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    Aldrich Magnaye BSA 1 B Problem 8 Activity

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    Anonn
    1. The document contains financial statements for Self Service Laundry for May 1, 2020, including a trial balance, income statement, statement of owner's equity, balance sheet, and post-closing trial balance. 2. The trial balance shows assets of $355,100 equal to liabilities and owner's equity of $355,100 as of May 1, 2020. 3. The income statement shows revenues of $31,600 and expenses of $21,280, resulting in a profit of $10,320 for the period.

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    Aldrich Magnaye BSA 1 B Problem 8 Activity

    Uploaded by

    Anonn
    69 views5 pages
    1. The document contains financial statements for Self Service Laundry for May 1, 2020, including a trial balance, income statement, statement of owner's equity, balance sheet, and post-closing trial balance. 2. The trial balance shows assets of $355,100 equal to liabilities and owner's equity of $355,100 as of May 1, 2020. 3. The income statement shows revenues of $31,600 and expenses of $21,280, resulting in a profit of $10,320 for the period.

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    1. The document contains financial statements for Self Service Laundry for May 1, 2020, including a trial balance, income statement, statement of owner's equity, balance sheet, and post-closing trial balance. 2. The trial balance shows assets of $355,100 equal to liabilities and owner's equity of $355,100 as of May 1, 2020. 3. The income statement shows revenues of $31,600 and expenses of $21,280, resulting in a profit of $10,320 for the period.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    69 views5 pages

    Aldrich Magnaye BSA 1 B Problem 8 Activity

    Uploaded by

    Anonn
    1. The document contains financial statements for Self Service Laundry for May 1, 2020, including a trial balance, income statement, statement of owner's equity, balance sheet, and post-closing trial balance. 2. The trial balance shows assets of $355,100 equal to liabilities and owner's equity of $355,100 as of May 1, 2020. 3. The income statement shows revenues of $31,600 and expenses of $21,280, resulting in a profit of $10,320 for the period.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    You are on page 1of 5

    Aldrich A.

    Magnaye BSA 1-B


    1.)
    Cash Capital Accounts Payable
    250,000 6,700 250,000 7,000 3,250
    19,250 5,750 250,000 2,750 80,000
    12,350 35,000 73,500
    5,600
    7,000
    2,080
    7,400
    5,000
    2,750
    2,800 Supplies Expense Rent Expense
    201,520 3,250 5,750
    Furniture and Fixtures 3,250 5,750
    6,700
    6,700
    Miscellaneous Expense
    2,800
    2,800

    2.) Self Service Laundry


    Trial Balance
    1-May-20
    Account title Debit Credit
    Cash 201,520
    Equipments 115,000
    Furniture and Fixture 6,700
    Prepaid Insurance 5,600
    Accounts Payable 73,500
    Capital 250,000
    Drawings 5,000
    Laundry Revenues 31,600
    Salaries Expense 7,400
    Supplies Expense 3,250
    Miscellaneous Expense 2,800
    Rent Expense 5,750
    Utilities Expense 2,080
    355,100 355,100

    3.)
    Self Service Laundry
    Income Statement
    1-May-20
    Revenues
    Laundry Revenues 31,600
    Total 31,600
    Expenses
    Salaries Expense 7,400
    Supplies Expense 3,250
    Miscellaneous Expense 2,800
    Rent Expense 5,750
    Utilities Expense 2,080
    Total 21,280

    Profit 10,320

    4.) Self Service Laundry


    Statement of Changes in Equity
    1-May-20
    Evangelista, Owner's Equity, 5/1/2020 250,000
    Add: Additional Investments by Evangelista P0
    Profit 10,320 10,320
    Total 260,320
    Less: Withdrawals 5,000
    Evangelista, Owner's Equity 255,320

    5.)
    Self Service Laundry
    Balance Sheet
    1-May-20
    Assets
    Current Assets
    Cash 201,520
    Prepaid Insurance 5,600
    Total Current Assets 207,120
    Property and Equipment
    Equipment 115,000
    Furniture and Fixtures 6,700 121,700
    Total Assets 328,820
    Liabilities
    Current Liabilities
    Accounts Payable 73,500
    Total Current Liabilities 73,500

    Owner's Equity
    Evangelista,Capital 255,320
    Total Liabilities and Owner's Equity 328,820
    6.)
    2020 Dr Cr
    1-May Laundry Revenues 31,600
    Income Summary 31,600

    Income Summary 21,280


    Salaries Expense 7,400
    Supplies Expense 3,250
    Miscellaneous Expense 2,800
    Rent Expense 5,750
    Utilities Expense 2,080

    Income Summary 10,320


    Evangelista,Capital 10,320

    Evangelista,Capital 5,000
    Evangelista,Withdrawals 5,000

    7.)
    Cash Prepaid Insurance Equipment
    201,520 5,600 115,000
    201,520 5,600 115,000

    8.)
    Self Service Laundry
    Post-Closing Trial Balance
    1-May-20
    Cash 201,520
    Prepaid Insurance 5,600
    Equipment 115,000
    Furniture and Fixtures 6,700
    Accounts Payable 73,500
    Evangelista,Capital 255,320
    328,820 328,820
    Equipments Prepaid Insurance Salaries Expense
    115,000 5,600 7,400
    115,000 5,600 7,400

    Laundry Revenues Utilities Expense Evangelista,Drawings


    19,250 2,080 5,000
    12,350 2,080 5,000
    31,600
    Furniture and Fixtures Accounts Payable Evangelista,Capital
    6,700 73,500 255,320
    6,700 73,500

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