Bob Sample and other student investors opened the Campus Laundromat, Inc., on September 1, 2008…. 1 answer below »

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Bob Sample and other student investors opened the Campus Laundromat, Inc., on September 1, 2008. During the first month of operations, the following transactions occurred:Sept. 1

 Stockholders invested $20,000 cash in the business.

 

2

Paid $1,000 cash for store rent for the month of September.3

 

Purchased washers and dryers for $25,000, paying $10,000 in cash and signing a $15,000, 6-month, 12% note payable.

4

Paid $1,200 for a one-year accident insurance policy.

10

Received bill from the Daily News for advertising the opening of the Laundromat $200.

20

Declared and paid a cash dividend to stockholders $700.30

 Determined that cash receipts for laundry fees for the month were $6,200.

 

The chart of accounts for the company is the same as for Premier Staffing Agency, Inc., except for the following: No. 154 Laundry Equipment and No. 610 Advertising Expense.

Instructions

(a) Journalize the September transactions. (Use J1 for the journal page number.)

(b) Open ledger accounts and post the September transactions.

(c) Prepare a trial balance at September 30, 2008.

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