Required Tasks

1. Prepare the journal entries for following transactions

2. Post the following transactions to the general ledger.
3. Prepare the unadjusted trial balance as of January 30, 2016

Mr. Jeremy Richardson opened his laundry business in Iloilo City on January 2, 2016. The
following transactions occurred during the month of January 2016:
DATE TRANSACTIONS
1/2/16 Invested PHP500,000 to his business. The trade name of the business was “Ocean
Laundry Shop”
1/3/16 Hired Dahlen and Karl who will manage his business
1/4/16 Collections from various customers for the day - PHP3,000
1/5/16 Purchase store supplies from Jade Waterfalls - PHP10,000
1/7/16 Collections from various customers for the day - PHP8,000
1/8/16 Mr. Richardson entered into an exclusive contract with Kassandra Hotel where the
business will do all the laundry of the hotel.
1/9/16 Kassandra Hotel availed the services of Mr. Richardson amounting to PHP15,000.
Payment will be made on January 20, 2016.
1/10/16 Collections from various customers for the day - PHP12,000
1/12/16 Purchase a washing machine amounting to PHP50,000
1/15/16 Collections from various customers for the day - PHP20,000
1/19/16 Paid electricity bill for the month amounting to PHP18,000
1/20/16 Received payment from Kassandra Hotel amounting to PHP15,000
1/21/16 Paid salaries of Dahlen and Karl - PHP15,000
1/22/16 Mr. Jeremy Richardson needed money for the hospitalization of his son. He withdrew
PHP18,000 from the Business
1/25/16 Paid airfare ticket of PHP1,500 for the travel of Mr. Richardson to Manila to negotiate a
contract with Tyler Gab Hotel
1/26/16 Paid taxes to the City of Iloilo, PHP4,000
1/27/16 Purchased office supplies amounting to PHP12,500
1/28/16 Collections from various customer for the day - PHP5,000
1/29/16 Tyler Gab Hotel availed the services of Mr. Jeremy Richardson amounting to
PHP15,000 payable on Feb 25, 2016.
OCEAN LAUNDRY SHOP #2 JOURNAL ENTRIES 4-26-21
DATE 2016 ACCOUNT TITLE / EXPLANATION REF DR CR
Jan. 02 Cash JV01-01 500,000
Engr. Jeremy Richardson, Capital 500,000
To record investment of Engr. J. Richardson
Jan. 03 NO ENTRY
Jan. 04 Cash JV01-02 3,000
Service Revenue 3,000
To record sales for the day
Jan. 05 Supplies Expenses JV01-03 10,000
Cash 10,000
To record purchase of store supplies from Jade Waterfalls
Jan. 07 Cash JV01-04 8,000
Service Revenue 8,000
To record sales for the day
Jan. 08 NO ENTRY
Jan. 09 Accounts Receivable JV01-05 15,000
Service Revenue 15,000
To record sales for the day from Kassandra Hotel on account
Jan. 10 Cash JV01-06 12,000
Service Revenue 12,000
To record sales for the day
Jan. 12 Equipment JV01-07 50,000
Cash 50,000
To record purchase of washing machine
Jan. 15 Cash JV01-08 20,000
Service Revenue 20,000
To record sales for the day
Jan. 19 Utilities Expense JV01-09 18,000
Cash 18,000
To record payment of electric bill
Jan. 20 Cash JV01-10 15,000
Accounts Receivable 15,000
To record payment from Kassandra Hotel
Jan. 21 Salaries Expenses JV01-11 15,000
Cash 15,000
To record payment of salaries of Dahlen & Karl
Jan. 22 Owner's Withdrawal JV01-12 18,000
Cash 18,000
To record drawings of Engr. Jeremy Richardson
Jan. 25 Travel Expense JV01-13 1,500
Cash 1,500
To record airfare ticket of Engr. Richarson for travel to Manila
to negotiate contract with Tyler Gab Hotel
Jan. 26 Taxes & Licenses JV01-14 4,000
Cash 4,000
To record payment of taxes to city hall
Jan. 27 Supplies Expenses JV01-15 12,500
Cash 12,500
To record purchase of office supplies
Jan. 28 Cash JV01-16 5,000
 Service Revenue 50,000
To record sales for the day
Jan. 29 Accounts Receivable JV01-17 15,000
Service Revenue 15,000

