name Labada Laundry Services

06/10/2022

Jan 1. Mr. Jimmy Sanchez opens a current account with

Philippine National Bank in the amount of P850,000 to
start with his laundry shop business under the trade

SM City- Davao P35,000

Cash in Bank P850,000
Sanchez, Capital P850,000

Jan 2. Purchased laundry supplies on account, P90,000

from the following suppliers

Gaisano Mall 25,000

NCCC Mall 30,000

Laundry Supplies P90,000

Accounts Payable P90,000
 1
06/10/2022

Jan 3. Purchase of laundry machine for cash, P150,000

Laundry equipment P150,000

Cash P150,000

Royal Mandaya Hotel 10,000

Rendered laundry services on account, P80,000 to the following
customers:
Apo View Hotel P5,000
Grand Men Seng 35,000
Marco Polo 30,000

Accounts Receivable P80,000

Laundry Income P80,000

2
Jan 10- Paid taxes and license due to government, P40,000Jan
12. Mr Santos withdrew P10,000 cash from the business for his
Taxes and Licenses P4,000
Cash in Bank P4,000

personal use

Sanchez, Drawing P10,000

Cash in Bank P10,000
06/10/2022
account of Labahan Laundry Services by a way of Credit
06/10/2022

Jan 17. The business money from Philippine National Bank,

P100,000 by issuing a 15-day note. It was deposited to the

Memorandum issued by the bank.

Cash in Bank P100,000

Notes Payable P100,000

Jan 17. The bank issued a debit memo. P1,000

interest and bank charges

Interest Expense P1,000

Cash in Bank P1,000
 4
Grand Menseng Hotel P30,000 Royal Mandaya Hotel 5,000
06/10/2022

Jan 21. Received cash of P45,000 representing collection from the

following customer’s account

Marco Polo 10,000

Cash in Bank P45,000

Accounts Receivable P45,000

Jan 25. Partial payment of accounts, P60,000 to the following

 suppliers:
SM City P25,000
Gaisano Mall 20,000
NCCC Mall 15,000

Accounts Payable P60,000

Cash in Bank P60,00

5
Jan 30. The following expenses were paid by the Labahan laundry
06/10/2022

Services for the month of Jan 2019 Space Rental P5,000 Telephone,
light and water 12,000 Salaries of Employees 10,000

D- Drawing - DEBIT
Rent Expense P5,000
A- Asset
Utilities Expense 12,000
Salaries Expense 10,000
E- Expenses
Cash in Bank P27,000

C- Capital - CREDIT
I- Income
L- Liabilities
Normal Balance