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  • Jordan River

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    Louise Anne Melano
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    The document appears to be a collection of journal entries recording various financial transactions for a laundry business owned by Jordan from September 2015 through September 2021, including purchases of equipment and supplies, revenue from laundry services, expenses, loans taken out and repaid, and adjustments to accounts receivable and payable. Depreciation schedules are also provided for major assets along with amortization calculations for notes receivable and loan payable.

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    The document appears to be a collection of journal entries recording various financial transactions for a laundry business owned by Jordan from September 2015 through September 2021, including purchases of equipment and supplies, revenue from laundry services, expenses, loans taken out and repaid, and adjustments to accounts receivable and payable. Depreciation schedules are also provided for major assets along with amortization calculations for notes receivable and loan payable.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    37 views5 pages

    Jordan River

    Uploaded by

    Louise Anne Melano
    The document appears to be a collection of journal entries recording various financial transactions for a laundry business owned by Jordan from September 2015 through September 2021, including purchases of equipment and supplies, revenue from laundry services, expenses, loans taken out and repaid, and adjustments to accounts receivable and payable. Depreciation schedules are also provided for major assets along with amortization calculations for notes receivable and loan payable.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 5

    Date Particulars Debit Credit

    2015
    2-Sep
    Cash ₱ 120,000.00
    Laundry Equipment ₱ 35,000.00
    Furniture and Fixtures ₱ 22,500.00
    Office Supplies ₱ 4,200.00
    Laundry Supplies ₱ 5,000.00
    Jordan, Capital ₱ 186,700.00
    Total ₱ 186,700.00 ₱ 186,700.00
    8-Sep
    Laundry Equipment ₱ 40,000.00
    Cash ₱ 12,000.00
    Accounts Payable ₱ 28,000.00
    Total ₱ 40,000.00 ₱ 40,000.00
    10-Sep
    Cash ₱ 117,000.00
    Accounts Receivable ₱ 78,000.00
    Laundry Service Revenue ₱ 195,000.00
    Total ₱ 195,000.00 ₱ 195,000.00
    12-Sep
    Cash ₱ 220,000.00
    Loan Payable ₱ 220,000.00
    Total ₱ 220,000.00 ₱ 220,000.00
    14-Sep
    Delivery Vehicle ₱ 250,000.00
    Cash ₱ 220,000.00
    Accounts Payable ₱ 30,000.00
    Total ₱ 250,000.00 ₱ 250,000.00
    15-Sep
    Cash ₱ 37,500.00
    Utilities Expense ₱ 34,000.00
    Repairs Expense ₱ 3,500.00
    Total ₱ - ₱ 75,000.00
    18-Sep
    Notes Receivable ₱ 54,000.00
    Accounts Receivable ₱ 126,000.00
    Laundry Service Revenue ₱ 180,000.00
    Total ₱ 180,000.00 ₱ 180,000.00
    20-Sep
    Cash ₱ 90,000.00
    Advances from Clients ₱ 90,000.00
    Total ₱ 90,000.00 ₱ 90,000.00
    22-Sep
    Cash ₱ 70,200.00
    Accounts Receivable ₱ 70,200.00
    Total ₱ 70,200.00 ₱ 70,200.00
    26-Sep
    Laundry Supplies ₱ 12,000.00
    Cash ₱ 8,000.00
    Accounts Payable ₱ 4,000.00
    Total ₱ 12,000.00 ₱ 12,000.00
    28-Sep
    Laundry Supplies ₱ 2,000.00
    Accounts Payable ₱ 2,000.00
    Total ₱ 2,000.00 ₱ 2,000.00
    29-Sep
    Cash ₱ 3,000.00
    Jordan, Drawing ₱ 3,000.00
    Total ₱ 3,000.00 ₱ 3,000.00
    30-Sep
    Cash ₱ 20,000.00
    Wages Expense ₱ 20,000.00
    Total ₱ 20,000.00 ₱ 20,000.00
    Date Accounts Debit Credit
    2021

    Sep-21
    Cash ₱ 319,700.00
    Laundry Equipment ₱ 75,000.00
    Furniture and Fixtures ₱ 22,500.00
    Office Supplies ₱ 4,200.00
    Laundry Supplies ₱ 15,000.00
    Jordan, Capital ₱ 186,700.00
    Accounts Payable ₱ 60,000.00
    Accounts Receivable ₱ 133,800.00
    Laundry Service Revenue ₱ 375,000.00
    Loan Payable ₱ 220,000.00
    Delivery Vehicle ₱ 250,000.00
    Utilities Expense -₱ 34,000.00
    Repair Expense -₱ 3,500.00
    Notes Receivable ₱ 54,000.00
    Advances from Client ₱ 90,000.00
    Jordan, Drawing ₱ 3,000.00
    Wage Expense ₱ 20,000.00
    Total ₱ 859,700.00 ₱ 931,700.00
    Building
    Furniture and Fixtures 22,500.00
    Laundry Equipment ₱ 75,000.00
    Delivery Vehicle ₱ 250,000.00

    Laundry Equipment
    useful life assets 5 years
    salvage value 10% salvage value
    amortized / record depreciation - month of purchase

    Laundry Equipment Delivery Equipment Furniture and Fixtures


    Acquisition cost ₱ 75,000.00 ₱ 250,000.00 22,500.00
    less: salvage value -₱ 7,500.00 -₱ 25,000.00 -
    depreciable cost ₱ 67,500.00 ₱ 225,000.00 22,500.00
    divided by: useful life (in years) 5 10 5
    Annual depreciation cost ₱ 13,500.00 ₱ 22,500.00 4,500.00
    months is a year 12 12 12
    depreciation expense ₱ 1,125.00 ₱ 1,875.00 375.00

    depreciation expense ₱ 1,125.00 ₱ 1,875.00 375.00


    accumulated depreciation -₱ 1,125.00 -₱ 1,875.00 (375.00)

    balance sheet working (lapsing schedule)


    delivery equipment ₱ 75,000.00 ₱ 250,000.00 22,500.00
    less: accumulated depreciation -₱ 1,125.00 -₱ 1,875.00 (375.00)
    delivery equipment .end ₱ 73,875.00 ₱ 248,125.00 22,125.00
    Notes Receivable 54,000.00
    Loan Payable 220,000.00

    Notes Receivable Loan Payable


    Principal 54,000.00 220,000.00
    Annual Interest Rate 10% 0.12
    Time (in years) 0.12 0.49
    Interest 648.00 12,936.00

    balance sheet working (lapsing schedule)


    principal 54,000.00 220,000.00
    add:accumulated interest 648.00 12,936.00
    .end 54,648.00 232,936.00

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