The trial balance of Irene’s Laundry on June 30 is shown below:IRENE’S COIN LAUNDRYTrial BalanceJune 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 5 Received P850 cash from customers for services rendered 10 Billed customers for services performed, P 6,300 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. 726 Salaries Expense, No. 732 Utilities Expense, and No. 802 Revenue and Expense Summary.Instructions: Create the answer sheets for and submit the following: Trial Balance Income Statement Balance Sheet Closing Entries Post-Closing Trial Balance

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...

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	5	Received P850 cash from customers for services rendered
	10	Billed customers for services performed, P 6,300
	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. 726 Salaries Expense, No. 732 Utilities Expense, and No. 802 Revenue and Expense Summary.

Instructions: Create the answer sheets for and submit the following:

Trial Balance

Income Statement

Balance Sheet

Closing Entries

Post-Closing Trial Balance

Jun 10, 2022

SOLUTION.PDF

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...

Get Answer To This Question

Related Questions & Answers

Submit New Assignment