Prepare the following: Balance Sheet and Closing Entries

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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Prepare the following:

Balance Sheet and Closing Entries

CHART OF ACCOUNTS
ASSETS
LIABILITIES
Current Assets
300 Accounts Payable
100 Cash
302 Unearned Income
101 Accounts Receivable
102 Supplies
103 Prepaid Rent
OWNER'S EQUITY
400 Clean, Capital
401 Clean, Drawing
Non-current Assets
200 Property, Plant and Equipment
INCOME
201 Furniture and Fixtures
500 Service Revenue
202 Land
203 Building
EXPENSES
600 Utilities Expense
601 Salaries and Wages
Transcribed Image Text:CHART OF ACCOUNTS ASSETS LIABILITIES Current Assets 300 Accounts Payable 100 Cash 302 Unearned Income 101 Accounts Receivable 102 Supplies 103 Prepaid Rent OWNER'S EQUITY 400 Clean, Capital 401 Clean, Drawing Non-current Assets 200 Property, Plant and Equipment INCOME 201 Furniture and Fixtures 500 Service Revenue 202 Land 203 Building EXPENSES 600 Utilities Expense 601 Salaries and Wages
Date
Transactions
2022
March
1
The owner, Mrs. Clean,
invested the following:
building
cash
1,150,000
120,000
Purchased washing machines
and laundry equipment on
account
2
160,000
Received cash as an advance
payment for laundry services
40,500
4.
Received cash from customers
215,200
Rendered partial service for the
advance payment received
25,400
6.
Paid salaries and wages
18,000
7
Paid PLDT, Meralco and
Prime Water
12,500
Withdrew cash for personal use
12,800
Purchased store cabinets
44,000
Rendered the remaining balance
for the advance payment
10
received
11
Billed customers for services
rendered
112,000
12
Paid advance rent for the
commercial stall
20,000
3.
Transcribed Image Text:Date Transactions 2022 March 1 The owner, Mrs. Clean, invested the following: building cash 1,150,000 120,000 Purchased washing machines and laundry equipment on account 2 160,000 Received cash as an advance payment for laundry services 40,500 4. Received cash from customers 215,200 Rendered partial service for the advance payment received 25,400 6. Paid salaries and wages 18,000 7 Paid PLDT, Meralco and Prime Water 12,500 Withdrew cash for personal use 12,800 Purchased store cabinets 44,000 Rendered the remaining balance for the advance payment 10 received 11 Billed customers for services rendered 112,000 12 Paid advance rent for the commercial stall 20,000 3.
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