Scribd Logo
Upload

Welcome to Scribd!

  • 497 views

    River Jordan Laundry FS

    Uploaded by

    Fiel Marie Satera
    Jordan River Laundry recorded initial investments and purchases throughout September. Revenues from laundry services were recorded, as well as expenses such as wages, supplies, and depreciation. The income statement showed net income of $295,789 for the month. Owner's equity began at $186,700 and was reduced by a $3,000 drawing, resulting in total owner's equity of $183,700.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    River Jordan Laundry FS

    Uploaded by

    Fiel Marie Satera
    497 views6 pages
    Jordan River Laundry recorded initial investments and purchases throughout September. Revenues from laundry services were recorded, as well as expenses such as wages, supplies, and depreciation. The income statement showed net income of $295,789 for the month. Owner's equity began at $186,700 and was reduced by a $3,000 drawing, resulting in total owner's equity of $183,700.

    Original Description:

    River Jordan Laundry Financial Statement

    Copyright

    © © All Rights Reserved

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Jordan River Laundry recorded initial investments and purchases throughout September. Revenues from laundry services were recorded, as well as expenses such as wages, supplies, and depreciation. The income statement showed net income of $295,789 for the month. Owner's equity began at $186,700 and was reduced by a $3,000 drawing, resulting in total owner's equity of $183,700.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    497 views6 pages

    River Jordan Laundry FS

    Uploaded by

    Fiel Marie Satera
    Jordan River Laundry recorded initial investments and purchases throughout September. Revenues from laundry services were recorded, as well as expenses such as wages, supplies, and depreciation. The income statement showed net income of $295,789 for the month. Owner's equity began at $186,700 and was reduced by a $3,000 drawing, resulting in total owner's equity of $183,700.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 6

    JORDAN RIVER LAUNDRY

    General Journal
    Debit Credit
    Sep 2 Cash 120,000
    Laundry Equipment 35,000
    Furniture and Fixtures 22,500
    Office Supplies 4,200
    Laundry Supplies 5,000
    Jordan, Capital 186,700
    To record initial investment

    Sep 8 Laundry Equipment 40,000


    Cash 12,000
    Accounts Payable 28,000
    To record purchase of dryers and spinners on cash and on account

    Sep 10 Cash 117,000


    Accounts Receivable 78,000
    Laundry Service Revenue 195,000
    To record laundry revenue

    Sep 12 Cash 220,000


    Loan Payable 220,000
    To record bank loan proceeds

    Sep 14 Delivery Vehicle 250,000


    Cash 220,000
    Accounts Payable 30,000
    To record purchase of delivery van

    Sep 15 Utilities Expense 34,000


    Repairs Expense 3,500
    Cash 37,500
    To record payment of various expenses

    Sep 18 Accounts Receivable 126,000


    Notes Receivable 54,000
    Laundry Service Revenues 180,000
    To record laundry revenue

    Sep 20 Cash 90,000


    Advances from Clients 90,000
    To record laundry advances

    Sep 22 Cash 70,200


    Accounts Receivable 70,200
    To record cash collection

    Sep 26 Laundry Supplies 12,000


    Cash 8,000
    Accounts Payable 4,000
    To record purchase of detergents and fabric conditioners

    Sep 28 Accounts Payable 2,000


    Laundry Supplies 2,000
    To record return of damaged detergents and fabric conditioners
    Sep 29 Jordan, Drawing 3,000
    Cash 3,000
    To record owner's drawing

    Sep 30 Wages Expense 20,000


    Cash 20,000
    To record payment of wages

    Sep 30 Interest Receivable 180


    Interest Income 180
    To record interest earned

    Sep 30 Interest Expense 1,320


    Interest Payable 1,320
    To record interest incurred

    Sep 30 Laundry Supplies Expense 12,000


    Laundry Supplies 12,000
    To record laundry supplies used

    Sep 30 Office Supplies Expense 2,520


    Office Supplies 2,520
    To record office supplies used

    Sep 30 Depreciation Expense 375


    Accumulated Depreciation - Furniture and Fixtur 375
    To record depreciation of furniture and fixtures for the month

    Sep 30 Depreciation Expense 1,125


    Accumulated Depreciation - Laundry Equipment 1,125
    To record depreciation of laundry equipment for the month

    Sep 30 Depreciation Expense 1,875


    Accumulated Depreciation - Delivery Vehicle 1,875
    To record depreciation of delivery vehicle for the month

