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

 

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Nge Aung opened the Campus Laundromat on September 1, 2018, During the first month of operations, the following transactions occurred: September: 1. Nge Aung contributed $20,000 cash and a clothes washer with a current value of $10,000 to the business. 1. Paid $1,200 for a one-year insurance policy. 2. Paid $3,000 cash for store rent for the month of September. 3. Purchased washers and dryers for $25,000, paying $10,000 in cash and signing a $15,000, six-month, 5% note payable. 10. Received a bill from The Daily News for advertising the opening of the laundromat in the amount of $200. 15. Paid employees $1,800 for working for the business from September 1-15, 2018. 20. Withdrew $700 cash for personal use. 30. Paid employees $2,000 for working for the business from September 16 - 30, 2018. 30. Cash receipts for laundry services performed for the month were $6,200. 30. Laundry services performed on account totalled $500. This amount is due on October 25. REQUIRED: 1. Prepare General Journal Entries to record the above transactions. 2. 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). 3. Post the entries to the accounts and enter the balance after each posting. 4. Prepare a trial balance at September 30, 2018. 5. 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. Nge Aung opened the Campus Laundromat on September 1, 2018, During the first month of operations, the following transactions occurred: September: 1. Nge Aung contributed $20,000 cash and a clothes washer with a current value of $10,000 to the business. 1. Paid $1,200 for a one-year insurance policy. 2. Paid $3,000 cash for store rent for the month of September. 3. Purchased washers and dryers for $25,000, paying $10,000 in cash and signing a $15,000, six-month, 5% note payable. 10. Received a bill from The Daily News for advertising the opening of the laundromat in the amount of $200. 15. Paid employees $1,800 for working for the business from September 1-15, 2018. 20. Withdrew $700 cash for personal use. 30. Paid employees $2,000 for working for the business from September 16 - 30, 2018. 30. Cash receipts for laundry services performed for the month were $6,200. 30. Laundry services performed on account totalled $500. This amount is due on October 25. REQUIRED: 1. Prepare General Journal Entries to record the above transactions. 2. 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). 3. Post the entries to the accounts and enter the balance after each posting. 4. Prepare a trial balance at September 30, 2018. 5. 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.

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Journal of Nge campu daund romat on Septembes 42018 Date Credit t Debit 8 Cash 20000 CLothes Washe... View the full answer