Create the journal records for the scenario below using a table with the following: date|description|debit|credit Mario is
Question:
Create the journal records for the scenario below using a table with the following:
date|description|debit|credit
Mario is a helper at the local convent. He helps maintain the financial independence of the convent with a shop that sells blueberry jam. He started the business with 100K cash with an equipment of 50K and an inventory of 50K and all is under the convent's name.
Each bottle of jam is sold at 100 where 75% is the total cost while the remaining is the net profit. At the end of April, May, and June she sold 10K; 30K; and 10K respectively. Meanwhile, he manufactured another 50K of inventory during those months equal to the inventory sold. By the end of June, Mario asks your help to form the journal entries for the end of the tax period. Use accrual basis. The date should start at April 1. eg: April 1, April 31, May 31, …
Use the following as chart of accounts:
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill