Tsai's Window Washing

General Journal

Date Particulars F Debit Credit

July 1 Cash 101 12,000.00
Eve Tsai, Capital 301 12,000.00
To record initial investment

1 Equipment 157 6,000.00

Cash 101 3,000.00
Accounts Payable 201 3,000.00
To record purchase of used truck

3 Cleaning Supplies 128 1,300.00

Accounts Payable 201 1,300.00
To record purchase of cleaning supplies on account

5 Prepaid Insurance 130 1,200.00

Cash 101 1,200.00
To record payment of one-year insurance policy

12 Accounts Receivable 112 2,500.00

Service Revenue 400 2,500.00
To record billing of customers for cleaning services

18 Accounts Payable 201 1,800.00

Cash 101 1,800.00
To record partial payment of accounts payable

20 Salaries Expense 726 1,200.00

Cash 101 1,200.00
To record payment of employee salaries

21 Cash 101 1,400.00

Accounts Receivable 112 1,400.00
To record partial collection of accounts receivable

25 Accounts Receivable 112 3,000.00

Service Revenue 400 3,000.00
To record billing of customers for cleaning services

31 Gas & Oil Expense 633 200.00

Cash 101 200.00
To record monthly payment of gas and oil for truck
31 Eve Tsai, Drawing 306 900.00
Cash 101 900.00
To record owner's withdrawal for personal use

Adjusting Entries
31
 Tsai's Window Washing
General Ledger

Account: Cash Account No. 101

Date Description F Debit Credit Balance
July 1 Eve Tsai, Capital J1 12,000.00 12,000.00 dr.
1 Equipment J1 3,000.00 9,000.00 dr.
5 Prepaid Insurance J1 1,200.00 7,800.00 dr.
18 Accounts Payable J1 1,800.00 6,000.00 dr.
20 Salaries Expense J1 1,200.00 4,800.00 dr,
21 Accounts ReceivableJ1 1,400.00 6,200.00 dr.
31 Gas & Oil Expense J1 200.00 6,000.00 dr.
31 Eve Tsai, Drawing J1 900.00 5,100.00 dr.

Account: Accounts Receivable Account No. 112

Date Description F Debit Credit Balance
July 12 Service Revenue J1 2,500.00 2,500.00 dr.
21 Cash J1 1,400.00 1,100.00 dr.
25 Service Revenue J1 3,000.00 4,100.00 dr.

Account: Cleaning Supplies Account No. 128

Date Description F Debit Credit Balance
July 3 Accounts Payable J1 1,300.00 1,300.00 dr.

Account: Prepaid Insurance Account No. 130

Date Description F Debit Credit Balance
July 5 Cash J1 1,200.00 1,200.00 dr.

Account: Equipment Account No. 157

Date Description F Debit Credit Balance
July 1 Cash J1 3,000.00 3,000.00 dr.
1 Accounts Payable J1 3,000.00 6,000.00 dr.

Account: Accounts Payable Account No. 201

Date Description F Debit Credit Balance
July 1 Equipment J1 3,000.00 3,000.00 cr.
3 Cleaning Supplies J1 1,300.00 4,300.00 cr.
18 Cash J1 1,800.00 2,500.00 cr.

Account: Eve Tsai, Capital Account No. 301

Date Description F Debit Credit Balance
July 1 Cash J1 12,000.00 12,000.00 cr.

Account: Eve Tsai, Drawing Account No. 306

Date Description F Debit Credit Balance
July 31 Cash J1 900.00 900.00 dr.

Account: Service Revenue Account No. 400

Date Description F Debit Credit Balance
July 12 Accounts ReceivableJ1 2,500.00 2,500.00 cr.
25 Accounts ReceivableJ1 3,000.00 5,500.00 cr.

Account: Gas & Oil Expense Account No. 633

Date Description F Debit Credit Balance
July 31 Cash J1 200.00 200.00 dr.