To record sales for the day from Tyler Gab Hotel on account
#3 POSTING - GENERAL LEDGER
Account Name: CASH Account Code: 1000
DATE PARTICULARS REF DR CR BALANCE
2/1/2016 Investment JV01-001 500,000 500,000
4/1/2016 Sales for the day JV01-002 3,000 503,000
5/1/2016 Purchase of Store Supplies JV01-003 10,000 493,000
7/1/2016 Sales for the day JV01-004 8,000 501,000
10/1/2016 Sales for the day JV01-006 12,000 513,000
12/1/2016 Purchase of Equipment JV01-007 50,000 463,000
1/15/16 Sales for the day JV01-008 20,000 483,000
1/19/16 payment of electric bill JV01-009 18,000 465,000
1/20/16 Payment received from Kassandra Hotel JV01-010 15,000 480,000
1/21/16 Payment of Salaries JV01-011 15,000 465,000
1/22/16 Withdrawal of Mr. Richardson for personal use JV01-012 18,000 447,000
1/25/16 Payment of Airfare ticket JV01-013 1,500 445,500
1/26/16 Payment of taxes to city hall JV01-014 4,000 441,500
1/27/17 Purchase of Store Supplies JV01-015 12,500 429,000
1/28/16 Sales for the day JV01-016 5,000 434,000

Account Name: J. RICHARDSON, CAPITAL Account Code: 3000

DATE PARTICULARS REF DR CR BALANCE
2/1/2016 Investment JV01-001 500,000 500,000

Account Name: SERVICE REVENUE Account Code: 4000

DATE PARTICULARS REF DR CR BALANCE
4/1/2016 Sales for the day JV01-002 3,000 3,000
7/1/2016 Sales for the day JV01-004 8,000 11,000
9/1/2016 Sales for the day JV01-005 15,000 26,000
10/1/2016 Sales for the day JV01-006 12,000 38,000
1/15/16 Sales for the day JV01-008 20,000 58,000
1/28/16 Sales for the day JV01-016 5,000 63,000
1/29/16 Sales for the day JV01-017 15,000 78,000

Account Name: SUPPLIES EXPENSE Account Code: 6150

DATE PARTICULARS REF DR CR BALANCE
5/1/2016 Purchase of Store Supplies JV01-003 10,000 10,000
1/28/16 Purchase of Office Supplies JV01-015 12,500 22,500

Account Name: ACCOUNTS RECEIVABLE Account Code: 1200

DATE PARTICULARS REF DR CR BALANCE
9/1/2016 Sales for the day from Kassandra Hotel on account JV01-005 15,000 15,000
01/20/2016 Received payment from Kassandra Hotel JV01-010 15,000 -
01/29/2016 income from customers JV01-017 15,000 15,000

Account Name: EQUIPMENT Account Code: 1650

DATE PARTICULARS REF DR CR BALANCE
12/1/2016 Purchase of Equipment JV01-007 50,000 50,000

Account Name: UTILITIES EXPENSE Account Code: 6200

DATE PARTICULARS REF DR CR BALANCE
1/19/16 payment of electric bill JV01-009 18,000 18,000

Account Name: SALARIES EXPENSE Account Code: 6100

DATE PARTICULARS REF DR CR BALANCE
1/21/16 payment of salaries of Dahlen & Karl JV01-011 15,000 15,000

Account Name: OWNER'S WITHDRAWAL Account Code: 3100

DATE PARTICULARS REF DR CR BALANCE
01/22/2016 Drawings of Mr. J. Richardson for son's hospitalization JV01-012 18,000 18,000

Account Name: TRAVEL EXPENSE Account Code: 6250

DATE PARTICULARS REF DR CR BALANCE
1/25/16 Airfare Ticket to Manila of Mr. J. Richardson for official JV01-013
business 1,500 1,500

Account Name: TAXES & LICENSES Account Code: 6600

DATE PARTICULARS REF DR CR BALANCE
1/26/16 payment of taxes JV01-014 4,000 4,000
1

2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

17

18

19

20
21
22
23
24
25
26

27

28
29

30

31
32
33

34

35

36

37

38

39

40

41

42
43

44

45
#4 UNADJUSTED TRIAL BALANCE

OCEAN LAUNDRY SHOP 2

UNADJUSTED TRIAL BALANCE 2
For the month ending January 30, 2016 2
ACCOUNT TITLE REF DR CR 1
BALANCE SHEET ACCOUNTS 1
Cash 1000 434,000 3
Accounts Receivables 1200 15,000 3
Equipment 1650 50,000 3
J. Richardson, Capital 3000 500,000 3
J. Richardson, Withdrawal 3100 18,000 3

