REQUIRED:• ADJUSTING ENTRIES• CLOSING ENTRIES ABM 11 - Accounting 14Lando, a family man decided to open up his own Laundry Shop. He named it: Lando Laundry5The following are the transactions for the month of April 20216Apr 1Lando Invested P 200,000 Cash to start up the business8Apr 2He paid Advance rental amounting to P 30,000 to be utilized at the last three months of the rental contract with period covering April 1, 2021 to March 31, 2024Apr 2Paid a Security Deposit for the Rent amounting to P 20,000Apr 3Apr 410Purchased 2 pcs. Washing Machines amounting to P 80,000Purchased Laundry Supplies amounting to P 20,0001112Apr 5Hired Gema to be assist him in the business13Apr 6He officially opened the business14Apr 6First customer paid P3,000 for the Laundry service15Apr 7Various customers availed of the service and the business collected P 10,000 in total16Apr 8More customers availed of the sservice and generated a revenue amounting to P 12,00017Apr 9Entered into a contract with Madoomee hotel to provide service for 1 year with credit term of 30 days18Apr 10Madoomee hotel availed of the service and availed of the credit term. Laundry costs totalled P 40,00019Apr 12Lando purchased additional Laundry supplies amounting to P 30,00020Apr 14Customers paid P 12,00021Lando decided to put up additional cash investment to expand his business amounting to P100,000Purchased additional Washing machines @ P 130,000Apr 1522Apr 1623Apr 17Purchased more Laundry supplies amounting to P 20,00024Apr 18Customers for the day paid P 19,00025Apr 19Entered into Loan Agreement with Banco de Plato amounting to P 200,000 to be paid monthly starting april plus 10% interest for 2 years26Apr 20Customers for the day paid P 21,000Purchased additional Washing machines @ P 150,00027Apr 2128Apr 22Madoomee hotel availed of the service and availed of the credit term. Laundry costs totalled P 50,00029Apr 23Entered into another customer contract with Maanta catering services for a 7 days credit term30Apr 24Maanta availed of the service together with the agreed term amounting to P 30,000Paid the first month due of the Loan with Banco de plato together with the interest31Apr 2532Apr 26Paid salaary to Gemma amounting to P 3,00033Apr 27customers for the day34Apr 28 to 2 Lando closed temporarily to make way for inventories and personal vacation35Apr 30By the end of the inventory count. Laundry supplies remaining amounts to P 10,0003637Additional info:381. The Company depreciates Washing Machine for 2 years without salvage value. Purchases made for the month are depreciated the same month392. Supplies are recognized as an asset and expensed out the utilization every month end inventory count40

Adjusting Journal Entries It is a entry in company’s general ledger that occurs at the end of the…

