Archie is the sole proprietor of āAll Washed Upā a commercial laundry service. Archie is good friends with Wanda and Otto. āAll Washed Upā is contracted by āCoastal Breeze Cabin Parkā to pick up the sheets, towels and tea towels from each cabin after guests have left and replace them with clean linen. Archie also offers a dry-cleaning service and āPedal & Surf Hireā is an agent for Archieās dry-cleaning serviceOne Sunday afternoon when Wanda, Otto and Archie were out for lunch, Archie was explaining that he had no idea how to close off the accounts at the end of the financial year. Wanda and Otto suggested he contact Travis & Johnson Accounting Services again and ask for you, as they have both been very happy with the work you have done for them. During his appointment with you, Archie hands over the following Trial Balance. Archie has very little bookkeeping experience and was not sure in what order to list the accounts so he prepared the Trial Balance in dollar amount size order. REQUIRED:The Managing Partner has requested that you assist Archie by preparing the following:(a) Closing entries based on the Trial Balance provided above, and (b) A post-closing Trial Balance for the year ended 30 June 2023.
All Washed Up Trial Balance
For the year ended 30 June 2023
Debit ($) Credit ($) 354,161 57,600 103,599 84,872 65,415 24,898 19,247 9,301 17,638 20,366 35,940 3,266 3,150 2,625 1,930 991 217,500 141,035 322,787 48,720 31,588 30,427 10,317 | 2,625
Washing Machines Rent Expense Cash at Bank Drawings - Archie Delivery Van
Accounts Receivable
Electricity Expense Interest Expense Repairs and Maintenance Expense Water Expense Laundry Supplies Expense
Mobile Phone &Internet Expense
Computer Advertising Expense
Discount Allowed
Sales Returns & Allowances Laundry Sales Dry Cleaning Sales Capital - Archie Loan
Accumulated Depreciation -Washing Machines
Accumulated Depreciation-Delivery Van
Repairs and Maintenance Payable
Accounts Payable
Total
804,999
804,999
