Louise is the sole proprietor of Louise's Laundry Service. Louise is good friends with Suzanna and...

  

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Louise is the sole proprietor of Louise's Laundry Service. Louise is good friends with Suzanna and Mei. Louise's Laundry Service is contracted by Silver Masts Accommodation to pick up the sheets, towels and tea towels from each house after a guest party has left, replace them with clean linen and take away the used linen and wash it. She also offers a dry-cleaning service and Mei's convenience store is an agent for Louise's Laundry Service One evening when Suzanna, Mei and Louise were out to dinner, Louise was explaining that she had no idea how to close off the accounts at the end of the financial year. Suzanna and Mei suggested she contact Copeland & Johnson Accounting Services again and ask for you, as they have both been very happy with the work you have done for them. During her appointment with you, Louise hands over the following Trial Balance she prepared in alphabetical order: Accounts Payable Accounts Receivable Louise's Laundry Service Trial Balance For the year ended 30 June 2022 Accumulated Depreciation - Delivery Van Accumulated Depreciation - Washing Machines Advertising Expense Capital-Louise's Laundry Service Cash at Bank Computer Delivery Van Discount Allowed Drawings-Louise's Laundry Service Electricity Expense Interest Expense Laundry Supplies Expense Loan Mobile Phone & Internet Expense Office Gas Expense Rent Expense Repairs and Maintenance Repairs and Maintenance Payable Sales Sales Returns & Allowances Washing Machines Debit ($) 11 856 1250 49 333 1 500 31 150 919 40 415 9 165 4 429 1713 1555 2 275 52 354 3 637 473 168 648 Credit ($) 1 250 14 489 15 042 153 708 23 200 4913 170 731 Accounts Payable Accounts Receivable Accumulated Depreciation - Delivery Van Accumulated Depreciation - Washing Machines Advertising Expense Capital-Louise's Laundry Service Cash at Bank Computer Delivery Van Discount Allowed Drawings - Louise's Laundry Service Electricity Expense Interest Expense Laundry Supplies Expense Loan Mobile Phone & Internet Expense Office Gas Expense Rent Expense Repairs and Maintenance: Repairs and Maintenance Payable Sales Sales Returns & Allowances Washing Machines Water Expense Total REQUIRED Debit ($) 11 856 1 250 49 333 1 500 31 150 919 40 415 9 165 4 429 1713 1555 2 275 52 354 3 637 473 168 648 2 661 383 333 Credit ($) 1 250 14 489 15 042 153 708 The Managing Partner has requested that you assist Louise by preparing the following: a) Closing entries based on the Trial Balance provided above, and b) A post-closing Trial Balance for the year ended 30 June 2022. 23 200 4913 170 731 383 333 Louise is the sole proprietor of Louise's Laundry Service. Louise is good friends with Suzanna and Mei. Louise's Laundry Service is contracted by Silver Masts Accommodation to pick up the sheets, towels and tea towels from each house after a guest party has left, replace them with clean linen and take away the used linen and wash it. She also offers a dry-cleaning service and Mei's convenience store is an agent for Louise's Laundry Service One evening when Suzanna, Mei and Louise were out to dinner, Louise was explaining that she had no idea how to close off the accounts at the end of the financial year. Suzanna and Mei suggested she contact Copeland & Johnson Accounting Services again and ask for you, as they have both been very happy with the work you have done for them. During her appointment with you, Louise hands over the following Trial Balance she prepared in alphabetical order: Accounts Payable Accounts Receivable Louise's Laundry Service Trial Balance For the year ended 30 June 2022 Accumulated Depreciation - Delivery Van Accumulated Depreciation - Washing Machines Advertising Expense Capital-Louise's Laundry Service Cash at Bank Computer Delivery Van Discount Allowed Drawings-Louise's Laundry Service Electricity Expense Interest Expense Laundry Supplies Expense Loan Mobile Phone & Internet Expense Office Gas Expense Rent Expense Repairs and Maintenance Repairs and Maintenance Payable Sales Sales Returns & Allowances Washing Machines Debit ($) 11 856 1250 49 333 1 500 31 150 919 40 415 9 165 4 429 1713 1555 2 275 52 354 3 637 473 168 648 Credit ($) 1 250 14 489 15 042 153 708 23 200 4913 170 731 Accounts Payable Accounts Receivable Accumulated Depreciation - Delivery Van Accumulated Depreciation - Washing Machines Advertising Expense Capital-Louise's Laundry Service Cash at Bank Computer Delivery Van Discount Allowed Drawings - Louise's Laundry Service Electricity Expense Interest Expense Laundry Supplies Expense Loan Mobile Phone & Internet Expense Office Gas Expense Rent Expense Repairs and Maintenance: Repairs and Maintenance Payable Sales Sales Returns & Allowances Washing Machines Water Expense Total REQUIRED Debit ($) 11 856 1 250 49 333 1 500 31 150 919 40 415 9 165 4 429 1713 1555 2 275 52 354 3 637 473 168 648 2 661 383 333 Credit ($) 1 250 14 489 15 042 153 708 The Managing Partner has requested that you assist Louise by preparing the following: a) Closing entries based on the Trial Balance provided above, and b) A post-closing Trial Balance for the year ended 30 June 2022. 23 200 4913 170 731 383 333

Answer rating: 100% (QA)

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