INCOME STATEMENT ACCOUNTS 1

Service Revenue 4000 78,000 3
Salaries Expense 6100 15,000 3
Supplies Expense 6150 22,500 3
Utilities Expense 6200 18,000 3
Travel Expense 6250 1,500 3
Taxes & Licenses 6600 4,000 3
TOTAL 578,000 578,000 8
50
#5 WORKSHEET

OCEAN LAUNDRY SHOP

Worksheet UNADJUSTED TRIAL
For the month ending January 31, 2016 BALANCE ADJUSTMENTS
Account
ACCOUNT TITLE DR CR DR CR
code
BALANCE SHEET ACCOUNTS
Cash 1000 434,000
Accounts Receivables 1200 15,000
Equipment 1650 50,000
J. Richardson, Capital 3000 500,000
J. Richardson, Withdrawal 3100 18,000

INCOME STATEMENT ACCOUNTS

Service Revenue 4000 78,000
Salaries Expense 6100 15,000
Supplies Expense 6150 22,500
Utilities Expense 6200 18,000
Travel Expense 6250 1,500
Taxes & Licenses 6600 4,000
TOTAL 578,000 578,000
 ADJUSTED TRIAL STATEMENT OF
BALANCE POSITION STATEMENT OF INCOME BALANCE SHEET
DR CR DR CR DR CR
OCEAN LAUNDRY SHOP
#6 ADJUSTING JOURNAL ENTRIES 5-24-21
DATE 2016 ACCOUNT TITLE / EXPLANATION REF DR CR

JV01-03
Jan. 05 Supplies Expenses 10,000

Cash 10,000

To record purchase of store supplies from Jade Waterfalls

Jan. 31 JV01-18
Store Supplies 1,000

Supplies Expenses 1,000

To set up the value of unused store supplies

DATE 2016 ACCOUNT TITLE / EXPLANATION REF DR CR

Jan. 31 JV01-19
Depreciation Expense-Store Equipment 791.67

Accumulated Depreciation-Store Equipment ###

To record depreciation of washing machine for the month of January 2016

DATE 2016 ACCOUNT TITLE / EXPLANATION REF DR CR

Jan. 27 JV01-15
Supplies Expenses 12,500

Cash 12,500

To record purchase of office supplies

Jan. 31 JV01-20
Office Supplies 1,250

Supplies Expenses 1,250

To set up the value of unused office supplies

== OR ==
Jan. 31 JV01-18
Office Supplies 1,000
 Office Supplies 1,250

Supplies Expenses 2,250

To set up the value of unused office supplies

GENERAL LEDGER ADJUSTMENTS

Account NamOFFICE SUPPLIES Account Code:

DATE PARTICULARS REF DR CR
1/31/16 Unused Office Supplies JV01-20 1,250

Account NamSTORE SUPPLIES Account Code:

DATE PARTICULARS REF DR CR
1/31/16 Unused Store Supplies JV01-18 1,000

Account NamSUPPLIES EXPENSE Account Code:

DATE PARTICULARS REF DR CR
5/1/2016 Purchase of Store Supplies JV01-03 10,000
1/28/16 Purchase of Office Supplies JV01-15 12,500
1/31/16 Unused Store Supplies JV01-18 1,000
1/31/16 Unused Office Supplies JV01-20 1,250

8 Adjusting Journal Entries = 50 POINTS

8 (AJE)
8
7
7
12
50
7 pts
+1 = 8pts (pag
kasama ang
original entry)

8 pts

7 pts
+1 = 8pts (pag
kasama ang
original entry)
 14 pts
+2 = 16pts (pag X2 COUNTS
kasama ang DITO
original entry)

