Chart of Accounts Laundromat - Excel by dhm15574

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Chart of Accounts Laundromat document sample

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									Campus Laundromat (of Bob Sample)
Transactions
September 2002
(source : Weygandt, Kieso, Kimmel pages 67-68)

Date             Transactions

       Sep-01    Invested $20000 cash in the business
       Sep-02    Paid $1000 cash for store rent for the month of September
       Sep-03    Purchased washers and dryers for $25000 paying $10000 in cash and signing a $15000 6-month 12% note paya
       Sep-04    Paid $1200 for one-year accident insurance policy
       Sep-10    Received bill from the Daily News for advertising the opening of the laundromat $200
       Sep-20    Withdrew $700 cash for personal use
       Sep-30    Determined that cash receipts for laundry services for the month were $6200
sh and signing a $15000 6-month 12% note payable
Campus Laundromat (of Bob Sample)
Journal recordings (="Journalizing the transactions") in the General Journal
September 2002
(source : Weygandt, Kieso, Kimmel pages 67-68)

                                        GENERAL JOURNAL
Date              Account Titles and Explanation                    Acc. #    Debit

       Sep-01     Cash                                                       20,000
                         Bob sample's Capital
                         (Owner's investment of cash in business)

       Sep-02     Rent Expense                                                1,000
                       Cash
                       (Paid September rent)

       Sep-03     Laundry Equipment                                          25,000
                      Cash
                      Notes payable
                      (Purchased laundry equipment for cash
                      and 6-month 12% note payable)

       Sep-04     Prepaid Insurance                                           1,200
                      Cash
                      (Paid one-year insurance policy)

       Sep-10     Advertising expenses                                         200
                      Accounts Payable
                      (Received bill from Daily News for
                      advertising)

       Sep-20     Bob Sample's Drawing                                         700
                      Cash
                      (Withdrew cash for personal use)

       Sep-30     Cash                                                        6,200
                         Service revenues
                         (Received cash for services provided)




                                                                             54,300
eneral Journal




                 Credit


                 20,000



                  1,000



                 10,000
                 15,000




                  1,200



                   200




                   700



                  6,200




                 54,300
                                Cash Account
Date             Explanation                              Debit   Credit

        Sep-01   Capital                                 20,000
        Sep-02   Rent                                              1,000
        Sep-03   Laundry Equipment (part.)                        10,000
        Sep-04   Insurance                                         1,200
        Sep-20   Drawing                                             700
        Sep-30   Sales (=Service revenue)                 6,200
       Balance                            carried down        0   13,300

   Balance                               brought down    13,300       0
                    Laundry Equipment Account
Date          Explanation                          Debit   Credit

        Sep-03 Laundry Equipment                  25,000
       Balance                     carried down        0   25,000

   Balance                         brought down   25,000       0
                "Notes and Accounts payable" Account
Date           Explanation                                        Debit        Credit

        Sep-03 Laundry Equipment supplier                                      15,000
        Sep-10 Daily News                                                         200
       Balance                            carried down           15,200             0

    Balance                                brought down               0        15,200


Here we have not separated into two different accounts "Notes payable" and
"Accounts payable"
(But in a more detailed Chart of accounts it would proper to separate them
into two accounts, like in Weygandt, Kieso, Kimmel, page 68,
because these two accounts "work" differently : one bears interest the other does not.)

								
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