Mr. Mak Dy opened his laundry shop. During the month of March, Dy completed the following transactions for his laundry shop business: Mar. 2 Dy invested P100,000 in the business. 3 Purchased supplies on account for P3,500. 4 Purchased washing machines for P35,000 on account 6 Received P12,900 in cash for laundry services during the first week of operation. 9 Hired a part-time assistant to help on weekends for a wage of P480. 13 Received P10,000 in cash for laundry services during the second week of operation. 16 Paid the assistant P480 for a weekend's work. 17 Paid for the supplies purchased on April 3. 20 Paid utilities expense for the month, P5,000 23 Billed a company P1,100 for laundry services.

Mr. Mak Dy opened his laundry shop. During the month of March, Dy completed the following transactions for his laundry shop business: Mar. 2 Dy invested P100,000 in the business. 3 Purchased supplies on account for P3,500. 4 Purchased washing machines for P35,000 on account 6 Received P12,900 in cash for laundry services during the first week of operation. 9 Hired a part-time assistant to help on weekends for a wage of P480. 13 Received P10,000 in cash for laundry services during the second week of operation. 16 Paid the assistant P480 for a weekend's work. 17 Paid for the supplies purchased on April 3. 20 Paid utilities expense for the month, P5,000 23 Billed a company P1,100 for laundry services.

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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Question

Instructions:

- Journalize the transactions

- Posting

- Prepare a trial balance

Mr. Mak Dy opened his laundry shop. During the month of March, Dy completed
the following transactions for his laundry shop business:
Mar. 2 Dy invested P100,000 in the business.
3 Purchased supplies on account for P3,500.
4 Purchased washing machines for P35,000 on account
6 Received P12,900 in cash for laundry services during the first week of operation.
9 Hired a part-time assistant to help on weekends for a wage of P480.
13 Received P10,000 in cash for laundry services during the second week of
operation.
16 Paid the assistant P480 for a weekend's work.
17 Paid for the supplies purchased on April 3.
20 Paid utilities expense for the month, P5,000
23 Billed a company P1,100 for laundry services.
Chart of Accounts
101
Cash
Accounts Receivable
102
103 Supplies
104 Equipment
201
Accounts Payable
301
Dy, Capital
Service Income
401
501
Salaries Expense
502
Ublities Expense

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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