1500
BALANCE
1,250 7 pts

1510
BALANCE
1,000 7 pts

6150
BALANCE
10,000
22,500 12 pts
21,500
20,250

rnal Entries = 50 POINTS

 store supp 10,000.00 10%
JV01-03
Jan. 05 Supplies Exp 10,000

Cash

To record purchase of store supplies from Jade Waterfalls

Equipme
nt -
50,000.00 5%
Washing
Machine
47,500.00 /5 = 9,500

office supp 12,500.00 10%

Jan. 27 JV01-15
Supplies Exp 12,500

Cash

To record purchase of office supplies

 1,000.00

10,000

supplies from Jade Waterfalls

2,500.00

791.67 monthly dep'n

1,250.00

12,500
 Chart Title
1

-
500000 0 0 78000 578791.67 2 points
18000 0 0 15000 20250 18000 1500 791.67 4000 578791.67 2 points
2250 3041.67 2 points
791.67 3041.67 2 points
500000 78000 578000
18000 15000 22500 18000 1500 4000 578000
3000 3100 4000 6100 6150 6200 6250 6511 6600
J. Richardson, J. Richardson, Withdrawal INCOME Service Salaries Supplies Utilities Travel Depreciation Taxes & TOTAL
Capital STATEMENT Revenue Expense Expense Expense Expense Expense- Licenses
ACCOUNTS Store
Equipment

STATEMENT OF INCOME DR CR STATEMENT OF BALANCE SHEET DR

CR 123456 =OR =
#5 WORKSHEET (ADJUSTED)

3 points 8 points (header 5 money col

OCEAN LAUNDRY SHOP
Worksheet UNADJUSTED TRIAL
For the month ending January 31, 2016 BALANCE ADJUSTMENTS
Account
ACCOUNT TITLE DR CR DR CR
code
BALANCE SHEET ACCOUNTS
Cash 1000 434,000
Accounts Receivables 1200 15,000
Office Supplies 1500 1,250
Store supplies 1510 1,000
Equipment 1650 50,000
Accumulated Depreciation-Store
Equipment 1651 791.67
J. Richardson, Capital 3000 500,000
J. Richardson, Withdrawal 3100 18,000

INCOME STATEMENT ACCOUNTS

Service Revenue 4000 78,000
Salaries Expense 6100 15,000
Supplies Expense 6150 22,500 2,250
Utilities Expense 6200 18,000
Travel Expense 6250 1,500
Depreciation Expense- Store
Equipment 6511 791.67
Taxes & Licenses 6600 4,000
TOTAL 578,000 578,000 3,042 3,042
2 points 2 points

3 title
8 money columns
10 account name/code of new adjustments
5 adjustment entries
4 total adj dr/cr
15 ATB entry
4 Total ATB dr/cr
49
8 points (header 5 money collumns)

ADJUSTED TRIAL BALANCE STATEMENT OF

POSITION STATEMENT OF INCOME BALANCE SHEET
DR CR DR CR DR CR

434,000 1
15,000 2
1,250 3
1,000 4
50,000 5

791.67 6
=OR =
500,000 7
18,000 8
- -
- -
78,000 9
15,000 10
20,250 11
18,000 12
1,500 13

791.67 14
4,000 15
578,791.67 578,791.67 - - - -
2 points 2 points
 #5 WORKSHEET (ADJUSTED)

3 points
OCEAN LAUNDRY SHOP
Worksheet UNADJUSTED TRIAL
For the month ending January 31, 2016 BALANCE ADJUSTMENTS
Account
ACCOUNT TITLE DR CR DR
code
BALANCE SHEET ACCOUNTS
Cash 1000 434,000
Accounts Receivables 1200 15,000
Office Supplies 1500 1,250
Store supplies 1510 1,000
Equipment 1650 50,000

=OR = Accumulated Depreciation-Store

Equipment 1651
J. Richardson, Capital 3000 500,000
J. Richardson, Withdrawal 3100 18,000

INCOME STATEMENT ACCOUNTS

Service Revenue 4000 78,000
Salaries Expense 6100 15,000
Supplies Expense 6150 22,500
Utilities Expense 6200 18,000
Travel Expense 6250 1,500
Depreciation Expense- Store
Equipment 6511 395.83
Taxes & Licenses 6600 4,000
TOTAL 578,000 578,000 2,646
2 points

3 title
8 money columns
10 account name/code of new adjustments
5 adjustment entries
4 total adj dr/cr
15 ATB entry
4 Total ATB dr/cr
49
 8 points (header 5 money collumns)

ADJUSTED TRIAL STATEMENT OF

ADJUSTMENTS BALANCE POSITION STATEMENT OF INCOME BALANCE SHEET
CR DR CR DR CR DR CR

434,000 1
15,000 2
1,250 3
1,000 4
50,000 5

395.83 395.83 6
500,000 7
18,000 8
- -
- -
78,000 9
15,000 10
2,250 20,250 11
18,000 12
1,500 13

395.83 14
4,000 15
2,646 578,396 578,396 - - - -
2 points 2 points 2 points
OCEAN LAUNDRY SHOP EQUIPMENT DEPRECIATION SCHEDULE