Account: Salaries Expense Account No. 726

Date Description F Debit Credit Balance
July 20 Cash J1 1,200.00 1,200.00 dr.
 Tsai’s Window Washing
Un-Adjusted Trial Balance
For the month ended - July 31, 2018

Account Titles Debit Credit

Cash 5,100.00
Accounts Receivable 4,100.00
Cleaning Supplies 1,300.00
Prepaid Insurance 1,200.00
Equipment 6,000.00
Accounts Payable 2,500.00
Eve Tsai, Capital 12,000.00
Eve Tsai, Drawing 900.00
Service Revenue 5,500.00
Gas & Oil Expense 200.00
Salaries Expense 1,200.00
Total 20,000.00 20,000.00

Required:
1. Prepare Income Statement
2. Prepare Statement of Capital
3. Prepare Balance Sheet
 Tsai's Window Washing
General Journal

Date Particulars F Debit Credit

Adjusting Entries
July 31 Cash 101 12,000.00
Eve Tsai, Capital 301 12,000.00
To record initial investment
1 Equipment 157 6,000.00
Cash 101 3,000.00
Accounts Payable 201 3,000.00
To record purchase of used truck

3 Cleaning Supplies 128 1,300.00

Accounts Payable 201 1,300.00
To record purchase of cleaning supplies on account

5 Prepaid Insurance 130 1,200.00

Cash 101 1,200.00
To record payment of one-year insurance policy

12 Accounts Receivable 112 2,500.00

Service Revenue 400 2,500.00
To record billing of customers for cleaning services

18 Accounts Payable 201 1,800.00

Cash 101 1,800.00
To record partial payment of accounts payable

20 Salaries Expense 726 1,200.00

Cash 101 1,200.00
To record payment of employee salaries

21 Cash 101 1,400.00

Accounts Receivable 112 1,400.00
To record partial collection of accounts receivable

25 Accounts Receivable 112 3,000.00

Service Revenue 400 3,000.00
To record billing of customers for cleaning services

31 Gas & Oil Expense 633 200.00

Cash 101 200.00
To record monthly payment of gas and oil for truck
31 Eve Tsai, Drawing 306 900.00
Cash 101 900.00
To record owner's withdrawal for personal use
 Tsai's Window Washing
General Ledger

Account: Cash Account No. 101

Date Description F Debit Credit Balance
2018
July 1 Eve Tsai, Capital J1 12,000.00 12,000.00 dr.
1 Equipment J1 3,000.00 9,000.00 dr.
5 Prepaid Insurance J1 1,200.00 7,800.00 dr.
18 Accounts Payable J1 1,800.00 6,000.00 dr.
20 Salaries Expense J1 1,200.00 4,800.00 dr,
21 Accounts ReceivableJ1 1,400.00 6,200.00 dr.
31 Gas & Oil Expense J1 200.00 6,000.00 dr.
31 Eve Tsai, Drawing J1 900.00 5,100.00 dr.

Account: Accounts Receivable Account No. 112

Date Description F Debit Credit Balance
2018
July 12 Service Revenue J1 2,500.00 2,500.00 dr.
21 Cash J1 1,400.00 1,100.00 dr.
25 Service Revenue J1 3,000.00 4,100.00 dr.

Account: Cleaning Supplies Account No. 128

Date Description F Debit Credit Balance
2018
July 3 Accounts Payable J1 1,300.00 1,300.00 dr.

Account: Prepaid Insurance Account No. 130

Date Description F Debit Credit Balance
2018
July 5 Cash J1 1,200.00 1,200.00 dr.

Account: Equipment Account No. 157

Date Description F Debit Credit Balance
2018
July 1 Cash J1 3,000.00 3,000.00 dr.
1 Accounts Payable J1 3,000.00 6,000.00 dr.

Account: Accounts Payable Account No. 201

Date Description F Debit Credit Balance
2018
July 1 Equipment J1 3,000.00 3,000.00 cr.
3 Cleaning Supplies J1 1,300.00 4,300.00 cr.
18 Cash J1 1,800.00 2,500.00 cr.
Account: Eve Tsai, Capital Account No. 301
Date Description F Debit Credit Balance
2018
July 1 Cash J1 12,000.00 12,000.00 cr.

