1 3 5 Mike Greenberg opened Novak Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July 1 Issued 11,300 shares of common stock for $11,300 cash. Purchased used truck for $7.520, paying $1,880 cash and the balance on account. Purchased cleaning supplies for $850 on account Paid $1.680 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,480 for cleaning services performed. Paid $940 cash on amount owed on truck and $470 on amount owed on cleaning supplies. Paid $1,880 cash for employee salaries. Collected $1,500 cash from customers billed on July 12. Billed customers $2,350 for cleaning services performed. Paid $270 for maintenance of the truck during month 31 Declared and paid $560 cash dividend. 18 20 21 25 31 The chart of accounts for Novak Window Washing contains the following accounts: Cash. Accounts Receivable, Supplies, Prepaid Insurance, Equipment. Accumulated Depreciation-Equipment, Accounts Payable, Salaries and Wages Payable, Common Stock Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense. Depreciation Expense, Insurance Expense, and Salaries and Wages Expense. (a) Cred Journalize and post closing entries and complete the closing process. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Date Account Titles and Explanation Debit July Service Revenue 7030 Income Summary (To close revenue account) July Income Summary 31 31 Satorisand Was Ekomt Rent Expense Supplies Expense Income Tax Experise Depreciation Event (To close expense accounts) July 31 Income Summary Retained Earrings (To close net income to retained earnings) Retained Emine INT July 31 Dividends (To close dividends to retained earnings) Cash 7/1 7/21 11.3007/1 1,500 775 7/18 7/20 7/31 7/31 5.120 1.880 1.680 1.410 1,880 270 560 7/31 Bal. Accounts Receivable 7/12 3,4807/21 1,500 1,500 Accounts Receivable 7/12 7/25 7/31 7/31 Bal. 3,480 | 7/21 2,350 1,600 5.930 Supplies 7/3 7/31 Bal. 550 8507/31 300 Prepaid Insurance 7/5 7/31 Bal. 140 1.680 7/31 1.540 Equipment 7/1 7/31 Bal 7,520 7.520 Accumulated Depreciation Equipment 7/31 7/31 Bal 170 170 Accounts Payable 7/18 1.410 7/1 7/3 7/31 Bal 5.640 850 5,080 Salaries and Wages Payable 7/31 7/31 Bal. 380 380 Common Stock 7/1 7/31 Bal 11,300 11,300 Retained Earnings Dividends 7/31 560 Income Summary Service Revenue 7/12 3.480 7/25 2.350 7/31 1.600 Maintenance and Repairs Expense 7/31 270 Supplies Expense 7/31 550 Depreciation Expense 7/31 170 Insurance Expense 7/31 140 Salaries and Wages Expense 7/20 1,880 7/31 380 e Textbook and Media