Presented to you is the Chart of Accounts of Summa Cum Laundry as follows:

Account Account
Number Account Titles Number Account Titles
ASSETS OWNER'S EQUITY
100 - 149 Current Assets 300 Sam Cummins, Capital
100 Cash 301 Sam Cummins, Drawings
101 Accounts receivable
102 Supplies REVENUE AND EXPENSES
150 - 200 Noncurrent Assets 400 Laundry revenues
150 Equipment 500 Salaries expense
501 Utilities expense
LIABILITIES 600 Income Summary
200 - 249 Current Liabilities
200 Accounts payable
201 Unearned revenues
250 - 300 Noncurrent Liabilities

In addition, you were given the trial balance as of June 30, 2014 as follows:

Summa cum Laundry

Trial Balance
June 30, 2019
Accounts Titles Debit Credit
Cash P 8,750
Accounts receivable 2,320
Supplies 1,900
Equipment 9,000
Accounts payable P 5,500
Unearned revenue 800
Sam Cummins, Capital 15,670
P 21,970 P 21,970

The following transactions occurred during the month of July 2019:

Jul. 5 Collected P 850 in outstanding receivables from an account customer.

10 Rendered laundry services to Mr. Dee on account, P 6,300
15 Paid salaries of employees for the period covering Jul. 1-15, P 1,400.
16 P 600 of the unearned revenue were earned.
20 Paid P 2,000 of outstanding payables to suppliers.
21 Rendered laundry services for cash, P 250.
26 Purchased supplies on account, P 350.
29 Withdrew cash from the business for personal use, P 600.
30 paid salaries of employees for the period covering Jul. 16-31, P 1,400.
31 Received and paid utility bills, P 900.

REQUIRED: From the given information, perform the following:

1. Post the beginning balances as per trial balance to the general ledger.
2. Journalize the transactions for the current month.
3. Post the journal entries to the individual ledger accounts.
4. Prepare the trial balance as of July 31, 2019.
5. Prepare the following financial statements:
a. Income Statement for the month ended July 31.
b. Statement of Changes in Equity for the month ended July 31.
c. Balance Sheet as of July 31.
d. Statement of Cash Flows for the month ended July 31 (Direct method).
6. Closing journal entries as of July 31.
7. Post-Closing Trial Balance as of July 31.
 GENERAL JOURNAL

DATE PAR T I C U LAR S F DEBIT CREDIT

Jul. 5 Cash 8 5 0 00
Accounts Receivable 8 5 0 00
Collection of receivables

10

15

16

20

21

26

29

30

31

Jul
 GENERAL JOURNAL

DATE PAR T I C U LAR S F DEBIT CREDIT

CLOSING JOURNAL ENTRIES

Jul 31

31

31
 GENERAL LEDGER GENERAL LEDGER

Account Title: CASH Account No. 100 Account Title: SAM CUMMINS, CAPITAL Account No. 300
Date Particulars F Debit Credit Balance Date Particulars F Debit Credit Balance
Jul. 01 Balance P 8 7 5 0 Jul. 01 Balance P 1 5 6 7 0
05
15
20
21 Account Title: SAM CUMMINS, DRAWINGS Account No. 301
29 Date Particulars F Debit Credit Balance
30 Jul.
30

Account Title: ACCOUNTS RECEIVABLE Account No. 102 Account Title: LAUNDRY REVENUE Account No. 400
Date Particulars F Debit Credit Balance Date Particulars F Debit Credit Balance
Jul. 01 Balance P 2 3 2 0 Jul.
05
10

Account Title: SUPPLIES Account No. 103

Date Particulars F Debit Credit Balance Account Title: SALARIES EXPENSE Account No. 500
Jul. 01 Balance P 1 9 0 0 Date Particulars F Debit Credit Balance
26 Jul.

Account Title: EQUIPMENT Account No. 150

Date Particulars F Debit Credit Balance
Jul. 01 Balance P 9 0 0 0 Account Title: UTILITIES EXPENSE Account No. 501
Date Particulars F Debit Credit Balance
Jul.
Account Title: ACCOUNTS PAYABLE Account No. 200
Date Particulars F Debit Credit Balance
Jul. 01 Balance P 5 5 0 0
20 Account Title: INCOME SUMMARY Account No. 600
26 Date Particulars F Debit Credit Balance
Jul.

Account Title: UNEARNED REVENUE Account No. 201

Date Particulars F Debit Credit Balance
Jul. 01 Balance P 8 0 0
16
 SUMMA CUM LAUNDRY
Trial Balance
July 31, 2019

Acct.
No. Account Titles Debit Credit
100 Cash P
101 Accounts Receivable
102 Supplies
150 Equipment
200 Accounts Payable
201 Unearned Revenue
300 Sam Cummins, Capital
301 Sam Cummins, Drawings
400 Laundry Revenue
500 Salaries Expense
501 Utilities Expense

P - P -
 SUMMA CUM LAUNDRY
INCOME STATEMENT
For the month Ended July 31, 2019

Laundry Revenue
Less: Operating Expenses
Salaries Expense P
Utilities Expense
Net income P

STATEMENT OF CHANGES IN EQUITY

For the month Ended July 31, 2019

Sam Cummins, Capital, July 1 P

Add: Net Income
Total
Less: Sam Cummins, Drawings
Sam Cummins, Capital, July 31 P

STATEMENT OF FINANCIAL POSITION

As of July 31, 2019

ASSETS
Current Assets
Cash P
Accounts receivable
Supplies P
Noncurrent Assets
Equipment

Total Assets P

LIABILITIES AND OWNER'S EQUITY

Current Liabilities
Accounts Payable P
Unearned Revenue
Total Liabilities

Owner's Equity
Sam Cummins, Capital, July 31

Total Liabilities and Owner's Equity P

STATEMENT OF CASH FLOWS

For the month Ended July 31, 2019

Cash Flows from Operating Activities

Laundry services for cash P
Collection of accounts receivable
Payment of salaries
Payment of utilities
Payment of outstanding accounts payable

Cash Flom Investing Activities

Cash Flows from Financing Activities
Drawings made by owner
Net Increase(Decrease) in Cash during the month
Add: Cash balance, July 1
P
 SUMMA CUM LAUNDRY
Post-Closing Trial Balance
July 31, 2019

Acct.
No. Account Titles Debit Credit
100 Cash P
101 Accounts receivable
102 Supplies
150 Equipment
200 Accounts payable P
201 Unearned revenue
300 Sam Cummins, Capital
P - P -