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