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Irene’s Coin Laundry
Chart of Accounts
July 31, 2002
Assets
101 Cash
112 Accounts Receivable
126 Supplies
157 Equipment
Liability
201 Accounts Payable
206 Unearned Revenue
Equity
301 Irene Boris, Capital
306 Irene Boris, Drawing
426 Laundry Revenue
726 Salaries Expense
732 Utilities Expense

Journal Entries
Date Description Debit Credit
July 5 Cash 850
Accounts Receivables 850
Received cash from customers
July 10 Accounts Receivable 6,300
Laundry Revenue 6,300
Billed customer for service performed
July 15 Salaries Expense 1,400
Cash 1,400
Paid salaries for cash
July 16 Unearned Revenue 600
Laundry Revenue 600
Performed services for customer
July 20 Accounts Payable 2,000
Cash 2,000
Paid creditor for cash
July 21 Cash 250
Laundry Revenue 250
Render services for cash
July 26 Supplies 350
Accounts Payable 350
Purchase supplies on account
July 29 Irene Boris, Withdrawal 600
Cash 600
Withdrew cash for personal use
July 30 Utilities Expense 900

Cash 900
Paid Utilities for Cash

101 Cash
Balance 8,750
July 5 850
15 1,400
20 2,000
21 250
29 600
30 900
Total 4950
112 Accounts Receivable

Balance 2,320
July 5 850
10 6300
Balance 7770
126 Supplies
Balance 1,900
July 26 350
Balance 2250
157 Equipment
Balance 9,000
201 Accounts Payable
Balance 5,500
July 20 2,000
26 350
Balance 3850
206 Unearned Revenue

Balance 800
July 16 600
Balance 200
301 Irene Boris, Capital

Balance 15,670
306 Irene Boris, Drawings

July 29 600
426 Laundry Revenue

July 10 6,300
16 600
21 250
Balance 7150
726 Salaries Expense
July 15 1,400
732 Utilities Expense

July 30 900
Unadjusted Trial Balance
July 31, 2002
Accounts Debit Credit
Assets
101 Cash 4,950
112 Accounts Receivable 7,770
126 Supplies 2,250
157 Equipment 9,000
Liability
201 Accounts Payable 3,850
206 Unearned Revenue 200
Equity
301 Irene Boris, Capital 15,670
306 Irene Boris, Drawing 600
426 Laundry Revenue 7,150
726 Salaries Expense 1,400
732 Utilities Expense 900
Balance 26870 26870

Adjusting Entries
July 31 Income Summary 2,900
Salaries Expense 1,400
Utilities Expense 900
Irene Boris, Drawing 600
Closing Expenses and Withdrawal accounts
July 10 Laundry Revenue 7,150
Income Summary 7,150
Closing Laundry Revenue Account
July 15 Income Summary 4,250
Irene Boris, Capital 4,250
Closing Income Summary Account.
Income Statement
July 31, 2002
Revenue:
Laundry Revenue 7,150
Less: Expenses
Salaries Expense 1,400
Utilities Expense 900 2300
Net Income 4,850

Statement of Changes in Equity
July 31, 2002
Irene Boris, Capital (Beginning) 15,670
Less: Irene, Boris Drawing 600
Total 15,070
Add: Net Income 4,850
Irene Boris, Capital (Ending) 19,920
Trial Balance
July 31, 2002
Accounts Debit Credit
Assets
101 Cash 4,950
112 Accounts Receivable 7,770
126 Supplies 2,250
157 Equipment 9,000
Liability
201 Accounts Payable 3,850
206 Unearned Revenue 200
Equity
301 Irene Boris, Capital 19,920
Balance 23,970 23,970

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Irene’s Coin Laundry

July 31, 2002

112 Accounts Receivable

201 Accounts Payable

206 Unearned Revenue

301 Irene Boris, Capital

306 Irene Boris, Drawing

426 Laundry Revenue

726 Salaries Expense

732 Utilities Expense

Date Description Debit Credit

July 5 Cash 850

Accounts Receivables 850

Received cash from customers

July 10 Accounts Receivable 6,300

Laundry Revenue 6,300

Billed customer for service performed

July 15 Salaries Expense 1,400

Paid salaries for cash

July 16 Unearned Revenue 600

Laundry Revenue 600

Performed services for customer

July 20 Accounts Payable 2,000

Paid creditor for cash

July 21 Cash 250

Laundry Revenue 250

Render services for cash

July 26 Supplies 350

Accounts Payable 350

Purchase supplies on account

July 29 Irene Boris, Withdrawal 600

Withdrew cash for personal use

July 30 Utilities Expense 900

Paid Utilities for Cash

112 Accounts Receivable

206 Unearned Revenue

301 Irene Boris, Capital

306 Irene Boris, Drawings

426 Laundry Revenue

732 Utilities Expense

Unadjusted Trial Balance

July 31, 2002

Accounts Debit Credit

101 Cash 4,950

112 Accounts Receivable 7,770

126 Supplies 2,250

157 Equipment 9,000

201 Accounts Payable 3,850

206 Unearned Revenue 200

301 Irene Boris, Capital 15,670

306 Irene Boris, Drawing 600

426 Laundry Revenue 7,150

726 Salaries Expense 1,400

732 Utilities Expense 900

Balance 26870 26870

Date Description Debit Credit

July 31 Income Summary 2,900

Salaries Expense 1,400

Utilities Expense 900

Irene Boris, Drawing 600

Closing Expenses and Withdrawal accounts

July 10 Laundry Revenue 7,150

Income Summary 7,150