ACC $101-$ Assignment

CHAPTERS $1-2$

Last Name, First Name

Nge Aung opened the Campus Laundromat on September $1,2018.$ During the first month of operations, the

following transactions occurred:

September.

Nge Aung contributed $$20,000$ cash and a clothes washer with a current value of $$10,000$ to the business.

Paid $$1,200$ for a one$-$year insurance policy.

Paid $$3,000$ cash for store rent for the month of September.

Purchased washers and dryers for $$25,000,$ paying $$10,000$ in cash and signing a $$15,000,$ six$-$month,

$5\%$ note payable.

Received a bill from The Daily News for advertising the opening of the laundromat in the amount of $$200.$

Paid employees $$1,800$ for working for the business from September $1-15,2018.$

Withdrew $$700$ cash for personal use.

Paid employees $$2,000$ for working for the business from September $16-30,2018.$

Cash receipts for laundry services performed for the month were $$6,200.$

Laundry services performed on account totalled $$500.$ This amount is due on October $25.$

REQUIRED:

Prepare General Journal Entries to record the above transactions.

Open the following General Ledger Accounts:

Cash $(101)$; Accounts Receivable $(112)$; Prepaid Insurance $(130)$; Laundry Equipment $(153)$;

Accounts Payable $(200)$; Notes Payable $(210)$; Nge Aung, Capital $(301)$; Nge Aung, Withdrawals

$(302)$; Service Revenue $(400)$; Advertising Expense $(510)$; Rent Expense $(520)$; and Wages Expense

$(530).$

Post the entries to the accounts and enter the balance after each posting.

Prepare a trial balance at September $30,2018.$

Prepare an Income Statement and a Statement of Changes in Owner's Equity for the month ended

September $30,2018,$ as well as a Balance Sheet for Campus Laundromat as at September $30,2018.$