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ACC 01 - Recording of Transactions For Service - Journal Entries

The document provides a chart of accounts and general journal for Summa Cum Laundry Services for the month of January 2021. The chart of accounts lists account numbers and titles for assets, liabilities, equity, revenue and expenses. The general journal contains entries for starting the business with a capital investment, purchasing equipment, paying operating expenses, earning revenue, and withdrawing owner funds.

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Albert Bugas
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© © All Rights Reserved
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Download as PDF, TXT or read online on Scribd
58 views

ACC 01 - Recording of Transactions For Service - Journal Entries

The document provides a chart of accounts and general journal for Summa Cum Laundry Services for the month of January 2021. The chart of accounts lists account numbers and titles for assets, liabilities, equity, revenue and expenses. The general journal contains entries for starting the business with a capital investment, purchasing equipment, paying operating expenses, earning revenue, and withdrawing owner funds.

Uploaded by

Albert Bugas
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Summa Cum Laundry Services

Chart of Accounts

Account No. Account Title Account No. Account Title


110 Cash 410 Laundry Revenue
120 Accounts Receivable 510 Rent Expense
130 Laundry Supplies 520 Advertising Expense
140 Prepaid Insurance 530 Wages Expense
150 Laundry Equipment 540 Electricity Expense
210 Accounts Payable 550 Telephone Expense
220 Unearned Revenue
310 W. Ngao, Capital
320 W. Ngao, Withdrawal
Summa Cum Laundry Services
General Journal
For the month ended January 31, 2021
Page 1

2021 Particulars PR Debit Credit

Jan. 1 Cash 110 150,000


W. Ngao, Capital 310 150,000
Invested cash to start a laundry business

2 Laundry Equipment 150 72,000


Cash 110 50,000
Accounts Payable 210 22,000
Purchased washers and dryers with down-
payment and the balance on account

3 Rent Expense 510 6,000


Cash 110 6,000
Paid the monthly rental

Advertising Expense 520 2,500


Accounts Payable 210 2,500
Received a bill from Cebu Daily News

4 Prepaid Insurance 140 1,800


Cash 110 1,800
Paid a 1-year insurance policy

5 Laundry Supplies 130 8,200


Accounts Payable 210 8,200
Purchased laundry supplies on account

15 Wages Expense 530 7,000


Cash 110 7,000
Paid the first two weeks' wages

16 Cash 110 15,000


Accounts Receivable 120 5,000
Laundry Revenue 410 20,000
Rendered services for cash and the balance
on account
Page 2

2021 Particulars PR Debit Credit

Jan. 20 Accounts Payable 210 5,000


Cash 110 5,000
Partially paid the account

21 Cash 110 3,000


Unearned Revenue 220 3,000
Received cash in advance from Sugbu Hotel

28 Electricity Expense 540 3,000


Cash 110 3,000
Paid the electricity

29 W. Ngao, Withdrawal 320 4,000


Cash 110 4,000
Withdrew cash for personal use

30 Cash 110 25,000


Laundry Revenue 410 25,000
Rendered services for cash

Telephone Expense 550 650


Cash 110 650
Paid the telephone

31 Wages Expense 530 7,000


Cash 110 7,000
Paid the wages

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