    Sep 30 Doubtful Accounts Expense 2,676


    Allowance for Doubtful Accounts 2,676
    To record doubtful accounts
    JORDAN RIVER LAUNDRY
    General Ledger (T-Accounts)

    Cash Accounts Receivable Notes Receivable Laundry Supplies


    120,000 12,000 78,000 70,200 54,000 5,000 2,000
    117,000 220,000 126,000 12,000 12,000
    220,000 37,500
    90,000 8,000
    70,200 3,000
    20,000
    617,200 300,500 204,000 70,200 54,000 - 17,000 14,000
    316,700 133,800 54,000 3,000

    Office Supplies Furniture and Fixtures Laundry Equipment Delivery Vehicle


    4,200 2,520 22,500 35,000 250,000
    40,000
    4,200 2,520 22,500 - 75,000 - 250,000 -
    1,680 22,500 75,000 250,000

    Accounts Payable Loan Payable Advances from Clients Interest Payable


    2,000 28,000 220,000 90,000 1,320
    30,000
    4,000
    2,000 62,000 - 220,000 - 90,000 - 1,320
    60,000 220,000 90,000 1,320

    Jordan, Capital Jordan, Drawing Laundry Service Revenue Interest Income


    186,700 3,000 195,000 180
    180,000
    - 186,700 3,000 - - 375,000 - 180
    186,700 3,000 375,000 180

    Utilities Expense Wages Expense Repairs Expense Interest Expense


    34,000 20,000 3,500 1,320

    34,000 - 20,000 - 3,500 - 1,320 -


    34,000 20,000 3,500 1,320

    Office Supplies Expense Depreciation Expense Doubtful Acc Exp Allow for Doubtful Acc
    2,520 375 2,676 2,676
    1,125
    1,875
    2,520 - 3,375 - 2,676 - - 2,676
    2,520 3,375 2,676 2,676
    Interest Receivable
    180

    180 -
    180

    Acc Dep - Furn & Fixt Depreciation Expense = Acquisition value - salvage value
    375 (annual) Useful life in years

    - 375 (monthly) = divide by 12


    375

    Acc Dep - Laundry Equip


    1,125

    - 1,125
    1,125

    Acc Dep - Delivery Veh


    1,875

    - 1,875
    1,875

    Laundry Supplies Expense


    12,000

    12,000 -
    12,000

    Debit: 939,251
    Credit: 939,251
    JORDAN RIVER LAUNDRY
    Income Statement
    For the Month Ended September 30, 2015

    Revenues
    Laundry Service Revenue ₱ 375,000
    Interest Income 180
    Total Revenues ₱ 375,180
    Expenses
    Utilities Expense 34,000
    Wages Expense 20,000
    Laundry Supplies Expense 12,000
    Repairs Expense 3,500
    Depreciation Expense 3,375
    Doubtful Accounts Expense 2,676
    Office Supplies Expense 2,520
    Interest Expense 1,320
    Total Expenses 79,391
    Net Income ₱ 295,789

    JORDAN RIVER LAUNDRY


    Statement of Changes in Owner's Equity
    For the Month Ended September 30, 2015

    Jordan, Capital - September 2 ₱ 186,700


    Add: Net Income 295,789
    Subtotal ₱ 482,489
    Less: Jordan, Drawing 3,000
    Jordan, Capital - September 30 ₱ 479,489

    JORDAN RIVER LAUNDRY


    Statement of Financial Position
    As of September 30, 2015

    Assets
    Current Assets
    Cash ₱ 316,700
    Accounts Receivable ₱ 133,800
    Less: Allowance for Doubtful Accounts 2,676 131,124
    Notes Receivable 54,000
    Interest Receivable 180
    Laundry Supplies 3,000
    Office Supplies 1,680
    Total Current Assets ₱ 506,684
    Noncurrent Assets
    Furniture and Fixtures 22,500
    Less: Accumulated Depreciation - Furniture and Fixtures 375 22,125
    Laundry Equipment 75,000
    Less: Accumulated Depreciation - Laundry Equipment 1,125 73,875
    Delivery Vehicle 250,000
    Less: Accumulated Depreciation - Delivery Vehicle 1,875 248,125
    Total Noncurrent Assets 344,125
    Total Assets ₱ 850,809
    Liabilities and Owner's Equity
    Current Liabilities
    Accounts Payable 60,000
    Advances from Clients 90,000
    Loan Payable 220,000
    Interest Payable 1,320
    Current Liabilities 371,320
    Owner's Equity
    Jordan, Capital 479,489
    Total Owner's Equity 479,489
    Total Liabilities and Owner's Equity ₱ 850,809

    You might also like