Acquisition Residual Accumulated

Year Particulars Useful life Date Acquired Depreciation Balance
cost value depreciation

equipment-washing
2016 5 50,000 2,500 Jan.12, 2016 47,500 0 47,500
machine

equipment-washing
2017 5 50,000 2,500 Jan.12, 2016 47,500 9,500 38,000
machine

equipment-washing
2018 5 50,000 2,500 Jan.12, 2016 47,500 19,000 28,500
machine

equipment-washing
2019 5 50,000 2,500 Jan.12, 2016 47,500 28,500 19,000
machine

equipment-washing
2020 5 50,000 2,500 Jan.12, 2016 47,500 38,000 9,500
machine

OCEAN LAUNDRY SHOP EQUIPMENT DEPRECIATION SCHEDULE

Acquisition Residual Accumulated

Year Particulars Useful life Date Acquired Depreciation Balance
cost value depreciation

equipment-washing
2016 5 50,000 2,500 Jan.12, 2016 47,500 0 47,500
machine

equipment-washing
2017 5 50,000 2,500 Jan.12, 2016 47,500 9,104 38,396
machine

equipment-washing
2018 5 50,000 2,500 Jan.12, 2016 47,500 18,604 28,896
machine

equipment-washing
2019 5 50,000 2,500 Jan.12, 2016 47,500 28,104 19,396
machine

equipment-washing
2020 5 50,000 2,500 Jan.12, 2016 47,500 37,604 9,896
machine

equipment-washing
2020 5 50,000 2,500 Jan.12, 2016 47,500 47,104 395.64
machine
Remaining
Jan Feb Mar Apr May Jun Jul Aug
life

5 791.67 791.67 791.67 791.67 791.67 791.67 791.67 791.67

4 791.67 791.67 791.67 791.67 791.67 791.67 791.67 791.67

3 791.67 791.67 791.67 791.67 791.67 791.67 791.67 791.67

2 791.67 791.67 791.67 791.67 791.67 791.67 791.67 791.67

1 791.67 791.67 791.67 791.67 791.67 791.67 791.67 791.67

== OR ==

Remaining
Jan Feb Mar Apr May Jun Jul Aug
life

5 395.83 791.67 791.67 791.67 791.67 791.67 791.67 791.67

4 791.67 791.67 791.67 791.67 791.67 791.67 791.67 791.67

3 791.67 791.67 791.67 791.67 791.67 791.67 791.67 791.67

2 791.67 791.67 791.67 791.67 791.67 791.67 791.67 791.67

1 791.67 791.67 791.67 791.67 791.67 791.67 791.67 791.67

1 395.64
 Bal For-
Sep Oct Nov Dec Total
warded

791.67 791.67 791.67 791.67 9,500 38,000

24 points

791.67 791.67 791.67 791.67 9,500 28,500

6 points

791.67 791.67 791.67 791.67 9,500 19,000

6 points

791.67 791.67 791.67 791.67 9,500 9,500

6 points

791.67 791.67 791.67 791.67 9,500 0

6 points

48 (+2)

Total 50 POINTS

Bal For-
Sep Oct Nov Dec Total
warded

791.67 791.67 791.67 791.67 9,104 38,396

24 points

791.67 791.67 791.67 791.67 9,500 28,896

6 points

791.67 791.67 791.67 791.67 9,500 19,396

6 points

791.67 791.67 791.67 791.67 9,500 9,896

6 points

791.67 791.67 791.67 791.67 9,500 395.64

6 points

395.64 0.00
2

Total 50 POINTS
POST CLOSING TRIAL BALANCE

OCEAN LAUNDRY SHOP

Worksheet UNADJUSTED TRIAL
For the month ending January 31, 2016 BALANCE ADJUSTMENTS
Account
ACCOUNT TITLE DR CR DR CR
code
BALANCE SHEET ACCOUNTS
Cash 1000 434,000
Accounts Receivables 1200 15,000
Office Supplies 1500 1,250
Store supplies 1510 1,000
Equipment 1650 50,000
Accumulated Depreciation-Store
Equipment 1651 791.67
J. Richardson, Capital 3000 500,000
J. Richardson, Withdrawal 3100 18,000

