF!
Jude Company
Income Statement
For the month of October
Sales P 900,000
Cost of Goods Sold 4 (640,000)
Gross Profit 260,000
Operating Expense 5 (385,000)
Net Income (125,000)
Note 4
Beginning Inventory 100,000
Purchases 600,000
Freight-in 30,000
Net Purchases 630,000
Goods Available for Sale 730,000
Ending Inventory (90,000)
Cost of Goods Sold 640,000
Note 5
Salaries Expense 108,000
Rent Expense 70,000
Office Supplies Expense 110,000
Depreciation Expense 87,000
Freight-out -
Interest Expense 10,000
Operating Expenses 385,000
Jude Company
Statement of Changes in Equity
As of October 31, 2018
Beginning Owner's Equity 936,000
Investment -
Net Income (125,000)
Withdrawal (20,000)
Ending Owner's Equity 791,000