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    Final Na Final Na E2 Bhi3

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    Vincenzo Cassano
    The document summarizes information about Juvy Laundry Shop, a sole proprietorship service business owned by Juvy. It includes the post-closing trial balance as of December 31, 2020 showing assets of P1,436,535 and liabilities and owner's equity of the same amount. It also lists 10 major transactions that occurred in September 2020 and 5 adjusting entries that need to be made.

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    Final Na Final Na E2 Bhi3

    Uploaded by

    Vincenzo Cassano
    9 views2 pages
    The document summarizes information about Juvy Laundry Shop, a sole proprietorship service business owned by Juvy. It includes the post-closing trial balance as of December 31, 2020 showing assets of P1,436,535 and liabilities and owner's equity of the same amount. It also lists 10 major transactions that occurred in September 2020 and 5 adjusting entries that need to be made.

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    FINAL NA FINAL NA E2 BHI3

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    The document summarizes information about Juvy Laundry Shop, a sole proprietorship service business owned by Juvy. It includes the post-closing trial balance as of December 31, 2020 showing assets of P1,436,535 and liabilities and owner's equity of the same amount. It also lists 10 major transactions that occurred in September 2020 and 5 adjusting entries that need to be made.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    9 views2 pages

    Final Na Final Na E2 Bhi3

    Uploaded by

    Vincenzo Cassano
    The document summarizes information about Juvy Laundry Shop, a sole proprietorship service business owned by Juvy. It includes the post-closing trial balance as of December 31, 2020 showing assets of P1,436,535 and liabilities and owner's equity of the same amount. It also lists 10 major transactions that occurred in September 2020 and 5 adjusting entries that need to be made.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    You are on page 1of 2

    Juvy Stephanie A.

    Martinez 2BSA-1

    NAME OF THE COMPANY: JUVY LAUNDRY SHOP


    BUSINESS ORGANIZATION: SOLE PROPRIETORSHIP
    TYPE OF BUSINESS: SERVICE BUSINESS

    Juvy Laundry Shop


    Post-Closing Trial Balance
    December 31, 2020
    Account Title Debit Credit
    Cash P 950,870
    Accounts Receivable 80,640
    Allowance for Doubtful Accounts P 1,050
    Notes Receivable 50,800
    Interest Receivable 3,725
    Service Vehicle 350,500
    Accumulated Depreciation – S.V. 5,850
    Accounts Payable 55,080
    Notes Payable 25,000
    Deferred Income 10,000
    Interest Payable 1,200
    Juvy, Capital 1,338,355
    TOTAL P 1,436,535 P 1,436,535

    CHART OF ACCOUNTS
    ASSETS OWNER’S EQUITY
    101 Cash 301 Juvy, Capital
    105 Accounts Receivable 302 Juvy, Withdrawal
    105a Allowance for Doubtful Accounts
    107 Notes Receivable INCOME AND EXPENSES
    109 Interest Receivable 401 Service Income
    110 Laundry Supplies 405 Interest Income
    120 Prepaid Rent 501 Salaries Expense
    150 Laundry Equipment – Washing Machine 502 Rent Expense
    150a Accumulated Depreciation – W.M. 503 Laundry Supplies Expense
    155 Service Vehicle 504 Taxes and Licenses Expense
    155a Accumulated Depreciation – S.V. 505 Depreciation Expense – W.M
    506 Depreciation Expense – S.V.
    LIABILITIES 507 Bad Debt Expense
    201 Accounts Payable 508 Interest Expense
    205 Notes Payable
    210 Deferred Income
    215 Interest Payable 900 Income Summary
    10 MAJOR TRANSACTIONS:
    September 2 Bought washing machine worth P80,000. Paying P30,000 in cash and the balance
    is on account.
    September 4 Paid rent in advance for 3 months’ worth P9,000.
    September 5 Paid cash to DTI for the registration fees, P3,500.
    September 6 Purchase laundry supplies worth P10,350.
    September 11 Received cash for P5,000 for services not yet rendered.
    September 12 Purchase dryer machine worth P25,000; paid P10,000 and issued promissory note
    for the balance.
    September 14 Billed Fred with promissory note for laundry services rendered, P5,850.
    September 25 Received initial payment from Fred worth P2,000.
    September 30 Paid salaries to shop helpers for the month of September, P8,000.
    September 31 Juvy withdraw cash from his capital in the amount of P3,500.

    5 ADJUSTING TRANSACTIONS:
    1. The acquired washing machine has a useful life of 6 years, salvage value of P10,000. It
    uses sum of the years digit method. Do the adjusting for the month of September.
    2. The acquired dryer machine has a useful life of 8 years, and it uses double declining
    method. Do the adjusting for the month of September.
    3. The promissory note on September 14 bears an interest of 3% per month. Do the adjusting
    for the month of September.
    4. Adjust the prepaid rent used for the month of September.
    5. Allowance for doubtful accounts is 6% of the total receivable.

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