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    jeoi yeol
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    Fred owns a DIY laundry shop. The journal entries record initial capital investment, purchase of equipment, depreciation expense, utilities expenses, other income from rentals and sales, interest expense, and salaries expense. The trial balance, income statement, statement of financial position, and cash flow statement summarize the financial activities for the period. Cash increased by ₱1,096,500 and net income was ₱564,000.

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    Fred owns a DIY laundry shop. The journal entries record initial capital investment, purchase of equipment, depreciation expense, utilities expenses, other income from rentals and sales, interest expense, and salaries expense. The trial balance, income statement, statement of financial position, and cash flow statement summarize the financial activities for the period. Cash increased by ₱1,096,500 and net income was ₱564,000.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    Download as xlsx, pdf, or txt
    6 views9 pages

    Accounting 1

    Uploaded by

    jeoi yeol
    Fred owns a DIY laundry shop. The journal entries record initial capital investment, purchase of equipment, depreciation expense, utilities expenses, other income from rentals and sales, interest expense, and salaries expense. The trial balance, income statement, statement of financial position, and cash flow statement summarize the financial activities for the period. Cash increased by ₱1,096,500 and net income was ₱564,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 9

    Fred's DIY Laundry Shop

    General Journal

    Date PR Particular Debit (₱)


    Cash 1,500,000.00
    Fred, Capital
    To record Fred's capital

    Machine & Equipment 3,000,000.00


    Loans Payable
    Cash
    To record puchase of Machine & Equipment with 5% interest per anum

    Depreciation Expense 75,000.00


    Accumulated Depreciation
    To record Depreciation of Machine & Equipment

    Utilities Expense, Administrative 24,000.00


    Utilities Expense, Selling 414,750.00
    Cash
    To record utilities expense of costumer's need, electricity & water

    Cash 1,231,500.00
    Other Income
    Rent Income
    Laundry Income
    To record other income from rentallaundry income and sales of detergent, fabric softener

    Interest Expense 18,750.00


    Accrued Interest Payable
    To record Interest expenses

    Salaries Expense 135,000.00


    Cash
    To record salary for 3 months

    Total 6,399,000.00
    Credit (₱)

    1,500,000.00

    1,500,000.00
    1,500,000.00

    75,000.00

    438,750.00

    13,500.00
    33,000.00
    1,185,000.00
    gent, fabric softener

    18,750.00

    135,000.00

    6,399,000.00
    Fred's DIY Laundry Shop
    General Ledger

    Cash
    1,500,000.00 1,500,000.00
    1,231,500.00 135,000.00

    2,731,500.00 1,635,000.00

    1,096,500.00

    Laundry Income
    1,185,000.00

    1,185,000.00

    Accumulated Depreciation
    75,000.00

    75,000.00

    Utilities Expense, Selling


    414,750.00

    414,750.00

    Loans Payable
    1,500,000.00

    1,500,000.00

    equipment
    3,000,000.00

    3,000,000.00

    Accrued Interest Payable


    18,750.00

    18,750.00
    undry Shop
    edger

    Capital
    1,500,000.00

    1,500,000.00

    Other Income
    13,500.00

    13,500.00

    Depreciation Expense
    75000

    75000

    Utilities Expense, Administrative


    24000

    18750

    Utilities Payable
    438,750.00

    438,750.00

    Rent Income
    33,000.00

    33,000.00

    Interest Expense
    18750

    18750

    Salaries Expense
    135000
    135000
    Fred's DIY Laundry Shop
    Trial Balance

    Particular Debit Credit

    Cash 1,096,500.00
    Equipment 3,000,000.00
    Accumulated Depreciation 75,000.00
    Accrued Interest Payable 18,750.00
    Utilities Payable 438,750.00
    Loan Payable 1,500,000.00
    Fred, Capital 1,500,000.00
    Salaries Expense 135,000.00
    Interest Expense 18,750.00
    Utilities expense, administra 24,000.00
    Utilities expense, selling 414,750.00
    Depreciation expense 75,000.00
    Revenue 1,231,500

    Ending balance 4,764,000.00 4,764,000.00


    Fred's DIY Laundry Shop
    Income Statement

    Revenue
    Laundry Income 1185000
    Other Income 13500
    Rent Income 33000
    1231500
    Expenses
    Utilities Expense, Selling 414750
    Utilities Expense, Administrative 24000
    Salaries Expense 135000
    Interest Expense 18750
    Depreciation Expense 75000 -667500

    564000
    Net Income
    Fred's DIY Laundry Shop
    Statement of Financial Position

    ASSETS
    Cash 1,096,500.00
    Equipment 3,000,000.00
    Less: Accumulated Depreciation -75,000.00 2,925,000.00

    TOTAL ASSETS 4,021,500.00

    LIABILITIES & OWNER'S EQUITY


    CURRENT
    Loan Payable 750,000.00
    Accumulated Interest Payable 18,750.00 768,750.00
    Utilities Payable 438,750.00
    NON-CURRENT
    Loan Payable 750,000.00
    FRED, CAPITAL 2,064,000.00
    TOTAL LIABILITIES & OWNER'S EQUITY 4,021,500.00
    Fred's DIY Laundry Shop
    Cash Flow Statement

    Operating Activities
    Collection from customers 1,185,000.00
    Other Income 13,500.00
    Rent Income 33,000.00
    Payment for Salaries -135,000.00
    Net Cash provided by Operating Activities 1,096,000.00
    Increase in Cash 1,096,500.00
    add: cash balance, beginning 0.00
    Cash balance, ending 1,096,500.00

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