Account: Eve Tsai, Drawing Account No. 306

Date Description F Debit Credit Balance
2018
July 31 Cash J1 900.00 900.00 dr.

Account: Service Revenue Account No. 400

Date Description F Debit Credit Balance
2018
July 12 Accounts ReceivableJ1 2,500.00 2,500.00 cr.
25 Accounts ReceivableJ1 3,000.00 5,500.00 cr.

Account: Gas & Oil Expense Account No. 633

Date Description F Debit Credit Balance
2018
July 31 Cash J1 200.00 200.00 dr.

Account: Salaries Expense Account No. 726

Date Description F Debit Credit Balance
2018
July 20 Cash J1 1,200.00 1,200.00 dr.
 Tsai’s Window Washing
Un-Adjusted Trial Balance
For the month ended - July 31, 2018

Account Titles Debit Credit

Cash 5,100.00
Accounts Receivable 4,100.00
Cleaning Supplies 1,300.00
Prepaid Insurance 1,200.00
Equipment 6,000.00
Accounts Payable 2,500.00
Eve Tsai, Capital 12,000.00
Eve Tsai, Drawing 900.00
Service Revenue 5,500.00
Gas & Oil Expense 200.00
Salaries Expense 1,200.00
Total 20,000.00 20,000.00

Required:
1. Prepare Income Statement
2. Prepare Statement of Capital
3. Prepare Balance Sheet
 J. Allied Services
Income Statement
For the Year Ended - November 30, 2017

Revenue
Service Revenue 155,000.00

Less: Expenses
Taxes & Licenses 6,300.00
Salaries Expense 51,000.00
Utilities Expense 25,000.00
Interest Expense 14,000.00
Supplies Expense 10,000.00
Uncollectible Accounts Expense 500.00
Depreciation Expense 23,000.00
Insurance Expense 5,000.00 134,800.00
Net Income 20,200.00
 J. Allied Services
Statement of Changes in Capital
For the Year Ended - November 30, 2017

J. Bazarte, Capital - Beg. 305,600.00

Add: Net Income 20,200.00
Total 325,800.00
Less: J. Bazarte, Drawing 20,000.00
J. Bazarte, Capital- End 305,800.00
Report Form
J. Allied Services
Balance Sheet
For the Year Ended - November 30, 2017

Assets
Current Assets
Cash in Bank 250,300.00
Petty Cash Funds 1,000.00
Account Receivable 54,000.00
Estimated Uncollectible Accounts 2,000.00
Supplies Inventory 15,000.00
Prepaid Insurance 3,000.00
Total Current Assets 321,300.00

Non- Current Assets

Office Equipment 180,000.00
Acculated Depreciation - Office Equipment 59,000.00
Total Assets 442,300.00

Liabilites and Owner's Equity

Liabilites
Current Liabilites
Notes Payable 80,000.00
Account Payable 35,000.00
Accrued Interest Expense 4,000.00
Accrued Salaries Expense 15,000.00
Accrued Taxes & Licenses 2,500.00

J. Bazarte, Capital - End 305,800.00

Total Liabilities and Owner's Equity 442,300.00
Account Form
J. Allied Services
Balance Sheet
For the Year Ended - November 30, 2017

Assets Liabilites and Owner's Equity

Current Assets Liabilites
Cash in Bank 250,300.00 Current Liabilites
Petty Cash Funds 1,000.00 Notes Payable
Account Receivable 54,000.00 Account Payable
Estimated Uncollectible Accounts 2,000.00 Accrued Interest Expense
Supplies Inventory 15,000.00 Accrued Salaries Expense
Prepaid Insurance 3,000.00 Accrued Taxes & Licenses
Total Current Assets 321,300.00 Total Liabilities

Non- Current Assets Owner's Equity

Office Equipment 180,000.00 J. Bazarte, Capital, End
Acculated Depreciation - Office Equipment 59,000.00
Total Assets 442,300.00 Total Liabilities and Ow
s and Owner's Equity

80,000.00
35,000.00
4,000.00
15,000.00
2,500.00
136,500.00

305,800.00

442,300.00