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Accounting

1) The document shows T-account journal entries made on May 1st by Evangelista Self-Service Laundry for various revenue, expense, asset and liability accounts. 2) Key transactions include Magpantay contributing $250,000 in capital, purchasing equipment costing $115,000, and paying $5,000 in drawings. 3) The trial balance section summarizes debit and credit balances across accounts as of May 1st, with total debits equal to total credits of $355,100.

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1K views6 pages

Accounting

1) The document shows T-account journal entries made on May 1st by Evangelista Self-Service Laundry for various revenue, expense, asset and liability accounts. 2) Key transactions include Magpantay contributing $250,000 in capital, purchasing equipment costing $115,000, and paying $5,000 in drawings. 3) The trial balance section summarizes debit and credit balances across accounts as of May 1st, with total debits equal to total credits of $355,100.

Uploaded by

Ishiangreat
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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Date Particulars P.R.

Debit Credit
1-May
a. Cash P250,000
Magpantay, Capital P250,000

b. Furniture and Fixtures P6,700


Cash P6,700

c. Supplies Expense P3,250


Accounts Payable P3,250

d. Rent Expense P5,750


Cash P5,750

e. Equipment P115,000
Cash P35,000
Accounts Payable P80,000

f. Cash P19,250
Laundry Revenues P19,250

g. Prepaid Insurance P5,600


Cash P5,600

h. Accounts Payable P7,000


Cash P7,000

i. Utilities Expense P2,080


Cash P2,080

j. Cash P12,350
Laundry Revenues P12,350

k. Salaries Expense P7,400


Cash P7,400

l. Evangelista,Drawings P5,000
Cash P5,000

m. Accounts Payable P2,750


Cash P2,750

n. Miscellaneous Expense P2,800


Cash P2,800
T-Accounts

CASH Prepaid Insurance Equipment


250,000 6,700 5,600 115,000
19,250 5,750
12,350 35,000
5,600
7,000
2,080
7,400
5,000
2,750
2,800
281,600 80,080
201,520

Accounts Payable Evangelista,Capital Evangelista,Withdrawals


7,000 3,250 P250,000 5,000
2,750 80,000

9,750 83,250
73,500

Salaries Expense Supplies Expense Rent Expense


7,400 3,250 5,750
Miscellaneous Expense
2,800
Furniture and Fixtures
6,700

Laundry Revenues
19,250
12,350

31,600

Utilities Expense
2,080
EVANGELISTA SELF-SERVICE LAUNDRY
TRIAL BALANCE
MAY 01,2020

DEBIT
Cash 201,520
Prepaid Insurance 5,600
Equipment 115,000
Funiture and Fixtures 6,700
Accounts Payable
Evangelista,Capital
Evangelista,Drawings 5,000
Laundry Revenues
Salaries Expense 7,400
Supplies Expense 3,250
Rent Expense 5,750
Utilities Expense 2,080
Miscellaneous Expense 2,800

TOTAL 355,100
CREDIT

73,500
250,000

31,600

355,100

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