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Business, 08.05.2021 04:00 hervinlouis014
Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. During July, the following transactions were completed.
July 1 Issued 15,899 shares of common stock for $15,899 cash.
1 Purchased used truck for $11,899, paying $2,105 cash and the balance on account.
3 Purchased cleaning supplies for $937 on account.
5 Paid $2,160 cash on a 1-year insurance policy effective July 1.
12 Billed customers $4,880 for cleaning services.
18 Paid $1,028 cash on amount owed on truck and $540 on amount owed on cleaning supplies.
20 Paid $2,191 cash for employee salaries.
21 Collected $1,634 cash from customers billed on July 12.
25 Billed customers $2,532 for cleaning services.
31 Paid $373 for maintenance of the truck during month.
31 Declared and paid $618 cash dividend.
Journalize the July transactions.
Post to the ledger accounts.
Prepare a trial balance at July 31.
Journalize the following adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
(1) Services performed but unbilled and uncollected at July 31 were $1,750.
(2) Depreciation on equipment for the month was $202.
(3) One-twelfth of the insurance expired.
(4) An inventory count shows $320 of cleaning supplies on hand at July 31.
(5) Accrued but unpaid employee salaries were $415.
Post adjusting entries to the T-accounts.
Cash
7/1
15,899
7/1
2,105
7/21
1,634
7/5
2,160
7/18
1,568
7/20
2,191
7/31
373
7/31
618
7/31 Bal.
8,518
Accounts Receivable
7/12
4,880
7/21
1,634
7/25
2,532
Supplies
7/3
937
Prepaid Insurance
7/5
2,160
Equipment
7/1
11,899
7/31 Bal.
11,899
Accumulated Depreciation-Equipment
Accounts Payable
7/18
1,568
7/1
9,794
7/3
937
7/31 Bal.
9,163
Salaries and Wages Payable
Common Stock
7/1
15,899
7/31 Bal.
15,899
Dividends
7/31
618
7/31 Bal.
618
Service Revenue
7/12
4,880
7/25
2,532
Maintenance and Repairs Expense
7/31
373
7/31 Bal.
373
Supplies Expense
Depreciation Expense
Insurance Expense
Salaries and Wages Expense
7/20
2,191
Problem 4-8A Mike Greenberg opened Clean Window WaPrepare an adjusted trial balance.
Problem 4-8A Mike Greenberg opened Clean Window WaPrepare the income statement for July.
Prepare a retained earnings statement for July. (List items that increase retained earnings first.)
Prepare a classified balance sheet at July 31. (List current assets in order of liquidity.)
Journalize closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. During July, the following transact...
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