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FABM2 Activity

FABM Journalizing and Posting

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Crystal Mae Quinto
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15 views

FABM2 Activity

FABM Journalizing and Posting

Uploaded by

Crystal Mae Quinto
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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A. Record the transactions for the Alpha Laundry Services using the Journal.

B. Post the following journal entries in General Ledger using T-accounts.


C. Using the General Ledger, balances the posted entries in Trial Balances.
Mr. Denver Ambrose, a retired public-school teacher, started his laundry business in the beginning of June
2018. He used all of his savings to start a “coin-operated” laundry business. He named it Alpha Laundry
Services (ALS). The following are the business transactions for the month of June 2018, the first month of
business operation:
1. June 1, 2018 - Mr. Ambrose invested P200,000.00 cash in his newly opened Alpha Laundry System
business.
2. June 2, 2018 - Mr. A hired his former classmate, Doree Dy, to be the Laundry Operator of ALS for a fixed
monthly salary of P10,000.00. The operator will be paid every quencina.
3. On June 5, 2018 – Alpha Laundry Systems purchased laundry equipment for cash, P150,000.00.
4. On June 6, 2018 – Alpha Laundry Systems paid cash in advance for the 1-year insurance coverage of
laundry equipment amounting to P6,000.00. Monthly insurance expense will be recognized for each month’s
end report.
5. On June7, 2018–Alpha Laundry Systems bought supplies for laundry amounting to P10,000.00. The
supplies bought are laundry consumables such as detergent powder, soap bar and fabric softener. Monthly
inventory will be conducted to determine unused supplies and will be recognized for each month end report.
6. On June 15, 2018 – Alpha Laundry Systems paid P4,750 cash for salary of laundry operator.
7. On June 16, 2018 – Alpha Laundry Systems received P25,000.00 cash for laundry services rendered to MZ
Hotel.
8. On June 17, 2018 – Alpha Laundry Systems rendered service to Argon Hotel amounting to P45,000.00.
Argon promised to pay on June 20 of the same year.
9. On June 18, 2018, Alpha Laundry Systems purchased office supplies from Ku Enterprises amounting to
P2,000.00 on account. ALS will pay it on June 25 of the same year.
10. On June 20, 2018, Alpha Laundry Systems collected payment from Argon Hotel.
11. On June 25, 2018, Alpha Laundry Systems paid in full the amount owed to Ku Enterprises.
12. On June 27, 2018, Alpha Laundry Systems paid electric bill for the month amounting to P1,000.00 in cash.
The payment is charged to Utility expense account.
13. On June 30, 2018, Alpha Laundry Systems paid a month’s transportation expense amounting to
P1,300.00.
14. On June 30, 2018, Alpha Laundry Systems paid P5,000 cash for salary of laundry operator.
15. On June 30, 2018, Alpha Laundry Systems paid P7,500 cash for the month’s rent for laundry space.

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