The trial balance of Irene's Laundry on June 30 is shown below: IRENE'S COIN LAUNDRY Trial Balance June 30, 2015 Account No. 101 112 126 157 201 Account Title Cash Accounts Receivable Supplies Equipment Accounts Payable Notes Payable Irene Bora, Capital Total Debit P 8,750 2,320 1,900 9,000 Credit P 800 5,500 15,670 P 21,970 206 301 P 21, 970 The July transactions were as follows: July 5 Received P850 cash from customers for services rendered Billed customers for services performed, P 6,300 Paid Salaries of employees, P1,400 Paid P2,000 cash to creditors for the notes payable Received P250 for services rendered on cash basis Purchased supplies on account, at a cost of P350 Paid P250 for the July 26 transaction | Withdrew P600 cash for personal use Paid utilities P900 Paid salaries of employees, P1,400 10 15 20 21 26 27 29 30 31 Additional Information Provision should be made for the following additional accounts, No. 306, Irene Bora, Drawings, No. 426 Laundry Revenue, No. 726 Salaries Expense, No. 732 Utlities Expense, and No. 802 Revenue and Expense Summary. Instructions: Create the answer sheets for and submit the following: 1. Chart of Accounts 2. July Journal Entries 3. General Ledger postings for the month 4. Trial Balance 5. Income Statement 6. Balance Sheet
The trial balance of Irene's Laundry on June 30 is shown below: IRENE'S COIN LAUNDRY Trial Balance June 30, 2015 Account No. 101 112 126 157 201 Account Title Cash Accounts Receivable Supplies Equipment Accounts Payable Notes Payable Irene Bora, Capital Total Debit P 8,750 2,320 1,900 9,000 Credit P 800 5,500 15,670 P 21,970 206 301 P 21, 970 The July transactions were as follows: July 5 Received P850 cash from customers for services rendered Billed customers for services performed, P 6,300 Paid Salaries of employees, P1,400 Paid P2,000 cash to creditors for the notes payable Received P250 for services rendered on cash basis Purchased supplies on account, at a cost of P350 Paid P250 for the July 26 transaction | Withdrew P600 cash for personal use Paid utilities P900 Paid salaries of employees, P1,400 10 15 20 21 26 27 29 30 31 Additional Information Provision should be made for the following additional accounts, No. 306, Irene Bora, Drawings, No. 426 Laundry Revenue, No. 726 Salaries Expense, No. 732 Utlities Expense, and No. 802 Revenue and Expense Summary. Instructions: Create the answer sheets for and submit the following: 1. Chart of Accounts 2. July Journal Entries 3. General Ledger postings for the month 4. Trial Balance 5. Income Statement 6. Balance Sheet
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The trial balance of Irene's Laundry on June 30 is shown below:
IRENE'S COIN LAUNDRY
Trial Balance
June 30, 2015
Account No.
Account Title
Cash
Debit
P 8,750
2,320
Credit
101
112
126
157
Accounts Receivable
Supplies
Equipment
Accounts Payable
Notes Payable
|Irene Bora, Capital
Total
1,900
9,000
201
P 800
|206
301
5,500
15,670
P 21,970
P 21, 970
The July transactions were as follows:
July
5
|10
Received P850 cash from customers for services rendered
Billed customers for services performed, P 6,300
Paid Salaries of employees, P1,400
Paid P2,000 cash to creditors for the notes payable
Received P250 for services rendered on cash basis
Purchased supplies on account, at a cost of P350
Paid P250 for the July 26 transaction
| Withdrew P600 cash for personal use
15
| 20
21
26
27
29
30
Paid utilities P900
31
Paid salaries of employees, P1,400
Additional Information
Provision should be made for the following additional accounts, No. 306, Irene Bora,
Drawings, No. 426 Laundry Revenue, No. 726 Salaries Expense, No. 732 Utilities Expense, and
No. 802 Revenue and Expense Summary.P
Instructions: Create the answer sheets for and submit the following:
1. Chart of Accounts
2. July Journal Entries
3. General Ledger postings for the month
4. Trial Balance
5. Income Statement
6. Balance Sheet
II
T
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