On December 1 of the current year Chandler Bing opened the C.B. Men's Wear Shop, and...

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On December 1 of the current year Chandler Bing opened the "C.B. Men's Wear Shop", and during the month, the following transactions were completed: Dec. 1-Chandler Bing invested P8,000 cash in the business. 1- He bought two sewing machines worth P3,00 each from Buffay Merchandising. Gave P1,500 down and the balance is payable within 60 days. 1-Paid a three-month rental of the shop, P3,000. This was charged to Prepaid Rent account. 1-Paid a one-year insurance policy, P570. (Use expense method) 3-Bought sewing tools P590 and sewing supplies P270 from Geller Trading on credit. 5-Received P120 from a customer for a terno delivered. 7- Billed Janice H., P500 for a two-pair of pants and polo barong delivered. 10-Purchased clothing materials from Alessandro Market and paid P1,500 cash. 13-Received P1,250 from various customers for pants and barong made and delivered. 14- Gave Buffay Merchandising P1,500 and issued a 60-day, 6% note for the balance. 15-Paid the wages of the shop helper, P250. 17- Chandler Bing withdrew P500 from the business for personal use. 18-Janice H., gave P200 as partial payment of her account. 20-Received P1,475 from various customers for pants and shirts received. 22 - Paid the wages of the shop helper, P250. 23- Billed Gunther P400 for barong and pants delivered to him. 27 - Paid the following monthly expenses: utility bills, P150, telephone bill, P250. At the end of the month, the following data were gathered: a. The sewing machines are estimated to have a 5-year useful life. b. The actual count of sewing supplies revealed a balance of P170. c. The business is conservative to estimate a 5% of the receivables to be uncollectible. d. Balance of the clothing materials account is P700. Requirements: 1. Journal Entries 2. Posting (Using T-accounts) 3. Unadjusted Trial Balance 4. Adjusting Journal Entries 5. Adjusted Trial Balance 6. Income Statement, Statement of Changes in Equity, and Statement of Financial Position Balance 7. Closing Entries 8. Post-Closing Trial 9. Reversing Entries On December 1 of the current year Chandler Bing opened the "C.B. Men's Wear Shop", and during the month, the following transactions were completed: Dec. 1-Chandler Bing invested P8,000 cash in the business. 1- He bought two sewing machines worth P3,00 each from Buffay Merchandising. Gave P1,500 down and the balance is payable within 60 days. 1-Paid a three-month rental of the shop, P3,000. This was charged to Prepaid Rent account. 1-Paid a one-year insurance policy, P570. (Use expense method) 3-Bought sewing tools P590 and sewing supplies P270 from Geller Trading on credit. 5-Received P120 from a customer for a terno delivered. 7- Billed Janice H., P500 for a two-pair of pants and polo barong delivered. 10-Purchased clothing materials from Alessandro Market and paid P1,500 cash. 13-Received P1,250 from various customers for pants and barong made and delivered. 14- Gave Buffay Merchandising P1,500 and issued a 60-day, 6% note for the balance. 15-Paid the wages of the shop helper, P250. 17- Chandler Bing withdrew P500 from the business for personal use. 18-Janice H., gave P200 as partial payment of her account. 20-Received P1,475 from various customers for pants and shirts received. 22 - Paid the wages of the shop helper, P250. 23- Billed Gunther P400 for barong and pants delivered to him. 27 - Paid the following monthly expenses: utility bills, P150, telephone bill, P250. At the end of the month, the following data were gathered: a. The sewing machines are estimated to have a 5-year useful life. b. The actual count of sewing supplies revealed a balance of P170. c. The business is conservative to estimate a 5% of the receivables to be uncollectible. d. Balance of the clothing materials account is P700. Requirements: 1. Journal Entries 2. Posting (Using T-accounts) 3. Unadjusted Trial Balance 4. Adjusting Journal Entries 5. Adjusted Trial Balance 6. Income Statement, Statement of Changes in Equity, and Statement of Financial Position Balance 7. Closing Entries 8. Post-Closing Trial 9. Reversing Entries

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Here are the journal entries trial balances financial statements and closing entries for Chandler Bings mens wear shop for the month of December 1 Journal Entries Dec 1 Capital Contributed by Chandler ... View the full answer