Preparation of SFP

Oct 1, 2018 Cedrick started business with 100,000

Oct 2, 2018 Purchase Sofa for cash 7,000

Oct 8, 2018 Purchase goods for cash 2,000 and for credit 1,000 from Khalid Retail Store

Oct 14, 2018 Sold Goods to Khan brothers 12,000 and cash sales 5,000

Oct 18, 2018 Cedrick withdrew 2,000 for personal use

Oct 22, 2018 Paid Khalid Retail Store 500

Oct 26, 2018 Received 10,000 from Khan Brothers

Oct 30, 2018 Paid salaries Expense 2,000

1. Prepare journal entries
2. Prepare T-accounts
3. Prepare the SFP/Balance Sheet