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    Exercise 8 10

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    Steve Duty
    The document describes the initial investments and subsequent transactions of a new laundry business owned by Mr. Jordon from September 2 to 30. It provides details of purchases of equipment and supplies to start the business, services provided and amounts received, expenses incurred, and payments made. The owner invested cash and equipment and is required to journalize and post all transactions and prepare a trial balance.

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    Exercise 8 10

    Uploaded by

    Steve Duty
    2K views1 page
    The document describes the initial investments and subsequent transactions of a new laundry business owned by Mr. Jordon from September 2 to 30. It provides details of purchases of equipment and supplies to start the business, services provided and amounts received, expenses incurred, and payments made. The owner invested cash and equipment and is required to journalize and post all transactions and prepare a trial balance.

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    klit bla nga kau

    Original Title

    Exercise-8-10-

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    The document describes the initial investments and subsequent transactions of a new laundry business owned by Mr. Jordon from September 2 to 30. It provides details of purchases of equipment and supplies to start the business, services provided and amounts received, expenses incurred, and payments made. The owner invested cash and equipment and is required to journalize and post all transactions and prepare a trial balance.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    2K views1 page

    Exercise 8 10

    Uploaded by

    Steve Duty
    The document describes the initial investments and subsequent transactions of a new laundry business owned by Mr. Jordon from September 2 to 30. It provides details of purchases of equipment and supplies to start the business, services provided and amounts received, expenses incurred, and payments made. The owner invested cash and equipment and is required to journalize and post all transactions and prepare a trial balance.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 1

    Exercise 8-10 (page 128 of the learner's material))0

    Exercise 8-10: Journalizing, Posting, and Preparing Trio, Balance- 11.0n September 2, 2015, Jordon River Laundry
    (owned by Mr. Jordon) invested the following to start a laundry business:

    laundry business: Cost Fair Market


    Values
    Cash P P.I20,000
    120,000
    Laundry equipment 45,000 35,000
    Furniture and fixtures 25,000 22,500
    Office supplies 4,200 4,200
    Laundry supplies 6,000 5,000

    Sept. 8. Bought dryers and spinners from Mirzi Outlet for P40.000. Jordon paid 30% down payment and the balance on
    account.

    Sept. 10. laundry services rendered totaled P195,000, of which 40% on account.

    Sept. 12 Received proceeds of P220,000 from o bunk loon for business use. Jordan would use this to purchase o von for
    pickup and delivery of laundry from clients.

    Sept. 14; Purchased o delivery van from Renzo Motors for P 250,000. Jordan used the entire proceeds from the bank loan
    to pay for the delivery von and the balance on account.

    Sept. 15. Paid various operating expenses during the month: Water and electricity, P28,000; Telephone expense, P6,000;
    and Repairs expense, P3,500.

    Sept. 18. laundry services rendered totaled P180,000, of which 30% was settled with a note and the balance on account.
    Sept 20. Received laundry advances from Madeleine Hotel for services to be rendered next month, P90,000.

    Sept 22. Collected 90% of the outstanding receivable from September 10 transaction.

    Sept. 26. Purchased detergents and fabric conditioners from Ivan° Cleaning Scents, P12,000. Paid P8,000 cash and the
    balance on account.

    Sept. 28. Returned P2,000 worth of damaged detergents and fabric conditioners bought lost September 26.

    Sept. 30. Paid wages of two staff, P 10,000 each.

    Jordon River Laundry uses the following chart of accounts.


    Cash laundry Equipment
    Office Supplies Prepaid Rent
    loan Payable Delivery Vehicle
    Notes Payable laundry Services Revenue
    Repairs Expense Mortgage Payable
    Interest Receivable Jordon, Capital
    Furniture and Fixtures laundry Services
    Insurance Expense Accounts Payable
    Wages Expense Accounts Receivable
    Advances from Clients utilities Expense
    Notes Receivable Jordan. Drawing
    Interest Income Notes Receivable

    Required.

    1. Journalize the foregoing transactions.


    2. Post the transactions.
    3. Prepare trial balance.

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