Required: 

1. General Journal 

2. Trial Balance 

3. Statement of Cost of Goods Sold 

4. Statement of Financial Performance 

5. Statement of Changes in Equity 

6. Statement of Financial Position 

7. Statement of Cash Flows 

8. Post-Closing Trial Balance

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Problem. CBE enterprises had the following transactions for the month of May 2017. Accomplished the given answer sheet. May 1 2 3 n/30. 4 5 CBE invested P59,000. Bought Computer Equipment for P10,000 cash Bought merchandise on account from CAS Distributor, P16,900 with terms 2/10, Bought office supplies on cash basis P700. Sold merchandise on account P16,200, FOB Destination, terms 2/10, n/30. The cost of the merchandise sold was P13,200. 6 7 11 13 Paid freight on May 5 transaction P200. Received credit memo from CAS Distributor for merchandise returned P300. Paid CAS Distributor. Collected the May 5 customers. Bought merchandise on cash basis for P15,400 14 15 Salaries paid P1,500. 16 Borrowed money from BPI bank, issued a promissory note P15,000. 17 Received refund from a supplier on cash purchase on May 14, P500. 18 Bought merchandise from Neda Supplier, P15,200, FOB Shipping point, terms 2/10,n/30. 20 Paid freight on May 18 transaction, P700. 23 Sold merchandise for P17,400. The merchandise sold had a cost of P11,500. Bought merchandise for cash P12,300. 26 27 122222228 Paid Neda on May 18 purchase, P9,000. No discount allowed on partial payment. CBE got cash from the business, P2,015. 29 Made refund to cash customers for defective merchandise P900. 30 30 Sold merchandise on account, P13,700, n/30. Cost of merchandise sold is P11,000. Paid the following: Advertising-P1,000; Utilities-P400, Rent-P3,500; Salaries P1,500. At the end of the month, P23, 668.00 worth of inventory were on hand. 110 Cash Chart of Accounts 115 Accounts Receivable 120 Merchandise Inventory 125 Supplies 130 Equipment 201 Accounts Payable 205 Notes Payable 301 CBE, Capital 302 CBE, Drawing 303 Income Summary 410 Sales 415 Sales Returns and Allowances 420 Sales Discount 510 Purchases 515 Purchase returns and Allowances 520 Purchase Discount 525 Freight In 610 Salaries Expense 615 Advertising Expense 620 Utilities Expense 625 Rent Expense 630 Freight Out Line Items to use in Financial Statements 110 Cash and Cash Equivalents 115 Receivables 120 Inventories 125 Prepaid Expenses 130 Property, Plant & Equipment 201 Accounts Payable 205 Notes Payable 301 CBE, Capital 302 CBE, Drawing 410 Sales 415 Sales Returns and Allowances 420 Sales Discount 510 Purchases 515 Purchase returns and Allowances 520 Purchase Discount 525 Freight In 610 Salaries Expense 615 Advertising Expense 620 Utilities Expense 625 Rent Expense 630 Freight Out Problem. CBE enterprises had the following transactions for the month of May 2017. Accomplished the given answer sheet. May 1 2 3 n/30. 4 5 CBE invested P59,000. Bought Computer Equipment for P10,000 cash Bought merchandise on account from CAS Distributor, P16,900 with terms 2/10, Bought office supplies on cash basis P700. Sold merchandise on account P16,200, FOB Destination, terms 2/10, n/30. The cost of the merchandise sold was P13,200. 6 7 11 13 Paid freight on May 5 transaction P200. Received credit memo from CAS Distributor for merchandise returned P300. Paid CAS Distributor. Collected the May 5 customers. Bought merchandise on cash basis for P15,400 14 15 Salaries paid P1,500. 16 Borrowed money from BPI bank, issued a promissory note P15,000. 17 Received refund from a supplier on cash purchase on May 14, P500. 18 Bought merchandise from Neda Supplier, P15,200, FOB Shipping point, terms 2/10,n/30. 20 Paid freight on May 18 transaction, P700. 23 Sold merchandise for P17,400. The merchandise sold had a cost of P11,500. Bought merchandise for cash P12,300. 26 27 122222228 Paid Neda on May 18 purchase, P9,000. No discount allowed on partial payment. CBE got cash from the business, P2,015. 29 Made refund to cash customers for defective merchandise P900. 30 30 Sold merchandise on account, P13,700, n/30. Cost of merchandise sold is P11,000. Paid the following: Advertising-P1,000; Utilities-P400, Rent-P3,500; Salaries P1,500. At the end of the month, P23, 668.00 worth of inventory were on hand. 110 Cash Chart of Accounts 115 Accounts Receivable 120 Merchandise Inventory 125 Supplies 130 Equipment 201 Accounts Payable 205 Notes Payable 301 CBE, Capital 302 CBE, Drawing 303 Income Summary 410 Sales 415 Sales Returns and Allowances 420 Sales Discount 510 Purchases 515 Purchase returns and Allowances 520 Purchase Discount 525 Freight In 610 Salaries Expense 615 Advertising Expense 620 Utilities Expense 625 Rent Expense 630 Freight Out Line Items to use in Financial Statements 110 Cash and Cash Equivalents 115 Receivables 120 Inventories 125 Prepaid Expenses 130 Property, Plant & Equipment 201 Accounts Payable 205 Notes Payable 301 CBE, Capital 302 CBE, Drawing 410 Sales 415 Sales Returns and Allowances 420 Sales Discount 510 Purchases 515 Purchase returns and Allowances 520 Purchase Discount 525 Freight In 610 Salaries Expense 615 Advertising Expense 620 Utilities Expense 625 Rent Expense 630 Freight Out

Answer rating: 100% (QA)

Here are the answers to the accounting problem for CBE enterprises for the month of May 2017 1 General Journal May 1 Capital Invested 59000 Cash 59000 To record capital invested by owner May 2 Equipme... View the full answer