INCOME STATEMENT ACCOUNTS

Service Revenue 4000 78,000
Salaries Expense 6100 15,000
Supplies Expense 6150 22,500 2,250
Utilities Expense 6200 18,000
Travel Expense 6250 1,500
Depreciation Expense- Store
Equipment 6511 791.67
Taxes & Licenses 6600 4,000
TOTAL 578,000 578,000 3,041.67 3,041.67
NET INCOME
1 point

4 LAST 2 money columns

8 balance sheet entries
7 income statement entries
4 total income statement
3 net income & TOTAL
4 total balance sheet
2 add net income
3 balance total of balance sheet
35 Total points
 4 points (header 2 money collumns)

ADJUSTED TRIAL BALANCE STATEMENT OF BALANCE

POSITION STATEMENT OF INCOME SHEET
DR CR DR CR DR CR

434,000 434,000 1
15,000 15,000 2
1,250 1,250 3
1,000 1,000 4
50,000 50,000 5

791.67 - 791.67 6
=OR =
500,000 - 500,000 7
18,000 18,000 - 8
- -
- -
78,000 - 78,000 1
15,000 15,000 2
20,250 20,250 3
18,000 18,000 4
1,500 1,500 5

791.67 791.67 6
4,000.00 4,000 7
578,791.67 578,791.67 59,541.67 78,000.00 519,250.00 500,791.67
18,458.33 18,458.33
519,250.00 519,250.00 -
2 points 2 points 2 points 2 points
2 points 2 points
2 points
 #5 WORKSHEET (ADJUSTED)

3 points
OCEAN LAUNDRY SHOP
Worksheet UNADJUSTED TRIAL
For the month ending January 31, 2016 BALANCE ADJUSTMENTS
Account
ACCOUNT TITLE DR CR DR
code
BALANCE SHEET ACCOUNTS
Cash 1000 434,000
Accounts Receivables 1200 15,000
Office Supplies 1500 1,250
Store supplies 1510 1,000
Equipment 1650 50,000

=OR = Accumulated Depreciation-Store

Equipment 1651
J. Richardson, Capital 3000 500,000
J. Richardson, Withdrawal 3100 18,000

INCOME STATEMENT ACCOUNTS

Service Revenue 4000 78,000
Salaries Expense 6100 15,000
Supplies Expense 6150 22,500
Utilities Expense 6200 18,000
Travel Expense 6250 1,500
Depreciation Expense- Store
Equipment 6511 395.83
Taxes & Licenses 6600 4,000
TOTAL 578,000 578,000 2,646
 8 points (header 5 money collumns)

ADJUSTED TRIAL BALANCE STATEMENT OF BALANCE

ADJUSTMENTS POSITION STATEMENT OF INCOME SHEET
CR DR CR DR CR DR CR

434,000 434,000 1
15,000 15,000 2
1,250 1,250 3
1,000 1,000 4
50,000 50,000 5

395.83 395.83 - 395.83 6

500,000 - 500,000 7
18,000 18,000 - 8
- -
- -
78,000 - 78,000 9
15,000 15,000 10
2,250 20,250 20,250 11
18,000 18,000 12
1,500 1,500 13

395.83 395.83 14
4,000 4,000 15
2,646 578,395.83 578,395.83 59,145.83 78,000.00 519,250.00 500,395.83
18,854.17 18,854.17
519,250.00 519,250.00
2 points 2 points 2 points 2 points
INCOME STATEMENT

OCEAN LAUNDRY SHOP

Statement of Income and Expenses
For the month ended January 31, 2016
CM YTD
Service Income 78,000.00
Less:
Salaries Expense 15,000.00
Supplies Expense 20,250.00
Utilities Expense 18,000.00
Travel Expense 1,500.00
Depreciation Expense- Store Equipment 791.67
Taxes & Licenses 4,000.00 59,541.67
Net Income 18,458.33

Scores 11
8
6
25
NOTE x2
CM current month 50
YTD year-to-date
1
2
3

4 1
5
6 2
7 3
8 4
9 5
10 6
11 7 8
6

Total Point Income Statement

CHANGES IN EQUITY

OCEAN LAUNDRY SHOP

Statement of Changes in Equity 5
For the month ended January 31, 2016
CM YTD
Balance at beginning of period 500,000.00 10
Add:
Net Income/(Loss) 18,458.33 18,458.33 5
Less:
Withdrawals 18,000.00 18,000.00 5
Balance at end of the period 500,458.33 10
35