Lando, a family man decided to open up his own Laundry Shop. He named it: Lando Laundry The following are the transactions for the month of April 2021 Apr 1 Lando Invested P 200,000 Cash to start up the business Apr 2 He paid Advance rental amounting to P 30,000 to be utilized at the last three months of the rental contract with period covering April 1, 2021 to March 31, 2024 Apr 2 Paid a Security Deposit for the Rent amounting to P 20,000 Apr 3 Apr 4 Purchased 2 pcs. Washing Machines amounting to P 80,000 Purchased Laundry Supplies amounting to P 20,000 Apr 5 Hired Gema to be assist him in the business Apr 6 He officially opened the business Apr 6 First customer paid P3,000 for the Laundry service Apr 7 Various customers availed of the service and the business collected P 10,000 in total Apr 8 More customers availed of the sservice and generated a revenue amounting to P 12,000 Apr 9 Entered into a contract with Madoomee hotel to provide service for 1 year with credit term of 30 days Apr 10 Madoomee hotel availed of the service and availed of the credit term. Laundry costs totalled P 40,000 Apr 12 Lando purchased additional Laundry supplies amounting to P 30,000 Apr 14 Customers paid P 12,000 Apr 15 Lando decided to put up additional cash investment to expand his business amounting to P100,000 Apr 16 Purchased additional Washing machines @ P 130,000 Apr 17 Purchased more Laundry supplies amounting to P 20,000 Apr 18 Customers for the day paid P 19,000 Apr 19 Entered into Loan Agreement with Banco de Plato amounting to P 200,000 to be paid monthly starting april plus 10% interest for 2 years Customers for the day paid P 21,000 Apr 20 Apr 21 Purchased additional Washing machines @ P 150,000 Apr 22 Madoomee hotel availed of the service and availed of the credit term. Laundry costs totalled P 50,000 Apr 23 Entered into another customer contract with Maanta catering services for a 7 days credit term Apr 24 Maanta availed of the service together with the agreed term amounting to P 30,000 Paid the first month due of the Loan with Banco de plato together with the interest Apr 25 Apr 26 Paid salaary to Gemma amounting to P 3,000 Apr 27 customers for the day Apr 28 to 2 Lando closed temporarily to make way for inventories and personal vacation Apr 30 By the end of the inventory count. Laundry supplies remaining amounts to P 10,000 Additional info: 1. The Company depreciates Washing Machine for 2 years without salvage value. Purchases made for the month are depreciated the same month 2. Supplies are recognized as an asset and expensed out the utilization every month end inventory count

Lando, a family man decided to open up his own Laundry Shop. He named it: Lando Laundry The following are the transactions for the month of April 2021 Apr 1 Lando Invested P 200,000 Cash to start up the business Apr 2 He paid Advance rental amounting to P 30,000 to be utilized at the last three months of the rental contract with period covering April 1, 2021 to March 31, 2024 Apr 2 Paid a Security Deposit for the Rent amounting to P 20,000 Apr 3 Apr 4 Purchased 2 pcs. Washing Machines amounting to P 80,000 Purchased Laundry Supplies amounting to P 20,000 Apr 5 Hired Gema to be assist him in the business Apr 6 He officially opened the business Apr 6 First customer paid P3,000 for the Laundry service Apr 7 Various customers availed of the service and the business collected P 10,000 in total Apr 8 More customers availed of the sservice and generated a revenue amounting to P 12,000 Apr 9 Entered into a contract with Madoomee hotel to provide service for 1 year with credit term of 30 days Apr 10 Madoomee hotel availed of the service and availed of the credit term. Laundry costs totalled P 40,000 Apr 12 Lando purchased additional Laundry supplies amounting to P 30,000 Apr 14 Customers paid P 12,000 Apr 15 Lando decided to put up additional cash investment to expand his business amounting to P100,000 Apr 16 Purchased additional Washing machines @ P 130,000 Apr 17 Purchased more Laundry supplies amounting to P 20,000 Apr 18 Customers for the day paid P 19,000 Apr 19 Entered into Loan Agreement with Banco de Plato amounting to P 200,000 to be paid monthly starting april plus 10% interest for 2 years Customers for the day paid P 21,000 Apr 20 Apr 21 Purchased additional Washing machines @ P 150,000 Apr 22 Madoomee hotel availed of the service and availed of the credit term. Laundry costs totalled P 50,000 Apr 23 Entered into another customer contract with Maanta catering services for a 7 days credit term Apr 24 Maanta availed of the service together with the agreed term amounting to P 30,000 Paid the first month due of the Loan with Banco de plato together with the interest Apr 25 Apr 26 Paid salaary to Gemma amounting to P 3,000 Apr 27 customers for the day Apr 28 to 2 Lando closed temporarily to make way for inventories and personal vacation Apr 30 By the end of the inventory count. Laundry supplies remaining amounts to P 10,000 Additional info: 1. The Company depreciates Washing Machine for 2 years without salvage value. Purchases made for the month are depreciated the same month 2. Supplies are recognized as an asset and expensed out the utilization every month end inventory count

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 54E: Exercise 4-54 Operating Cycle and Current Receivables a. Dither and Sly are attorneys-at-law who...

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