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SPEEDY IRONING SERVICES

ANALYZING TRANSACTIONS
SEPTEMBER 30, 2014

1. J. Reyes, a sophomore at State University, started the Speedy Ironing Service with a 125,0
Cash
125,000.00

2. On Sept. 2, paid 60,000.00 for ads in the School news


Cash
60,000.00
Prepaid Advertising
60,000.00
3. On Sept. 4, purchased Ironing Supplies for 10,000.00
Cash
10,000.00
Ironing Supplies
10,000.00

4. On Sept. 6, purchased 60,000.00 in 10,000.00 Ironing Equipment pay


Cash
30,000.00
Ironing Equipment
60,000.00

Account Payable

5. Sept. 12, J. Reyes made an additional investment of 25,0


Cash
25,000.00

Cash

6. Sept. 15, Paid one-half the amount owed on the Ironing Eq


Accounts Payable
15,000.00
15,000.00

7. Sept. 18, J. Reyes withdrew 30,000.00 for personal u


Cash
30,000.00

8. Sept. 21, Cash collected for Ironing Services performed during the first month amounted to 150,0
Cash
150,000.00
Accounts Receivable
20,000.00

9. Sept. 23, Paid September rent of 50,000.00 for a room used when
Cash
50,000.00
10. Sept. 28, Received 10,000.00 on account.
Cash
10,000.00
Accounts Receivable
10,000.00

Cash
10,000.00

11. Sept. 26, two students paid 5,000.00 each for next week
Unearned Ironing Revenue

12. Sept. 30, Paid monthly phone bill of 20,000.00.


Cash
20,000.00

EDY IRONING SERVICES


LYZING TRANSACTIONS
EPTEMBER 30, 2014
Speedy Ironing Service with a 125,000.00 cash investment on Sept. 1, 2014.
Capital, J. Reyes
125,000.00

0,000.00 for ads in the School newspaper

ased Ironing Supplies for 10,000.00 cash.

in 10,000.00 Ironing Equipment paying 30,000.00 down.

Account Payable
30,000.00

ade an additional investment of 25,000.00.


Capital, J. Reyes
25,000.00

f the amount owed on the Ironing Equipment.


Accounts Payable

s withdrew 30,000.00 for personal use.


Withdrawals, J. Reyes
30,000.00

ng the first month amounted to 150,000. 20,000 was also due for services rendered.
Ironing Revenue
170,000.00

t of 50,000.00 for a room used when ironing clothes.


Rent Expense
50,000.00
Received 10,000.00 on account.

ts paid 5,000.00 each for next week's ironing.


earned Ironing Revenue
10,000.00

aid monthly phone bill of 20,000.00.


Telephone Expense
20,000.00

SPEEDY IRONING SERVICES


JOURNALIZING TRANSACTIONS
SEPTEMBER 30, 2014
DATE
1-Sep-14
2-Sep-14
4-Sep-14
6-Sep-14

12-Sep-14
15-Sep-14
18-Sep-14
21-Sep-14

23-Sep-14
24-Sep-14
28-Sep-14
30-Sep-14

ACCOUNT TITLE
Cash
Capital, J. Reyes
Prepaid Advertising
Cash
Ironing Supplies
Cash
Ironing Equipment
Cash
Accounts Payable
Cash
Capital, J. Reyes
Accounts Payable
Cash
Withdrawals, J. Reyes
Cash
Cash
Accounts Receivable
Ironing Revenue
Rent Expense
Cash
Cash
Accounts Receivable
Cash
Unearned Ironing Revenue
Telephone Expense
Cash

DEBIT
125,000.00
60,000.00
10,000.00
60,000.00

25,000.00
15,000.00
30,000.00
150,000.00
20,000.00
50,000.00
10,000.00
10,000.00
20,000.00

CREDIT
125,000.00
60,000.00
10,000.00
30,000.00
30,000.00
25,000.00
15,000.00
30,000.00

170,000.00
50,000.00
10,000.00
10,000.00
20,000.00

SPEEDY IRONING SERVICES


LEDGER ACCOUNT
SEPTEMBER 30, 2014
DATE

PARTICULARS

1-Sep
12-Sep
21-Sep
24-Sep
28-Sep
TOTAL CASH DEBIT

21-Sep

15-Sep

DEBIT

DATE

CASH
125,000.00
2-Sep
25,000.00
4-Sep
150,000.00
6-Sep
10,000.00
15-Sep
10,000.00
18-Sep
320,000.00
23-Sep
30-Sep

ACCOUNTS RECEIVABLE
20,000.00
24-Sep
ACCOUNTS PAYABLE
15,000.00
6-Sep
UNEARNED IRONING REVENUE
28-Sep-14
CAPITAL, J. REYES
1-Sep-14
12-Sep-14

18-Sep-14

WITHDRAWALS, J. REYES
30,000.00

23-Sep-14

RENT EXPENSES
50,000.00
IRONING REVENUE
21-Sep-14

30-Sep-14

TELEPHONE EXPENSE
20,000.00

2-Sep-14

PREPAID ADVERTISING
60,000.00
IRONING SUPPLIES

4-Sep-14

10,000.00

6-Sep-14

IRONING EQUIPMENT
60,000.00

SPEEDY
T
SEPT

SERVICES
OUNT
, 2014
PARTICULARS

TOTAL CASH CREDIT

CREDIT
60,000.00
10,000.00
30,000.00
15,000.00
30,000.00
50,000.00
20,000.00
215,000.00

EIVABLE
10,000.00
TOTAL

YABLE
30,000.00

G REVENUE
10,000.00

EYES
TOTAL CAPITAL, J. REYES
CREDIT

125,000.00
25,000.00
150,000.00

J. REYES

SES

ENUE

PENSE

RTISING

PLIES

170,000.00

PMENT

SPEEDY IRONING SERVICES


TRIAL BALANCE
SEPTEMBER 30, 2014
ACCOUNT TITLE
Cash
Accounts Receivable
Prepaid Advertising
Ironing Supplies
Ironing Equipment
Accounts Payable
Unearned Ironing Revenue
Reyes, Capital
Reyes, Withdrawals
Ironing Revenue
Rent Expense
Telephone Expense

DEBIT
105,000.00
10,000.00
60,000.00
10,000.00
60,000.00

CREDIT

15,000.00
10,000.00
150,000.00
30,000.00
170,000.00
50,000.00
20,000.00
345,000.00

345,000.00

SPEEDY IRONING SERVICES


INCOME STATEMENT
FOR THE MONTH ENDED SEPTEMBER 30, 2014

REVENUE:
Ironing Revenue
OPERATING EXPENSES:
Rent
Telephone
TOTAL OPERATING EXPENSES
NET INCOME

170,000.00

50,000.00
20,000.00
70,000.00
100,000.00

SPEEDY IRON
BALANC
FOR THE MONTH ENDE
ASSETS
CURRENT ASSETS:
Cash
Accounts Receivable
Prepaid Advertising
Ironing Supplies
Ironing Equipment

105,000.00
10,000.00
60,000.00
10,000.00
60,000.00

Total Assets

245,000.00

SPEEDY IRONING SERVICES


BALANCE SHEET
FOR THE MONTH ENDED SEPTEMBER 30, 2014
LIABILITIES
CURRENT LIABILITIES:
Unearned Ironing Revenue
Accounts Payable
Total Liabilities
OWNER'S EQUITY
Capital Sep. 1
Income
Withdrawals

100,000.00
30,000.00

Tatal Liabilities:
OWNERS EQUITY

10,000.00
15,000.00
25,000.00

150,000.00
70,000.00
220,000.00
245,000.00