NOTE
CM current month
YTD year-to-date
BALANCE SHEET

OCEAN LAUNDRY SHOP

Statement of Balance Sheet
For the month ended January 31, 2016
CM YTD
ASSETS
Current Assets
Cash 434,000.00
Accounts Receivables 15,000.00
Office Supplies 1,250.00
Store supplies 1,000.00
Total 451,250.00
Non-Current Assets
Equipment 50,000.00
Accumulated Depreciation-Store Equipment (791.67)
Total 49,208.33 500,458.33
LIABILITIES
EQUITY
J. Richardson, Capital 500,000.00
Add: Net Income 18,458.33
Less: J. Richardson, Withdrawal 18,000.00
500,458.33 500,458.33

NOTE
CM current month 19
YTD year-to-date 25
44
6
50 Total points
 1
2
3

4
5
6 1
7 2
8 3
9 4
10 5-6
11
12 7
13 8
14 9-10 11-15
15
16
17 16
18 17
19 18
19-20 21-25

Total points Balance Sheet

OCEAN LAUNDRY SHOP
Reversing JOURNAL ENTRIES

DATE
ACCOUNT TITLE / EXPLANATION REF
2016
JV01-21
Jan. 31 Service Income

Income Summary

To close nominal revenue accounts

Jan. 31 Income Summary JV01-22

Salaries Expense

Supplies Expense

Utilities Expense

Travel Expense

Depreciation Expense- Store Equipment

Taxes & Licenses

To close nominal expenses accounts

UPDATING GENERAL LEDGERS

Account Name: SERVICE REVENUE

DATE PARTICULARS REF
4/1/2016 Sales for the day JV01-002
7/1/2016 Sales for the day JV01-004
9/1/2016 Sales for the day JV01-005
10/1/2016 Sales for the day JV01-006
1/15/16 Sales for the day JV01-008
1/28/16 Sales for the day JV01-016
1/29/16 Sales for the day JV01-017
1/31/16 To close nominal revenue accounts JV01-021

Account Name: OWNER'S WITHDRAWAL

DATE PARTICULARS REF
01/22/2016 Drawings of Mr. J. Richardson JV01-012

Account Name: OFFICE SUPPLIES

DATE PARTICULARS REF
1/31/16 Unused Office Supplies JV01-20

Account Name: STORE SUPPLIES

DATE PARTICULARS REF
1/31/16 Unused Store Supplies JV01-18

Account Name: SUPPLIES EXPENSE

DATE PARTICULARS REF
5/1/2016 Purchase of Store Supplies JV01-03
1/28/16 Purchase of Office Supplies JV01-15
1/31/16 Unused Store Supplies JV01-18
1/31/16 Unused Office Supplies JV01-20
1/31/16 To close nominal expenses accounts JV01-022

Account Name: UTILITIES EXPENSE

DATE PARTICULARS REF
1/19/16 payment of electric bill JV01-009
1/31/16 To close nominal expenses accounts JV01-022

Account Name: SALARIES EXPENSE

DATE PARTICULARS REF
1/21/16 payment of salaries of Dahlen & Karl JV01-011
1/31/16 To close nominal expenses accounts JV01-022

Account Name: TRAVEL EXPENSE

DATE PARTICULARS REF
 Airfare Ticket to Manila of Mr. J. Richardson
1/25/16 for official business JV01-013
1/31/16 To close nominal expenses accounts JV01-022

Account Name: TAXES & LICENSES

DATE PARTICULARS REF
1/26/16 payment of taxes JV01-014
1/31/16 To close nominal expenses accounts JV01-022

Account Name: RETAINED EARNINGS

DATE PARTICULARS REF
1/31/16 Closing nominal revenue accounts JV01-21
1/31/16 Closing nominal expenses accounts JV01-22
Drawings of Mr. J. Richardson
 June 7, 2021

