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Mr. J Laundry Services: Code Account Name

The documents provide accounting information for Mr. J Laundry Services for the month of September. It includes a chart of accounts, list of transactions, general journal entries, general ledger, and trial balance. The information shows the initial investments, expenses, income, and financial position of the laundary business for the first month of operations.

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10K views12 pages

Mr. J Laundry Services: Code Account Name

The documents provide accounting information for Mr. J Laundry Services for the month of September. It includes a chart of accounts, list of transactions, general journal entries, general ledger, and trial balance. The information shows the initial investments, expenses, income, and financial position of the laundary business for the first month of operations.

Uploaded by

debate dd
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Mr.

J Laundry Services
CHART OF ACCOUNTS

Code Account Name


101 Cash
102 Accounts receivable
103 Notes receivable
104 Interest receivable
105 Laundry supplies
106 Office supplies
107 Prepaid rent
108 Laundry equipment
109 Furniture and fixtures
110 Delivery Vehicle
201 Accounts payable
202 Noted payable
203 Uneared income
204 Loan payable
205 Mortgage payable
301 Mr. J, Capital
302 Mr. J, Drawing
401 Laundry service income
402 Interest income
501 Wages expense
502 Utilires expense
503 Insurance expense
504 Repairs Expense
Company Name
LIST OF TRANSACTIONS

Date
Sept. 2

Sept. 8

Sept. 10

Sept. 12

Sept. 14

Sept. 15

Sept. 18

Sept. 20

Sept. 22

Sept. 26

Sept. 30
Transactions
Mr. J invested the folllowing to his new business, "Mr. J Laundry Services"
Cash-120,000
Laundry equipment- 35,000
Furniture and fixtures-22,500
Office supplies-4,200
Laundry supply- 5,000

Bought dryers and spinners from Mirzi Outlet for 40,000. Mr. J paid 30% downpayment and
the balance is on acount.

Laundry services rendered totaled 195,000. Of which, 40% is on account.

Received proceeds of 200,000 from a bank loan for business use. Mr. J would use this to
purchase a can for pick-up and delivery of laundry to clients.

Purchased a delivery can from R Motors for 5,250,000. Mr. J used the entire amount of his
borrowed money last Sept. 12 and the balance on account.

Paid various operating expenses during the month. Water and electricity- 28,000; Telephone
expense- 6,000 and Repairs expene, 3.500.

Laundry services totaled 180,000. of which 30% was setted with a note and the balance is on
account.

Received laundry advances from Madileine Hotel for services to be rendered next month,
90,000.

Collected 90% of the outstanding receivable from September 10 transaction.

Purchased detergents and fabric conditioners from I Cleaning Sets, 12,000. Paid 8,000 cash and
the balance on account.

Paid wages of two staff, 10,000 each.


Mr. J Laundry Services
GENERAL JOURNAL

For the month of September

Date Account Titles/Particulars Ref.


2/9/2020 Cash
Laundry Equipment
Furniture and Fixture
Office supplies
Laundry supply
Owner's Capital

8/9/2020 Laundry Equipment


Cash
Accounts payable

10/9/2020 Accounts Recevable


Cash
Laundry service income

12/9/2020 Cash
Loan payable

09/14/2020 Delivery Vehicle


Cash
Loan payable

09/15/2020 Utilities expense


Repairs expense
Cash

09/18/2020 Note receivable


Accounts receivable
Laundry service income

09/20/2020 Cash
Unearned income

09/22/2020 Cash
Accounts Receivable

09/26/2020 Laundry supplies


Cash
Accounts payable

09/30/2020 Wages expense


Cash

Totals

Prepared by: Checked by:

___________________ _____________________
vices
AL

No. 1

Debit Credit
120,000.00
35,000.00
22,500.00
4,200.00
5,000.00
186,700.00

40,000.00
12,000.00
28,000.00

78,000.00
117,000.00
195,000.00

200,000.00
200,000.00

5,250,000.00
200,000.00
5,050,000.00

34,000.00
3,500.00
37,500.00

54,000.00
126,000.00
180,000.00

90,000.00
90,000.00

70,200.00
70,200.00

12,000.00
8,000.00
4,000.00

20,000.00
20,000.00

6,281,400.00 6,281,400.00

Approved by:

_____________________
Mr. J Laundry Services
GENERAL LEDGER

For the month of January


Cash Office Suplies

120,000.00 12,000.00 4,200.00


117,000.00 200,000.00
200,000.00 37,500.00
90,000.00 8,000.00
70,200.00 20,000.00

597,200.00 277,500.00 4,200.00


319,700.00 4,200.00

Accounts Receivable Laundry Equipment


78,000.00 70,200.00 35,000.00
126,000.00 40,000.00

204,000.00 70,200.00 75,000.00


133,800.00 75,000.00

Notes Receivable Furniture and Fixture


54,000.00 22,500.00
54,000.00 22,500.00
22,500.00

Laundry Supplies Delivery Vehicle


5,000.00 5,250,000.00
12,000.00

17,000.00 5,250,000.00
5,250,000.00
Accounts Payable Laundry service income

28,000.00 195,000.00
4,000.00 180,000.00

32,000.00 375,000.00
32,000.00

Unearned income Wages expense


90,000.00 20,000.00

90,000.00 20,000.00
90,000.00 20,000.00

Loan payable Utilities expense


200,000.00 34,000.00
5,050,000.00
5,250,000.00 34,000.00
5,250,000.00 34,000.00

Mr. J, Capital Repairs expense


186,700.00 3,500.00

186,700.00 3,500.00
186,700.00 3,500.00
Mr. J Laundry Services
Trial Balance
as of September 30, 2020
Account name Debit Credit
Cash 319,700.00
Accounts receivable 133,800.00
Notes receivable 54,000.00
Interest receivable -
Laundry supplies 17,000.00
Office supplies 4,200.00
Prepaid rent -
Laundry equipment 75,000.00
Furniture and fixtures 22,500.00
Delivery Vehicle 5,250,000.00
Accounts payable 32,000.00
Notes payable -
Uneared income 90,000.00
Loan payable 5,250,000.00
Mortgage payable -
Mr. J, Capital 186,700.00
Mr. J, Drawing -
Laundry service income 375,000.00
Interest income -
Wages expense 20,000.00
Utilires expense 34,000.00
Insurance expense -
Repairs Expense 3,500.00
Totals 5,933,700.00 5,933,700.00
-

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