Statement of income and statement of financial position of the company El Trbol, S.A

Instructions:

Read the following exercise carefully and solve what is asked

The company El Trbol, S.A presents the following balances as of June 30, 2022: Banks $30; share capital $50; furniture and equipment $5 and computer equipment $15 The operations carried out in the month of July are:

1. You purchase merchandise for $50 of which you pay 50% through

bank transfer and the rest is on credit for 30 days. 2. Sell merchandise for $80. The client pays $25 by bank transfer and the difference is credited for 21 days. Cost of merchandise sold $30.00

3. Salaries and commissions are paid by bank transfer to

vendors for $5 and administration staff salaries for $4 4. $2 plus VAT is paid by bank transfer for rent

5. Bank interest is paid for 3 plus VAT, an amount that is discounted from

the bank account.

6. The minor VAT is canceled (VAT

Makes:

1) The registration in "T" accounts of greater, determining the debit and credit movements, as well as the debit or credit balance as the case may be.

2) Make the following adjusting and closing entries: A1. Settle the cost of sales account, transferring it to the account

of sales.

A2. Settle the sales account by transferring it to the loss account

and earnings.

A3. Settle expense accounts (administration, sales, other accrued interest expenses, etc.) and transfer them to profit and loss

3) The income statement (considers an ISR of 30%)

4) The statement of financial position or balance sheet as of July 31, 2022