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Bala Kajan opened a laundry shop in Pagadian City.

With the given chart of accounts, record the


following transactions:
ASSETS LIABILITIES OWNER’S INCOME EXPENSES
EQUITY
Cash in Bank Notes Payable B. Kajan, Capital Laundry Income Salaries Expense
Accounts Accounts B. Kajan, Taxes and
Receivable Payable Drawing Licenses
Unused Laundry Accrued Laundry Utilities Expense
Supplies Income
Prepaid Repairs and
Insurance Maintenance
Laundry Rental Expense
Equipment
Delivery
Equipment

Transactions:
May 1- Opened an account with the BPI and made initial investment of P 500,000 under
savings account.
2- Bought laundry machine on account costing P 250,000 and issued a promissory
note.
5- Bought a second-hand multicab in cash for delivery purposes, P 85,000.
6- Bought laundry supplies on account, P 12,000.
7- Laundry income for the week. Cash- P 14,500,
Billings to various customers- P 10,300.
9- Paid in advance P 5,000 for vehicle insurance.
12- Partial Collection from customer account on March 7, P 2,300.
14- Laundry income for the week. Cash- P 30,000,
Billings to various customers- P 5,100.
16- Withdrew cash of P 5,000 for personal use.
18- Full Collection of customers’ accounts of March 7.
20- Partial collection of customers’ accounts on March 14, P 2,100.
21- Laundry income for the week. Cash- P 12,000,
Billings to various customers- P 15,000.
23- Received Cash for services yet to be rendered, P 3,000.
24- Full Collection of customers’ accounts of March 14.
25- 50% collection of customers’ accounts of March 21.
28- Laundry income for the week. Cash- P 15, 000,
Billings to various customers- P 25,000.
29- Full payment on the note issued on March 2 for the Laundry machine.
31- Paid the following expenses:
Salaries Expense- P 25,000
Rental Expense- 30,000
Utilities Expense- 10,000
Repairs and Maintenance 10,000
Adjusting Entries:

a. On October 1, 2018, Bala Kajan collected P 15,000 from customer representing an advance
collection for one year. It used Income Method in recording the transaction.

b. On October 1, 2018, Bala Kajan paid P 22,000 representing an advance payment to building
rental for one year. It used Expense Method in recording the transaction.
c. Estimated Doubtful Accounts should be increased by 1% of the outstanding Accounts
Receivable.
d. On October 1, 2018, the office acquired Office equipment worth P 20,000 with a useful life of 5
years.

Requirement:

1. Journal Entries- Yellow Pad


2. T- Account- Yellow Pad
3. Trial Balance- Work Sheet
4. Adjusting Entries- Yellow Pad/ Worksheet
5. Adjusted Trial Balance- Work Sheet
6. Statement of Financial Position- Worksheet
7. Statement of Financial Performance- Worksheet
8. Closing Entries- Yellow Pad/Worksheet
9. Post- Closing Trial Balance

Submit it on March 29, 2019 at COA Office, DPWH, Pagadian City not later than 5pm.
If you have questions, feel free to contact me.
Thank you and God Bless!

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