DR CR

78,000
7 points
78,000

17
59,541.67 points
15,000

20,250

18,000

1,500

791.67

4,000

Account Code: 4000

DR CR BALANCE
3,000 3,000
8,000 11,000
15,000 26,000
12,000 38,000
20,000 58,000
5,000 63,000
15,000 78,000
 78,000 - 3

Account Code: 3100

DR CR BALANCE
18,000 18,000

Account Code: 1500

DR CR BALANCE
1,250 1,250

Account Code: 1510

DR CR BALANCE
1,000 1,000

Account Code: 6150

DR CR BALANCE
10,000 10,000
12,500 22,500
1,000 21,500
1,250 20,250
20,250 - 3

Account Code: 6200

DR CR BALANCE
18,000 18,000
18,000 - 3

Account Code: 6100

DR CR BALANCE
15,000 15,000
15,000 - 3

Account Code: 6250

DR CR BALANCE
 1,500 1,500
1,500 - 3

Account Code: 6600

DR CR BALANCE
4,000 4,000
4,000 - 3

Account Code: 3900 3

DR CR BALANCE 1
78,000 78,000.00 5
59,541.67 18,458.33 5
18,000.00 458.33 4

7 7
17 17
3x6 18
18 18
60
OCEAN LAUNDRY SHOP
Reversing JOURNAL ENTRIES

DATE
ACCOUNT TITLE / EXPLANATION REF
2016
JV01-21
Jan. 31 Service Income

Income Summary

To close nominal revenue accounts

Jan. 31 Income Summary JV01-22

Salaries Expense

Supplies Expense

Utilities Expense

Travel Expense

Depreciation Expense- Store Equipment

Taxes & Licenses

To close nominal expenses accounts

UPDATING GENERAL LEDGERS

Account Name: SERVICE REVENUE

DATE PARTICULARS REF
4/1/2016 Sales for the day JV01-002
7/1/2016 Sales for the day JV01-004
9/1/2016 Sales for the day JV01-005
10/1/2016 Sales for the day JV01-006
1/15/16 Sales for the day JV01-008
1/28/16 Sales for the day JV01-016
1/29/16 Sales for the day JV01-017
1/31/16 To close nominal revenue accounts JV01-021

Account Name: OWNER'S WITHDRAWAL

DATE PARTICULARS REF
01/22/2016 Drawings of Mr. J. Richardson JV01-012

Account Name: OFFICE SUPPLIES

DATE PARTICULARS REF
1/31/16 Unused Office Supplies JV01-20

Account Name: STORE SUPPLIES

DATE PARTICULARS REF
1/31/16 Unused Store Supplies JV01-18

Account Name: SUPPLIES EXPENSE

DATE PARTICULARS REF
5/1/2016 Purchase of Store Supplies JV01-03
1/28/16 Purchase of Office Supplies JV01-15
1/31/16 Unused Store Supplies JV01-18
1/31/16 Unused Office Supplies JV01-20
1/31/16 To close nominal expenses accounts JV01-022

Account Name: UTILITIES EXPENSE

DATE PARTICULARS REF
1/19/16 payment of electric bill JV01-009
1/31/16 To close nominal expenses accounts JV01-022

Account Name: SALARIES EXPENSE

DATE PARTICULARS REF
1/21/16 payment of salaries of Dahlen & Karl JV01-011
1/31/16 To close nominal expenses accounts JV01-022

Account Name: TRAVEL EXPENSE

DATE PARTICULARS REF
 Airfare Ticket to Manila of Mr. J. Richardson
1/25/16 for official business JV01-013
1/31/16 To close nominal expenses accounts JV01-022

Account Name: TAXES & LICENSES

DATE PARTICULARS REF
1/26/16 payment of taxes JV01-014
1/31/16 To close nominal expenses accounts JV01-022

Account Name: RETAINED EARNINGS

DATE PARTICULARS REF
1/31/16 Closing nominal revenue accounts JV01-21
1/31/16 Closing nominal expenses accounts JV01-22
Drawings of Mr. J. Richardson
 June 7, 2021

DR CR

78,000

78,000

59,145.83

15,000

20,250

18,000

1,500

395.83

4,000

Account Code: 4000

DR CR BALANCE
3,000 3,000
8,000 11,000
15,000 26,000
12,000 38,000
20,000 58,000
5,000 63,000
15,000 78,000
 78,000 -

Account Code: 3100

DR CR BALANCE
18,000 18,000

Account Code: 1500

DR CR BALANCE
1,250 1,250

Account Code: 1510

DR CR BALANCE
1,000 1,000

Account Code: 6150

DR CR BALANCE
10,000 10,000
12,500 22,500
1,000 21,500
1,250 20,250
20,250 -

Account Code: 6200

DR CR BALANCE
18,000 18,000
18,000 -
Account Code: 6100
DR CR BALANCE
15,000 15,000
15,000 -
Account Code: 6250
DR CR BALANCE
 1,500 1,500
1,500 -
Account Code: 6600
DR CR BALANCE
4,000 4,000
4,000 -

Account Code: 3900

DR CR BALANCE
78,000 78,000.00
59,145.83 18,854.17
18,000.00 854.17