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Prepare Income statement and a balance sheet on October

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Reference no: EM132849062

Question - Bob Sample opened the Campus Laundromat on September 1, 2020. During the first month of operations, the following transactions occurred

Sept.1: Bob invested $20,000 cash in the business.

1: Hires an assistant.

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 News for online advertising of 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.

30: Pays the assistant $1500 in salary for September.

Requirements -

(a) Journalize the transactions.

(b) Post to the ledger accounts.

(c) Prepare trial balance on October 31, 2020.

(d) Prepare Income statement and a balance sheet on October 31, 2020.

Reference no: EM132849062

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