- Problem 2 4a On May 1 B Bangle Opened Self Wash Laundry His Accountant Listed The Following Chart Of Accounts Cash S 1 (53.49 KiB) Viewed 9 times
- Problem 2 4a On May 1 B Bangle Opened Self Wash Laundry His Accountant Listed The Following Chart Of Accounts Cash S 2 (35.75 KiB) Viewed 9 times
- Problem 2 4a On May 1 B Bangle Opened Self Wash Laundry His Accountant Listed The Following Chart Of Accounts Cash S 3 (28.85 KiB) Viewed 9 times
Problem 2-4A On May 1, B. Bangle opened Self-Wash Laundry. His accountant listed the following chart of accounts: Cash Supplies Prepaid Insurance Equipment Furniture and Fixtures Accounts Payable B. Bangle, Capital B. Bangle, Drawing Laundry Revenue Wages Expense Rent Expense Utilities Expense Miscellaneous Expense The following transactions were completed during May: A. Bangle deposited $35,000 in a bank account in the name of the business. B. Bought chairs and tables, paying cash, $1,870, Ck. No. 1000.. C. Bought supplies on account from Barnes Supply
Company, $225. D. Paid the rent for the current month, $875, Ck. No. 1001. E. Bought washing machines and dryers from Lara Equipment
Company, $12,500, paying $3,600 in cash and placing the balance on account, Ck. No. 1002. F. Sold services for cash for the first half of the month, $1,925. G. Bought insurance for one year, $1,560, Ck. No. 1003. H. Paid on account to Lara Equipment
Company, $1,800, Ck. No. 1004. I. Received and paid electric bill, $285, Ck. No. 1005. J. Sold services for cash for the second half of the month, $1,835. I K. Paid wages to an employee, $940, Ck. No. 1006. L. Bangle withdrew cash for his personal use, $800, Ck. No. 1007. M. Paid on account to Barnes Supply
Company, $225, Ck. No. 1008. N. Received and paid bill from the county for sidewalk repair assessment, $280, Ck. No. 1009.
REQUIRED -Record the owner's name in the Capital and Drawing T accounts. -Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. -Record the transactions in the T accounts. Write the letter of each entry to identify the transaction. -Foot the T accounts and show the balances. -Prepare a trial balance as of May 31, 20-- -Prepare an income
statement for May 31, 20-- -Prepare a
statement of owner's equity for May 31, 20--. -Prepare a balance sheet as of May 31, 20--. I
Self-Wash Laundry
Statement of Owner's Equity For the Month Ended May 31, 20-- B. Bangle, Capital, Plus Investments during May Plus Net Income for May Subtotal Less Withdrawals during May Increase in Capital B. Bangle, Capital, May 31 20- May 1 20- 1,380 800 $35,580