John Drew has just retired from his job and decided to put up a grocery store. He named the store JD Grocery Shop The following are his activities for the past three months. REQUIREMENTS-Please disregard Tax Calculation 1. Prepare adjusting entries for the following a. depreciation of fixed asset as of October 31, 2019- useful life of fixed assets -5 years b. amortization of Leasehold improvement as of October 31, 2019-Useful life-5 years c. Accrued salaries as of October 31, 2019 d. Prepaid Rent as of October 31,2019 2. Prepare General Ledger for all your adjusting entries 31 Oct.2019 3. Prepare Adjusted Trial Balance as at 31 Oct.2019-Add additonal sheets on this worksheet 4. Prepare Income Statement as of October 31,2019-Format is provided, please modify as needed 5. Prepare Balance Sheet as at October 31,2019 using Account Form-Format is provided, please modify as needed ADJUSTING JOURNAL ENTRY DATE BUSINESS ACTIVITY BUSINESS PAPER ACCOUNT TITLE DEBIT CREDIT Withdrew 1,000,000 from his 01-Jul-19 retirement pay and opened a separate checking account under the name of the business Acquired a rented space for the 05-Jul-19 grocery shop for 10,000 a month. he CHECK NO. 001 paid 2 months security deposit and 1 month advance upon signing of the Acquired the services of Prime 10-Jul-19 Carpentry Services for painting, QUOTE NO. 19-05 electrical and other carpentry works |CHECK NO. 002 to the space. Contract amountPurchase the following for the business: SI- 10024 cash registers 3 units - 73,000 CHECK NO. 003 01-Aug-19 |Swivel chairs, cabinets, drawers, - 27,000 SI-00134 freezer 1 unit - 25,000; Chiller 2 units 30,000 CHECK NO. 004 Purchase a pre-owned 2016 Toyota 15-Aug-19 Fortuner for 750,000 and paid cash from his personal checking account 20-Aug-19 Prime Carpentry Services finihed the CHECK NO. 005 works and collected the other 50% Secured permits and registrations from personal account Business permit - 8,500 BIR Registration - 500 2-Sep-19 Printing of Official Receipts/ Sales Invoice - 2,000 Purchase Books of Accounts and other supplies - 1,000 15-Sep-19 Purchased goods for sale - 300,000 paid cash CHECK NO. 006 SI-29564Hired the following personnel to start October 1, 2019: Anton Garcia - Delivery boy - 6,000 per month 20-Sep-19 Bea Salvador - store supervisor - 10,000 per month Emilio Cruz - merchandiser - 5,000 per month Dina Mellanes - cashier - 6,000 per month Jayvee Sta. Ana - cashier - 6,000 per month Grand opening of the grocery shop. Total sales - 125,000 1-Oct-19 Cash sales - 100,000 SI-001 Credit Sales - 25,000 CSI-001 Cost of Goods Sold - 75,000 Cash sales - 73,000 51-002 2-Oct-19 Credit Sales - 2,000 CSI-002 Cost of Goods Sold - 45,000 03-Oct-19 to Cash sales - 53,000 51-003 14-Oct-19 Credit Sales - 20,000 CSI-003 Cost of Goods Sold - 65,000 Cash Sale - 26,460 $1-004 ; SI-005 Credit Sale - 50,000 CSI-004 Cost of goods sold - 35,000 John Drew shops for some grocery 15-Oct-19 items, from the business, for his house and issued a check dated Nov. 3, 2019 Amount - 7,000 Cost of goods sold -4.200Cost of Goods Sold - 45,000 03-Oct-19 to Cash sales - 53,000 SI-003 14-Oct-19 Credit Sales - 20,000 CSI-003 Cost of Goods Sold - 65,000 Cash Sale - 26,460 SI-004 ; SI-005 Credit Sale - 50,000 CSI-004 Cost of goods sold - 35,000 John Drew shops for some grocery 15-Oct-19 items, from the business, for his house and issued a check dated Nov. 3, 2019 Amount - 7,000 Cost of goods sold - 4,200 Paid the salaries of personnel: Anton Garcia - Delivery boy - 3,000 CHECK NO. 007 15-Oct-19 Bea Salvador - store supervisor - 5,000 Emilio Cruz - merchandiser - 2,500 Dina Mellanes - cashier - 3,000 Jayvee Sta. Ana - cashier - 3,000 20-Oct-19 Collected the sales on account of Oct. ( OR-0001 Paid the following bills : 27-Oct-19 Electricity-1,937.98 CHECK NO. 008 Telephone bill - 1,489.99 CHECK NO. 009 John Drew reimbursed his expenses in securing permits 30-Oct-19 on Sept. 2, 2019 - 12,000 CHECK NO. 010JU GROCERY SHOP Income statement Sales Less: Cost of Sales Gross Profit Expenses Office supplies Depreciation expense Amortization expense Total expenses Net IncomeBALANCE SHEET October 31, 2019 ASSETS LIABILITIES Current Assets Current Liabilities Cash on hand and in bank Accounts Payable Inventory Total Current Liabilities 0.00 Accounts Receivables Total Current Assets 0.00 Non-current liabilities 0.00 Non-current assets Total non-current liabilities Security deposits Leasehold improvements TOTAL LIABILITIES 0.00 Accumulated amortization Office Equipment OWNER'S EQUITY Tools and equipment Owner's equity Accumulated depreciation Yacapin Capital Total Non-current Assets 0.00 Net income 0.00 TOTAL OWNER'S EQUITY 0.00 TOTAL ASSETS 0.00 TOTAL LIABILITIES AND O 0.00