ASSIGNMENT:

On September 1, 2023, Superman started Superman Laundry Service with P300,000 as an initial investment. The
following other transactions for the month are:

2 Purchased chairs and tables for cash, P7,000.

3 Purchased laundry supplies on account from Batman Supply Inc., P5,000.

4 Purchased washing machines and dryers from Spiderman Equipment Corp., P150,000, paying P50,000 and

the balance on account.

16 Revenues earned for the first half of the month, P30,000, were P20,000 on cash basis and the rest on account.

17 Paid P10,000 to Spiderman Equipment Corp. for the equipment purchased on account on Sept. 4.

18 Superman, the owner, withdrew cash from the business worth P10,000 for personal use.

23 Received P8,000 from revenues earned on account from the first half of the month.

28 Revenues earned on cash basis for the second half of the month, P40,000.

29 Paid accounts to Batman Supply Inc. P3,000.

30 Paid electricity and water bills for the month, P8,000.

30 Paid Salaries to employees, P15,000.

Required:

1. Prepare journal entry for the transactions above.

2. Prepare T-Accounts.
3. Prepare Trial Balance.

Chart of Accounts

ASSETS LIABILITIES
Cash Accounts Payable
Accounts Receivable
Laundry Supplies OWNER’S EQUITY
Furniture and Fixtures Superman, Capital
Laundry Equipment Superman, Drawing

EXPENSES INCOME
Utilities Expense Laundry Service Revenue
Salaries Expense