Journalize the July transactions. Martin Johnson opened Seaside Cleaning Service on July 1, 2019. During July, the company completed the following transactions:
July 1 Owner Martin Johnson invested $39,870 cash and $7,545 of cleaning equipment in the business.
1 Purchased a used truck for $10,500, paying $2,500 cash and the balance on account.
3 Purchased cleaning supplies for $1,794 on account.
5 Paid $1,800 on a one-year insurance policy, effective July 1.
12 Billed customers $4,813 for cleaning services.
15 Received $1,650 from customers for future cleaning services.
18 Paid $1,200 of amount owed on truck.
20 Paid $698 for employee salaries.
21 Collected $3,632 from customers billed on July 12.
25 Billed customers $6,275 for cleaning services.
31 Paid gasoline for the month on the truck, $297.
31 Owner Martin Johnson withdrew $1,000 for personal use.
Adjustments:
July 31 Earned but unbilled fees at July 31 were $2,476.
Depreciation on truck for the month was $175.
Earned $450 of payment received on July 15.
One-twelfth of the insurance expired.
An inventory count shows $521 of cleaning supplies on hand at July 31.
Accrued but unpaid employee salaries were $287.

Transactions :

July 1

Cash $39,870 (debit)

Cleaning Equipment $2,500 (debit)

Capital $42,370 (credit)

July 1

Truck $10,500 (debit)

Cash $2,500 (credit)

Accounts Payable $8,000 (credit)

July 3

Cleaning Supplies $1,794 (debit)

Accounts Payable $1,794 (credit)

July 5

Prepaid Insurance $1,800  (debit)

Cash $1,800  (credit)

July 12

Trade Receivable $4,813 (debit)

Service Revenue $4,813 (credit)

July 15

Cash $1,650 (debit)

Deferred Revenue $1,650 (credit)

July 18

Accounts Payable $1,200  (debit)

Cash $1,200 (credit)

July 20

Cash $3,632 (debit)

Accounts Receivable $3,632 (credit)

July 25

Trade Receivables $6,275 (debit)

Service Revenue $6,275 (credit)

July 31

Utilities : Gasoline  $297 (debit)

Cash  $297 (credit)

July 31

Capital $1,000 (debit)

Cash $1,000 (credit)

Adjustments:

July 31

Cash $2,476 (debit)

Deferred Revenue $2,476 (credit)

July 31

Depreciation $175 (debit)

Accumulated Depreciation $175 (credit)

July 31

Deferred Revenue $450 (debit)

Revenue $450(credit)

July 31

Insurance Expense $150 (debit)

Insurance Prepaid $150 (credit)

July 31

Supplies Inventory $521 (debit)

Income statement $521 (credit)

July 31

Wages $287 (debit)

Wages Payable $287 (credit)

Explanation:

Journal entries have been made for both the transactions and adjustments that occurred during the period.

Note : Revenue earned but not billed is recorded as a Liability known as Deferred Revenue. The liability is de-recognized later as the customers or service is billed.

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