Calunod, Mary Rogen Archelle A.

ACC111 6316

ACTIVITY 11

2020 Account Titles Debit Credit

August
1 Cash in Bank 400,000
Giles, Capital 400,000
Initial Investment.

2 Laundry Equipment 200,000

Cash in bank 120,000
Notes payable 80,000
Bought Equipment on account

3 Taxes and Licenses expense 5,300

Cash in Bank 5,300
Payment of permits.

4 Prepaid rent 12,000

Leasehold Improvements 20,000
Cash in Bank 32,000
Payment of rent and cost of renovation

5 Transportation equipment 120,000

Accounts Payable 120,000
Purchase of van on account.

8 Laundry supplies 15,000

Accounts payable 15,000
Purchase of supplies on account.

10 Cash 7,500
Laundry Service Income 7,500
Rendered service for cash.

11 Accounts receivable 40,000

Laundry Service Income 40,000
Rendered services for cash

14 Utilities expense 990

Cash 990
 Payment to PLDT

15 Salaries expense 5,000

Cash 5,000
Payment of salaries

16 Giles, Drawing 10,000

Cash 10,000
Payment of Giles personal loan.

20 Rent expense 7,000

Cash 6,650
Withholding tax payable 350
Payment of rent.

25 Cash 40,000
Accounts receivable 40,000
Collection of accounts.

26 Cash in Bank 16,200

Laundry service income 16,200
Services rendered for cash.

28 Accounts payable 15,000

Cash 15,000
Payment of account.

29 Accounts payable 60,000

Cash 60,000
Payment of accounts.

31 Salaries expense 5,000

Cash 4,500
SSS premiums payable 300
Philhealth Premium payable 200
Payment of salaries.
 CASH IN BANK

Date Description Debit Date Description Credit

8/1 Investment 400,000 2 Down payment 120,000
26 Rendered service 16,200 3 Taxes and Licenses 5,300
for cash
4 Rent and 32,000
renovation
29 Payment of 60,000
Account
Total 416,200 217,300
Balance 198,900

CASH

Date Description Debit Date Description Credit

10 Services for cash 7,500 14 Utilities paid 990
25 Collection 40,000 15 Salaries paid 5,000
16 Drawing 10,000
20 Rent paid 6,650
28 Payment of 15,000
account
31 Payment of salaries 4,500
Total 47,500 42,140
Balance 5,360

Accounts receivable

Date Description Debit Date Description Credit

11 Services on 40,000 25 Collection 40,000
account
-

Laundry Supplies

Date Description Debit

8 Purchase of 15,000
supplies
Prepaid Rent

Date Description Debit

4 Rent paid in 12,000
advance

Transportation Equipment

Date Description Debit

5 Purchase of Eqpt. 120,000
for cash

Laundry Equipment

Date Description Debit

2 Bought Eqpt on 200,000
account.

Leasehold Improvement

Date Description Debit

4 Renovation cost 20,000

ACCOUNTS PAYABLE

Date Description Debit Date Description Credit

28 Payment of 15,000 5 Van on account 120,000
account
29 Payment of 60,000 8 Purchase of 15,000
Account supplies
Total 75,000 Balance 135,000
60,000

Notes Payable

Date Description Credit

2 Eqpt on account 80,000
 Withholding Tax Payable

Date Description Credit

20 Withholding tax 350

Philhealth Premium payable

Date Description Credit

31 Premiums withheld 200

SSS Premium payable

Date Description Credit

31 Premiums withheld 300

Giles, CAPITAL

Date Description Credit

7/1 Investment 400,000
Giles, Drawing

Date Description Debit

16 Drawing 10,000

Laundry SERVICE INCOME

Date Description Credit

10 Services for cash 7,500
11 Services on account 40,000
26 Rendered service 16,200
for cash
Balance 63,700

TAXES AND LICENSES

Date Description Debit

3 Taxes and Licenses 5,300
 SALARIES EXPENSE

Date Description Debit

15 Salaries paid 5,000
31 Salaries 5,000
Balance 10,000

UTILITIES EXPENSE

Date Description Debit

14 Utilities paid 990

RENT EXPENSE

Date Description Debit

20 Rent paid 7000
 Giles Laundry Services
Trial Balance
August 2020

Account Titles Debit Credit

Cash in Bank 198,900
Cash 5,360
Accounts receivable -
Laundry supplies 15,000
Prepaid rent 12,000
Transportation Eqpt 120,000
Laundry Equipment 200,000
Leasehold Improvement 20,000
Accounts payable 60,000
Notes Payable 80,000
Withholding Tax Payable 350
SSS Premiums payable 300
Phil health Premiums payable 200
Giles. Capital 400,000
Giles, Drawing 10,000
Laundry Service Income 63,700
Taxes and license 5,300
Salaries expense 10,000
Utilities expense 990
Rent Expense 7,000
Total 604,550 604,550