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Post-Closing Trial Balance

The document provides the trial balance for Irene's Coin Laundry as of June 30, 2015 and transactions that occurred in July 2015. It asks the student to prepare various accounting documents and statements for the month of July, including journal entries, general ledger accounts, a post-closing trial balance, income statement, statement of changes in equity, balance sheet, statement of cash flows, and closing entries. Additional accounts are to be created for drawings, revenue, rent expense, salaries expense, and utilities expense.

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Isaac Riña
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1K views

Post-Closing Trial Balance

The document provides the trial balance for Irene's Coin Laundry as of June 30, 2015 and transactions that occurred in July 2015. It asks the student to prepare various accounting documents and statements for the month of July, including journal entries, general ledger accounts, a post-closing trial balance, income statement, statement of changes in equity, balance sheet, statement of cash flows, and closing entries. Additional accounts are to be created for drawings, revenue, rent expense, salaries expense, and utilities expense.

Uploaded by

Isaac Riña
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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I. Problem Solving.

The trial balance of Irene’s Laundry on June 30 is shown below

IRENE’S COIN LAUNDRY


Trial Balance
June 30, 2015
Account No. Account Title Debit Credit
101 Cash P 8,750
112 Accounts Receivable 2,320
126 Supplies 1,900
157 Equipment 9,000
201 Accounts Payable P 800
206 Notes Payable 5,500
301 Irene Bora, Capital 15,670
Total P 21, 970 P 21,970

The July transactions were as follows:

July 2 Paid rent P 1,500.


5 Received P850 cash from customers for services rendered
10 Billed customers for services performed, P 10,300
15 Paid Salaries of employees, P1,400
20 Paid P2,000 cash to creditors for the notes payable
21 Received P250 for services rendered on cash basis
26 Purchased supplies on account, at a cost of P350
27 Paid P250 for the July 26 transaction
29 Withdrew P600 cash for personal use
30 Paid utilities P900
31 Paid salaries of employees, P1,400

Additional Information

Provision should be made for the following additional accounts, No. 306, Irene Bora, Drawings, No. 426
Laundry Revenue, No. 720 Rent Expense, No. 726 Salaries Expense, and No. 732 Utilities Expense.

Instructions: Using the answer sheets provided, submit the following:

1. Chart of Accounts
2. July Journal Entries
3. General Ledger postings for the month
4. Trial Balance for Month of July
5. Income Statement
6. Statement of Changes in Equity
7. Balance Sheet
8. Statement of Cash Flow
9. Closing Entries
10. Post-Closing Trial Balance
IRENE’S COIN LAUNDRY
Chart of Accounts

Account No Account Title


ANSWER SHEET
Journal Sheet
Page No.______
July 2015 Particulars Post Debit Credit
Ref
ANSWER SHEET
101 Cash
Date Particulars Post Debit Credit Balance
Ref
Jul 1 Beg bal 8750 8750
201 Accounts Payable
Date Particulars Post Debit Credit Balance
Ref
Jul 1 Beg bal 800 800

206 Notes Payable


Date Particulars Post Debit Credit Balance
Ref
112 Accounts Receivable Jul 1 Beg bal 5500 5500
Date Particulars Post Debit Credit Balance
Ref
Jul 1 Beg bal 2320 2320

301 Irene Bora, Capital


Date Particulars Post Debit Credit Balance
Ref
Jul 1 Beg bal 15670 15670

126 Supplies
Date Particulars Post Debit Credit Balance
Ref
Jul 1 Beg bal 1900
306 Irene Bora, Drawings
Date Particulars Post Debit Credit Balance
Ref

157 Equipment
Date ParticularsPost Debit Credit Balance
Ref
Jul 1 Beg bal 9000 9000

426 Laundry Revenue


Date Particulars Post Debit Credit Balance
Ref

Irene’s Coin Laundry


Trial Balance
July 31, 2015

Acct Account Title Debit Credit


No

No. 720 Rent Expense

Date Particulars Post Debit Credit Balance

Ref

Total

Irene’s Coin Laundry


Income Statement
July 31, 2015

No. 726 Salaries Expense


Date Particulars Post Debit Credit Balance
Ref

Irene’s Coin Laundry


Statement of Changes in Equity
No. 732 Utilities Expense. July 31, 2015
Date Particulars Post Debit Credit Balance
Ref
Irene’s Coin Laundry
Balance Sheet
July 31, 2015

Irene’s Coin Laundry


Trial Balance
July 31, 2015

Acct Account Title Debit Credit

No

Irene’s Coin Laundry


Cash Flow Statement
July 31, 2015

Total

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