Reference no: EM13513374
1. Bob Sample opened the Campus Laundromat on September 1, 2010. During the first month of operations the following transactions occurred. Sept. 1 Bob invested $20,000 cash in the business.
2 The company paid $1,000 cash for store rent for September.
3 Purchased washers and dryers for $25,000, paying $10,000 in cash and signing a $15,000, 6-month, 12% note payable.
4 Paid $1,200 for a one-year accident insurance policy. 10 Received a bill from the Daily Newsfor advertising the opening of the laundromat $200.
20 Bob withdrew $700 cash for personal use.
30 The company determined that cash receipts for laundry services for the month were $6,200.
The chart of accounts for the company is the same as that for Pioneer Advertising Agency plus the following: No. 154 Laundry Equipment, No. 610 Advertising Expense, No. 301 Bob Sample, Capital; and No. 306 Bob Sample, Drawing.
Instructions
(a) Journalize the September transactions. (Use J1 for the journal page number.)
(b) Open ledger accounts and post the September transactions.
(c) Prepare a trial balance at September 30, 2010.
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