Professional Documents
Culture Documents
Accounting
Accounting
BBA IIB
BUS-19F-044
Principle of Accounting
Assignment 03
Submitted to: Miss Sundus Rahim Memon
Submitted From : Mohsin
Hassan
(a)
Pargo’s Cleaning Service
General journal
Supplies
No :128
Date explanation debit credit
balance
Prepaid insurance
No :130
Date explanation debit credit
balance
Equipment
No:157
Date explanation debit credit
balance
Jul-01 Cash + Accounts payable 9000 9000
Accounts Payable
No:201
Date explanation debit credit
balance
Owner’s capital
No:301
Date explanation debit credit
balance
Owner’s Drawings
No:306
Date explanation debit credit
balance
Jul-31 Cash 5600 5600
Service revenue
No:400
Date explanation debit credit
balance
Gasoline Expense
No:633
Date explanation debit credit
balance
34700 34700
(c)
Pargos Cleaning Service
At July 31
Totals
Totals 6000
Net income 7200 7200
Revenues:. Amount
Amount
Expenses:
Depreciation expense 500
Supplies expense 1500
Salaries & wages expense 3500
Insurance expense 150
Gasoline expense 350
Amount
Owner’s Capital, July-01 20000
Add: Net income 7200
27200
Assets Amount
Amount
Current assets
Cash 6250
Account receivable 9800
Supplies 600
Prepaid insurance 1650
Total current assets 18300
Equipment 9000
Less: Accumulated depreciation equipment 500
Total Long term assets 8500
Total assets 26800
Liabilities
Owner's equity
Owners capital (July-31) 21600
Total liabilities and equity 26800
(e)
Pargo’s Cleaning Service
Adjusting journal entries
Supplies
No :128
Date explanation debit credit
balance
Prepaid insurance
No :130
Date explanation debit credit
balance
Service revenue
No:400
Date explanation debit credit
balance
Depreciation Expense
No:711
Date explanation debit credit
balance
Insurance Expense
No:722
Date explanation debit credit
balance
(f)
Pargo’s Cleaning Service
Closing journal Entries
Owner’s capital
No:301
Date explanation debit credit
balance
Owner’s Drawings
No:306
Date explanation debit credit
balance
Income Summary
No:350
Date explanation debit credit
balance
Service Revenue
No:400
Date explanation debit credit
balance
Supplies Expense
No:634
Date explanation debit credit
balance
Gasoline Expense
No:633
Date explanation debit credit
balance
Depreciation Expense
No:711
Date explanation debit credit
balance
Insurance Expense
No:722
Date explanation debit credit
balance
(g)
Post-Closing Trial balance
At July-31
Account number account title debit
credit