CC Services Inc. 18 Returned 1,500 cost of merchandise to M.

Statement of Financial Position Cervantes Co. due to bad order and was not replaced
For the year ended December 31, 2019
18 Collected in full the the account of F. Ybanez
Trading 177,380
Assets
Current Assets
20 Sold Merchandise for cash 50,000 to Valle
Cash 200,000
Enterprise and gave a 1% trade discount
Accounts Receivable 300,000
Inventory 400,000
22 Received 500 worth of merchandise from Valle
Total Current Assets 900,000
as returns for items they purchased

Equipment 100,000
23 Collected from R. Langbid Co. 78,400 net of
Land 200,000
discount
Total Non-Current Assets 300,000
26 Sold Merchandise on account to K. Peras
Total Assets 1,200,000
Commercial 420,000. Term 3/10

Liabilities
28 Paid the following Expenses
Accounts Payable 100,000
Salaries for the month 15,000
Notes Payable 200,000
Light & Water Bill 5,800
Total Liabilities 300,000
Taxes and Licenses 6,500
Rent Expense 10,000
Owners’ Equity
Total 37,300
CC, Capital 900,000
30 Withdrew 20,000 for personal use of CC
Total Liabilities and
Owner’s Equity 1,200,000
The Inventory end was physically counted at 350,000

Prepare the Following

The following transactions occurred during the month
1. Entries for all the transactions
of January
2. Statement of comprehensive Income
3. Statement of Cash Flows
Jan 1. CC invested 50,000 cash and 100,000
4. Statement of Financial Position for the month ended
equipment to the business.
5. Statement of Changes in Owner’s Equity

2 Purchased merchandise in cash from Rowena

costing 150,000 and paid freight 2,500

3 Returned 3,000 cost of merchandise to Rowena

Tuyor Trading due to some defects

5 Sold Merchandise for Cash 120,000 to R.

Grocery and gave a trade discount of 3,500

7 Purchase Merchandise on Account from S.

Madel Co. 50,000. Term 3/10, N/30

8 Sold Merchandise on Account to F. Ybanez,

185,000, Term 2/10, N/30. Paid freight on shipment
1,200

10 Received 4,000 worth of merchandise from F.

Ybanez trading for not conforming to the order.

12 Paid the account with S. Madelo Co. 48,500

after availing 3% discount

13 Sold Merchandise on account to R. Langbid Co.

80,000. Term 2/10, N/30.

15 Purchased Merchandise on Account from M.

Cervantes Co., 70,000 term: 3/10, N/30