Bob Sample and other student investors opened Campus Laundromat Inc. on September 1, 2011. During the...

 

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Bob Sample and other student investors opened Campus Laundromat Inc. on September 1, 2011. During the first month of operations the following transactions occurred. Sept. 1 Shareholders invested $20,000 cash in the business in exchange for ordinary shares Paid $1,000 cash for store rent for the month of September. Purchased washers and drycrs for $25,000. paying $10,000 in cash and signing a $15.000, 6-month. 12% note payable. Paid $1,200 for a one-year accident insurance policy. Received a bill from the Daily News lor advertising the opening of the laundromat $200. 3. 10 20 Declared and paid a cash dividend to shareholders S700. 30 Determined that cash receipts for laundry fees for the month were $6.200. The chart of accounts for the company is the same as for Pioneer Adverlising Agency Inc. except for the following No. 154 Laundry Equipment and No. 610 Advertising Expense. Instructions (a) Journalize the September transactions. (Use J1 for the journal page number.) (h) Open ledger accounts and poost the September transactions. (c) Prepare a trial balance at September 30, 2011. Bob Sample and other student investors opened Campus Laundromat Inc. on September 1, 2011. During the first month of operations the following transactions occurred. Sept. 1 Shareholders invested $20,000 cash in the business in exchange for ordinary shares Paid $1,000 cash for store rent for the month of September. Purchased washers and drycrs for $25,000. paying $10,000 in cash and signing a $15.000, 6-month. 12% note payable. Paid $1,200 for a one-year accident insurance policy. Received a bill from the Daily News lor advertising the opening of the laundromat $200. 3. 10 20 Declared and paid a cash dividend to shareholders S700. 30 Determined that cash receipts for laundry fees for the month were $6.200. The chart of accounts for the company is the same as for Pioneer Adverlising Agency Inc. except for the following No. 154 Laundry Equipment and No. 610 Advertising Expense. Instructions (a) Journalize the September transactions. (Use J1 for the journal page number.) (h) Open ledger accounts and poost the September transactions. (c) Prepare a trial balance at September 30, 2011.