ANSWER MIDTERM EXAM

FILIPINA MABUHAY LAUNDRY SHOP

GENERAL JOURNAL
MONTH OF SEPTEMBER 2022
2022
Sep-01 Cash
Laundry Equipment
Office Furniture
Miss Filipina Mabuhay Capital
Miss Filipino Mabuhay invested the following.

Sep-02 Supplies
Cash
Purchased laundry supplies and paid cash.

Sep-03 Service Income

Cash
Received, cash for laundy service.

Sep-07 Accounts Receivable

Cash
Billed Faith Inc. and sent invoice for laundry service.

Sep-10 Laundry Equipment

Notes Payable
Purchased additional Laundry Equipment.

Sep-15 Salary Expense

Cash
Paid Employee's 15 days salary.

Sep-20 Accounts Receivable

Cash
Received cash from Faith Inc. in partial settlement of their acc

Sep-23 Accounts Receivable

Cash
Rendered laundry services to Victory Corp. on account

Sep-25 Utilities
Accounts Payable
Received electricity and water bills.

Sep-29 Supplies Used

Cash
 Recorded 20% decrease in laundry supplies.
Sep-30 Salary Expense
Cash
Paid employees 15 days salary.
 a
NDRY SHOP

DR CR
70,000
175,000
78,000
323,000

20,000
20,000

45,000
45,000

87,000
87,000

50,000
50,000

7,000
7,000

15,000
15,000

29,000
29,000

4,000
4,000

9,000
9,000
 11,000
11,000

600,000 600000
 Cash
Date

September
1
3
20

Date
September
7
20
23

Date
September
2

Date
September
1
 10

Office Furnitu
Date
September
1

Date
September
1
 Cash
Debit Credit

₱ 70,000.00 ₱ 20,000.00
₱ 45,000.00 ₱ 7,000.00
₱ 15,000.00 ₱ 11,000.00

₱ 130,000.00 ₱ 38,000.00
₱ 92,000.00

Accounts Receivable
Debit Credit

₱ 87,000.00
₱ 15,000.00
₱ 29,000.00

₱ 116,000.00 ₱ 15,000.00
₱ 101,000.00

Laundry Supplies
Debit Credit

₱ 20,000.00
₱ 9,000.00

₱ 11,000.00

Laundry Equipment
Debit Credit

₱ 175,000.00
₱ 50,000.00

₱ 225,000.00 ₱ -
₱ 225,000.00

Office Furniture
Debit Credit

₱ 78,000.00

₱ 78,000.00

Capital
Debit Credit

₱ 323,000.00

₱ 323,000.00
 Accounts Payable
Date Debit Credit

September
25 ₱ 4,000.00

₱ 4,000.00

Notes Payable
Date Debit Credit
September
10 ₱ 50,000.00

₱ 50,000.00

Laundry Revenue
Date Debit Credit
September
3 ₱ 45,000.00
7 ₱ 87,000.00
20 ₱ 15,000.00
23 ₱ 29,000.00

₱ 161,000.00

Salary Expense
Date Debit Credit
September
15 ₱ 7,000.00
30 ₱ 11,000.00
 ₱ 18,000.00

Laundry Supplies
Used
Date Debit Credit
September
29 ₱ 9,000.00

₱ 9,000.00

Utilities
Date Debit Credit
September
25 ₱ 4,000.00

₱ 4,000.00
 Filipina Mabuhay Laundry Shop
Trial Balance
Month of September 2022
Account Titles Debit Credit
Cash 92,000.00
Accounts Receivable 101,000.00
Supplies 11,000.00
Equipment 225,000.00
Office Furniture 78,000.00
Accounts Payable 4,000.00
Notes Payable 50,000.00
Laundry Revenues 161,000.00
Salary Expense 18,000.00
Laundry Supplies Used 9,000.00
Utility Expense 4,000.00
Filipina Mabuhay, Capital 323,000.00
538,000.00 538,000.00
A. FILIPINA MABUHAY LAUNDRY SHOP
INCOME STATEMENT
SEPETEMBER 2022
Laundry Service Revenue
Expenses
Utilities Expense ₱ 4,000.00
Salaries Expense ₱ 18,000.00
Supplies Expense ₱ 9,000.00
Net Income

B. FILIPINA MABUHAY LAUNDRY SHOP

CAPITAL STATEMENT
SEPTEMBER OF 2022
Ignacio, Capital
Total Increase
Net Income

Filipina Mabuhay, Capital as of September 2022

C FILIPINA MABUHAY LAUNDRY SHOP

BALANCE SHEET
SEPTEMER 2022
Current Assets:
Cash
Accounts Receivable
Supplies
Total
Equipment
Furniture
Total Assets
LIABILITIES & OWNER'S EQUITY
Current Liabilities:
Accounts Payable
Notes Payable
Owner's Equity
Ignacio, Capital
Total Liabilities & Owner's Equity
SHOP

₱ 161,000.00

₱ 31,000.00
₱ 130,000.00

SHOP

₱ 323,000.00

₱ 130,000.00
₱ 453,000.00

SHOP

₱ 92,000.00
₱ 101,000.00
₱ 11,000.00
₱ 204,000.00
₱ 225,000.00
₱ 78,000.00
₱ 507,000.00
TY

₱ 4,000.00
₱ 50,000.00

₱ 453,000.00
507,000