Statement of financial performance for the month

Assignment Help Accounting Basics

Reference no: EM132981085

Question: He invested P80, 000.00 in cash to start his business.

On August 1 of the current year, Jhone Martine started a TV repair business the following transactions are as follow:

2. Purchased for cash Shop Supplies worth P4, 500.00.

3. JM bought repair equipment worth P30, 000.00 on credit.

4. Customer paid P15, 000.00 cash for repair services.

5. JM paid P16, 000.00 of the amount owed on the repair services.

6. Customers were billed on account P18, 000.00 for repair services.

7. Rental for the month of July was paid, P7, 000.00.

8. Collected P9, 000.00 from customer to apply on their account.

9. Paid wages of assistant for the month of July, P5, 000.00

10. Bought P8, 500.00 worth of supplies, paid P4, 000.00 and balance on account.

11. Billed customers for P10, 000.00 received P4, 500.00 and balance on account.

12. Repair supplies bought for cash and used for repair amounted to P7, 500.00.

13. JM withdrew P15, 000 for personal use.

Required:

1. Journal entry

2. Unadjusted Trial balance

3. Statement of financial performance for the month ended August 31, of the current year.

4. Statement of owner's equity for the month ended July 31, of the current year

5. Statement of financial position of August 31, of the current year.

Reference no: EM132981085

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