Bob Sample and other student investors opened Campus Laundromat Inc. on September 1, 2019. During the first
Question:
Bob Sample and other student investors opened Campus Laundromat Inc. on September 1, 2019. During the first month of operations the following transactions occurred.
transection date | Description of the transects |
September 1 | The shareholders invested RM20,000 cash in the business. |
September 2 | He paid RM1,000 in cash for the rent of the shop for the month of September. |
September 3 | He bought washers and dryers for RM25,000, paid RM10,000 in cash, and signed a 6-month RM15,000 promissory note at 12%. |
4th of September | He paid RM1,200 for a one year accident insurance policy. |
September, 10th | He received a bill from the Daily News for announcing the opening of the $200 laundromat. |
September 15 | Cash receipts for laundry charges for the month were determined to be $6,200. |
September 20 | Declared and paid a cash dividend to shareholders of $700. |
September 30th | Received RM5,000 from customers billed on September 15 |
Instructions
(a) Journalize the transactions for September.
(b) Open ledger accounts and post September transactions.
(c) Prepare a trial balance as of September 30, 2019.
Financial and Managerial Accounting Using Excel for Success
ISBN: 978-1111993979
1st edition
Authors: James Reeve, Carl S. Warren, Jonathan Duchac