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CLEAN LAUNDRY Trial Balance June 30, 2020

CLEAN LAUNDRY Trial Balance June 30, 2020

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I want both Answers. I posted this question but they didn't given me 10coloum worksheet Please answer both 10 coloum worksheet and finance statements
The trial balance of the Clean Laundry on June 30, 2020 ends of the current fiscal year and the data needed for year-end adjustment are presented below: CLEAN LAUNDRY Trial Balance June 30, 2020 Cash on Hand Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Unexpired Insurance Laundry Equipment Accumulated Depreciation – Laundry Equipment Notes Payable Carrie Clean, Capital Carrie Clean, Drawing Laundry Income Salaries Expense Laundry Supplies Expense Taxes and Licenses Light and Water Expense Rent Expense Interest Expense 33,000 50,000 5,000 30,000 3,600 90,000 9,000 6,000 115,000 6,000 120,000 11,000 15,000 2,500 7,000 5,000 1,900 P 255,000 Total P 255,000 Data for adjustments: 1. Laundry supplies on hand amount to P 3,000. 2. 15% of the outstanding accounts receivable are estimated to be uncollectible. 3. The estimated life of the laundry equipment is 10 years with no scrap value. 4. The unexpired insurance represents the annual premium paid on Feb. 1, 2020 5. Light and water expense unpaid on June 30 amounted to P 2,000. 6. Interested accrued on notes payable amounted to P 60. Answer for Journal Laundry Supplies Laundry Supplies Expense Dec 31 3,000 3,000 Bad Debts Expense 7,500 Allowance for Bad Debts 7,500 Laundry Equipment Expense Accumulated Depreciation-Laundry Equipment 9,000 9,000 Insurance Expense Unexpired Insurance 1,500 1,500 Light and Water Expense Light and Water Payable 2,000 2,000 Interest Expense Interest Payable 60 60 Required: 1. Prepare a 10-column worksheet 2. Prepare the financial statements.
Transcribed Image Text:The trial balance of the Clean Laundry on June 30, 2020 ends of the current fiscal year and the data needed for year-end adjustment are presented below: CLEAN LAUNDRY Trial Balance June 30, 2020 Cash on Hand Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Unexpired Insurance Laundry Equipment Accumulated Depreciation – Laundry Equipment Notes Payable Carrie Clean, Capital Carrie Clean, Drawing Laundry Income Salaries Expense Laundry Supplies Expense Taxes and Licenses Light and Water Expense Rent Expense Interest Expense 33,000 50,000 5,000 30,000 3,600 90,000 9,000 6,000 115,000 6,000 120,000 11,000 15,000 2,500 7,000 5,000 1,900 P 255,000 Total P 255,000 Data for adjustments: 1. Laundry supplies on hand amount to P 3,000. 2. 15% of the outstanding accounts receivable are estimated to be uncollectible. 3. The estimated life of the laundry equipment is 10 years with no scrap value. 4. The unexpired insurance represents the annual premium paid on Feb. 1, 2020 5. Light and water expense unpaid on June 30 amounted to P 2,000. 6. Interested accrued on notes payable amounted to P 60. Answer for Journal Laundry Supplies Laundry Supplies Expense Dec 31 3,000 3,000 Bad Debts Expense 7,500 Allowance for Bad Debts 7,500 Laundry Equipment Expense Accumulated Depreciation-Laundry Equipment 9,000 9,000 Insurance Expense Unexpired Insurance 1,500 1,500 Light and Water Expense Light and Water Payable 2,000 2,000 Interest Expense Interest Payable 60 60 Required: 1. Prepare a 10-column worksheet 2. Prepare the financial statements.
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