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    Entrep - Module 10

    Uploaded by

    Catherine Costelo Parañal

    Copyright:

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

    Entrep - Module 10

    Uploaded by

    Catherine Costelo Parañal
    3 views3 pages

    Original Title

    Entrep_module 10

    Copyright

    © © All Rights Reserved

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    PDF, TXT or read online from Scribd

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    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    3 views3 pages

    Entrep - Module 10

    Uploaded by

    Catherine Costelo Parañal

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    Prepare an Income Statement and a Balance Sheet

    1. Prepare General Journal

    Date Particulars Post Debit Credit


    2018 ref
    June 1 Cash 200, 000
    Mr. A, Capital 200, 000

    June 5 Laundry Equipment 150 ,000


    Cash 150, 000

    June 6 Prepaid Insurance 6, 000


    Cash 6, 000

    June 7 Laundry Supplies 10, 000


    Cash 10, 000

    June 15 Salaries & wages 4, 750


    Cash 4, 750

    June 16 Cash 25, 000


    Laundry Income 25, 000

    June 17 Account receivable 45, 000


    Laundry Income 45, 000

    June 18 Office Supplies 2, 000


    Account payable 2, 000

    June 20 Cash 45, 000


    Accounts receivable 45, 000

    June 25 Accounts payable 2, 000


    Cash 2, 000

    June 27 Utilities Expense 1, 000


    Cash 1, 000

    June 30 Transportation Expense 1, 300


    Cash 1, 300

    Salaries & wages 5, 000


    Cash 5, 000

    Rent Expense 7, 500


    Cash 7, 500
    Prepare an Income Statement and a Balance Sheet
    2. Prepare General Ledger using T-accounts

    Cash Mr. A, Capital Laundry Equipment


    Debit Credit Debit Credit Debit Credit
    200, 000 150, 000 200, 000 150, 000
    25, 000 6, 000
    200, 000 150, 000
    45, 000 10, 000
    4, 750
    2, 000 Prepaid Insurance
    Laundry Supplies
    1, 000
    Debit Credit Debit Credit
    1, 300
    5, 000 10, 000 6, 000
    7, 500 10, 000 6, 000
    270, 000 187, 550
    82, 450

    Salaries & wages Laundry Income Accounts receivable


    Debit Credit Debit Credit Debit Credit
    4, 750 25, 000 45, 000 45, 000
    45, 000 0
    5, 000
    70, 000
    9, 750

    Office supplies Accounts payable Utilities expense


    Debit Credit Debit Credit Debit Credit
    2, 000 2, 000 2, 000 1, 000
    2, 000 0 1, 000

    Transportation expense Rent expense


    Debit Credit Debit Credit
    1, 300 7, 500
    1, 300 7, 500
    Prepare an Income Statement and a Balance Sheet
    3. Prepare a Trial Balance

    Alpha Laundry System


    Unadjusted Trial Balance
    For the month of June 2018

    Accounts Title Debit Credit


    Cash 82, 450
    Account Receivable 0
    Prepaid Insurance 6, 000
    Office Supplies 2, 000
    Laundry Equipment 150, 000
    Account Payable 0
    Mr. A, Capital 200, 000
    Laundry Income 70, 000
    Utilities Expense 1, 000
    Rent Expense 7, 500
    Laundry Supplies 10, 000
    Salaries & wages 9, 750
    Transportation Expense 1, 300
    Total 270, 000 270, 000

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