Comprehensive Problem

1. Start up Integrated Accounting 8e. 2. Go to File and click New. 3. Enter your name in the User Name text box and click OK. 4. Save the file to your disk and folder with the file name (your name Business Solutions. 5. Go to setup and fill out the Company Info. 6. Go to Accounts and create Chart of Accounts. For Capital and Drawing Account, enter your name. 7. Go to Journal and post the following transactions: After graduating from college, Ina Labandera opened Labandera Ko in San Mateo with initial capital composed of following: Cash P 100,000 Laundry equipment 75,000 Office furniture 15,000 Transactions during the month of May are as follows: 2 Paid business tax to the municipal treasurer, P 4,000. 3 Paid print advertisement in a local newspaper amounting to P2,000. 3 Paid three month rent amounting to P18,000. 4 Paid temporary helper to clean the premises amounting to P1,500. 4 Purchased laundry supplies for cash amounting to P5,000. 5 Cash collection for the day for the laundry services rendered P8,000. 5 XOXO Inn delivered bedsheets and curtains for laundry. 6 Paid P1,500 for repair of rented premises. 8 Received P2,000 from customer for laundry services. 10 Another client, Rainbow Inn, delivered bed sheets and pillow cases for laundry. 11 Purchased laundry supplies amounting to P6,000 on account. 12 Received P 4,000 from customers for laundry services rendered. 13 Rendered services on account amounting to P6,500. 14 Paid salary of two helpers amounting to P10,000. 15 Ina withdrew P10,000 for personal use. 17 Received telephone bill amounting to P2,500.

19 Billed XOXO P 9,000 for services rendered. 20 Received payment from Rainbow Inn for services rendered amounting to P 12,000. 21 Paid miscellaneous services for electrical repair P600. 22 Cash collection for the day for services rendered amounting to P7,000. 24 Received and paid electric bill amounting to P3,500. 25 Paid suppliers for laundry supplies purchased on July 11. 26 Cash collection from customer for services rendered last July 13. 27 Received water bill amounting to P2,500.00 27 Cash collection for the day amounts to P7,500 for services rendered. 27 Gasoline cost for the week P1,500. 28 Paid car maintenance amounting to P2,500. 28 Received payment from XOXO. 28 Paid P1,800 for printing of company flyers. 29 Paid salary of employees including overtime P 15,000. 29 Withdrew P 10,000 for personal use. 29 Purchased laundry supplies on account amounting to P3,500. 29 Purchased additional laundry equipment on account amounting to P 36,000. 29 Paid telephone bill and water bill. 29 Cash collection for the day amounts to P8,500 for services rendered. 29 Charged customers for dry cleaning services amounting to P 12,000 to be received next month. 31 Paid additional expenses for office maintenance amounting to P2,500. 31 Paid travelling expenses for trip to Boracay on a weekend vacation amounting to P18,000. 31 Paid P1,000 to business association for annual membership dues.

8. Display, print screen, save and submit the Chart of Accounts. 9. Display, print screen, save and submit the General Journal Report. 10.Display,print screen, save and submit the Trial Balance 11.Record expired insurance and rent for the month and Office supplies on hand amounts to P2,500. 12. Display, print screen, save and submit the;

a. General Journal after adjustments,

b. Trial Balance,

c. Income Statement, and

d. Balance Sheet