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Problem 7 - Group 1

The document is a general journal for Jimelyn Evangelista Self-Service Laundry for May 01, 2018. It records various financial transactions including an initial capital deposit of ₱250,000, purchases of furniture, supplies and equipment, payment of rent and utilities, revenue earned, withdrawals and ending cash of ₱201,520. A trial balance is also provided showing total debits of ₱355,100 equal to total credits.

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Francine Torres
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12K views

Problem 7 - Group 1

The document is a general journal for Jimelyn Evangelista Self-Service Laundry for May 01, 2018. It records various financial transactions including an initial capital deposit of ₱250,000, purchases of furniture, supplies and equipment, payment of rent and utilities, revenue earned, withdrawals and ending cash of ₱201,520. A trial balance is also provided showing total debits of ₱355,100 equal to total credits.

Uploaded by

Francine Torres
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Problem #7

Jimelyn Evangelista Self-Service Laundry


General Journal
May 01, 2018
Date Accounts Title and Explanation P.R. Debit Credit
2018
May 01
a Cash ₱ 250, 000
Evangelista, Capital ₱ 250, 000
To record deposit on bank

b Furniture and Fixtures 6, 700


Cash 6, 700
Bought Furniture and Fixtures

c Laundry Supplies 3, 250


Accounts Payable 3, 250
Bought laundry supplies

d Rent Expense 5, 750


Cash 5, 750
Paid rent for the month

e Equipment 115, 000


Cash 35, 000
Accounts Payable 80, 000
Bought washing machines

f Cash 19, 250


Laundry Revenue 19, 250
Revenue earned on cash basis

g Prepaid Insurance 5, 600


Cash 5, 600
Bought insurance for 1 year
Date Accounts Title and Explanation P.R. Debit Credit
h Accounts Payable 7, 000
Cash 7, 000
Paid accounts for Bataan Corp.

i Utilities Expense 2, 080


Cash 2, 080
Paid electric bill

j Cash 12, 350


Laundry Revenue 12, 350
Revenue earned on cash basis

k Salaries Expense 7, 400


Cash 7, 400
Paid salaries to part time assistant

l Evangelista, Withdrawals 5, 000


Cash 5, 000
Withdrawals for personal use

m Accounts Payable 2, 750


Cash 2,750
Paid accounts for Subic supply Inc.

n Miscellaneous Expense 2, 800


Cash 2, 800
Paid repair assessment
T- accounts
Cash
Laundry Supplies
a. ₱ 250,000 b. ₱ 6,700
f. 19,250 d. 5,750 ₱ 3,250
c.
j. 12,350 e. 35,000
Balance ₱ 3,250
g. 5,600
h. 7,000
i. 2,080 Prepaid Insurance
k. 7,400
g. ₱ 5,600
l. 5,000
m. 2,750 Balance ₱ 5,600
n. 2,800
₱ 281,600 ₱ 80,080
Equipment
Balance ₱ 201,520
e. ₱ 115,000
Balance ₱ 115,000
Furniture and Fixtures Accounts Payable
h. ₱ 7,000 c. ₱ 3,250
b. ₱ 6,700 m. 2,750 e. 80,000
Balance ₱ 6,700 ₱ 9,750 83,250
Balance ₱ 73,500

Evangelista, Capital Evangelista,Withdrawals

a. ₱ 250,000 l. ₱ 5,000

Balance ₱ 250,000 Balance ₱ 5,000

Laundry Revenues
Salaries Expense
f. ₱ 19,250
k. ₱ 7,400
j. 12,350
Balance ₱ 31,600 Balance ₱ 7,400
Rent Expense Utilities Expense

d. ₱ 5,750 i. ₱ 2,080

Balance ₱ 5,750 Balance ₱ 2,080

Miscellaneous Expense

n. ₱ 2,800

Balance ₱ 2,800
Trial Balance
Jimelyn Evangelista Self-Service Laundry
Trial Balance
May 01 2018
Debit Credit
Cash ₱ 201,520
Laundry Supplies 3,250
Prepaid Insurance 5,600
Equipment 115,000
Furniture and Fixtures 6,700
Accounts Payable ₱ 73,500
Evangelista, Capital 250,000
Evangelista, Withdrawals 5,000
Laundry Revenues 31,600
Salaries Expense 7,400
Rent Expense 5,750
Utilities Expense 2,080
Miscellaneous Expense 2,800
₱ 355,100 ₱ 355,100
THANK YOU
Aba lo , J oma r Rc hie N.
Abduk a rim , Ahma dk he ir A.
Abe l, Andre a Da ir A.
Ada lia , Kis ha Louis e B.
Ajijul , Alha k im D.
Alc a la , Ma rtin J ohn D.
Ans a li , Ma rie l Ange line C.
Apolina rio , Humphre y B.
Arie ta , J os hua B.
As tia n , Fa tima Azra H.

BS Economics 1B

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