Oct 16, 2017 term paper 2

Simple Journal, Ledger and Trial Balance

This paper concentrates on the primary theme of Simple Journal, Ledger and Trial Balance in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 40. For more details and full access to the paper, please refer to the site.

Bob Sample opened the Campus Laundromat

Required 1:

1.Record the transactions below

2.Posted them in the ledger ( T-Account)

3.Compute the Trial Balance

 

Company’s Name: Campus Laundromat

Account type               Account number         Account name/description

Current Asset                          101                        Cash

Current asset                           110                       Prepaid Insurance

Fixed asset                               120                       Laundry equipment

Current Liability                     201                       Account payable

Owner’s equity                        301                       Bob Sample, capital

Owner’s equity                        302                       Bob Sample, drawing

Revenue                                   401                        Service revenue

Expense                                    601                        Rent expense

Expense                                    601                        Advertising

1. Bob Sample invested $20,000 to start the business

2. Campus Laundromat paid $1,000 to A&A Real estate for the month rent, check #100

3. Campus Laundromat purchased washers and dryers for $25,000 from Sears & Co on account, invoice # SC 21

4. Campus Laundromat paid $1,200 to Insurance Co for one-year insurance policy, check #101

5. Campus Laundromat received a $200 bill from the Daily News for advertising the opening of the Campus Laundromat, Invoice # DN20007

6.Campus Laundromat paid $10,000 to Sears &Co on the earlier purchase (inv. SC 21) check 102

7.Bob Sample paid his home water bill with the firm’ check, $700, check 103

8. Campus Laundromat received $6200 for laundry services provided for the month.


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