Rizamie Suelo

11 - Caladium
PERFORMANCE TASK IN FABM1

Step 1 & 2 Understanding and Journalizing the transactions Purchases Step 3 - Posting to the General Ledger.
Vantage Global Vantage Global

Date Description Debit ($) Credit ($) Account Debit ($)

Computer
hardware
and Computer
5-Jan-22 peripherals 20,000 Hardware 25,000

Accounts
Payable 20,000 Peripherals

Software Accounts
10-Jan-22 licenses 10,000 Payable 10,000

Cash 10,000 Cash

Office
furniture Software
15-Jan-22 and fixtures 7,000 Licenses 5,000

Accounts Office
Payable 7,000 Furniture 7,000

Professio
nal
20-Jan-22 services 2,500 Fixtures

Accounts
Cash 2,500 Payable 7,000

Raw Professional
25-Jan-22 materials 15,000 Services
 Accounts
Payable 15,000 Cash 2,500

Raw
Total 54,500 54,500 Materials 15,000
Accounts
Payable 15,000

Total 55,500

CASH RECEIPT JOURNAL

Cash
Account Received
Date Customer Debited ($)

Sales
44563 Shein Revenue 3000
Sales
44568 Belle Revenue 3500
Sales
44573 Dino Revenue 1800
Sales
44579 Kia Revenue 4200
Sales
44584 Kenzie Revenue 1500
Total 14000

Step 7- Preparation of Financial Statements Step 8- Closing Entries

Vantage Global Vantage Global

Amount Balance Amount Account

Account ($) Sheet ($) Title Debit ($) Credit ($)
Sales Sales
Revenue - Revenue - $50,000

Cost of Cost of
Goods Goods
Sold - 5,000 Sold $30,000 -
Gross Operating
Profit - Account - Expenses $10,000 -

Depreciati
on Income
Expense 3,500 Assets 7,000 Summary - $10,000

Dividends
(if
Insurance applicable
Expense 500 Cash -3,500 ) $2,000 -

Accounts
Salaries Receivabl
Expense 3,000 e 7,500 Capital - $2,000

Total
Operating Computer
Expenses 7,000 Hardware -1,500 Total $42,000 $42,000

Accumula
ted
Net Depreciati
Income - on 5,000

Office
Furniture 6,000

Accumula
ted
Depreciati
on 26,500
Software
Licenses

Prepaid
Insurance 27,500
Total
Assets -

Liabilities 27,500
Accounts
Payable
Salaries
Payable -1,000
Total
Liabilities 26,500
Owner's
Equity
Capital

Total
Liabilities
and
Equity
osting to the General Ledger. Step 4 & 5 -Prepare the Unadjusted Trial Balance and preparation of
Vantage Global Worksheet.
Vantage Global

Credit ($) Account Debit ($) Credit ($)

Computer
Hardware 20,000

25,000 Peripherals 20,000

Accounts
Payable 17,500

5,000 Cash 7,000

Software
Licenses 10,000

Office
Furniture 7,000

7,000 Fixtures 7,000

Professional
Services 2,500

2,500 Raw Materi 15,000

 Total 50,000 50,000

55,500
9
 Step 6-Preparing adjusting entries.
Vantage Global
Depreciation Expense for Computer Hardware and Office Furniture:
Assuming the computer hardware and office furniture have a Account
useful life of 5 years and are depreciated using the straight-line method. Title
Deferred or Prepaid Expenses:
Assuming Luminova Tech paid $6,000 for insurance coverage for the
entire year on January 1, 2022.
Accrued Expenses:
Assuming Luminova Tech owes $3,000 in salaries for the last week of
January. Cash

Adjusting Entries: Accounts

Depreciation Expense: Receivabl
Debit: Depreciation Expense - Computer Hardware $2,000 e
Credit: Accumulated Depreciation - Computer Hardware $2,000
Debit: Depreciation Expense - Office Furniture $1,500
Credit: Accumulated Depreciation - Office Furniture $1,500
Deferred or Prepaid Expenses: Computer
Debit: Insurance Expense $500 Hardware
Credit: Prepaid Insurance $500
Accrued Expenses:
Debit: Salaries Expense $3,000
Credit: Salaries Payable $3,000 Accumula
ted
Depreciati
on -
Hardware

Office
Furniture

Accumula
ted
Depreciati
on -
Furniture

Software
Licenses

Prepaid
Insurance

Accounts
Payable
Salaries
Payable

Capital
Sales
Revenue

Cost of
Goods
Sold

Depreciati
on
Expense -
Hardware

Depreciati
on
Expense -
Furniture

Insurance
Expense
Salaries
Expense

Total
Debit ($) Credit ($)

5000

25000

7500

5000

6000

27500
 1000

26000

2000

1500

500

3000

55000 55000