A UMMI @ TMS New 3/14 se AG YvUcf-2dmlijegdW81B_po9FeV7P4CEho2qw/edit LA LE Lec e Maps News Translate Blackboard Learn Add-ons Help Last edit was 2 hours ago Arial 12 + BIVA GO Is E- 11 2 Smith Dry Cleaners is owned and operated by George Smith. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company for a fee. The assets and liabilities of the business on July 1, 2020 are as follows: Cash $45,000; Accounts Receivable $93,000: Supplies $7000: Land $75,000; Accounts payable $40,000. Business transactions done July or summarized as follows: a) George Smith invested additional cash in the business with a deposit of $35,000 in the business bank account. 1) Prepare journal entries for the transactions. 2) Prepare adjusting journal entries for Smith Dry Cleaners. 1) Prepare an income statement for July, a statement of owner's equity for July, a balance sheet as of July 31 and the statement of cash flow is for July 2) Prepare closing entries for Smith Dry Cleaners. 3) Prepare a post-closing trial balance b) Paid $50,000 for the purchase of land adjacent to the land currently owned by Smith Dry Cleaners as a future building site c) Received cash from cash customers for dry cleaning revenue, $32,125. d) Pald rent for month, $6000 e) Purchased supplies on account, $2500 1) Pald creditors on account, $22,800 g) Charged customers for dry cleaning revenue on account, $84,750. h) Received monthly invoice for dry cleaning CIDO ann Smith Dry Cleaners is owned and operated by George Smith. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company for a fee. The assets and liabilities of the business on July 1, 2020 'are as follows: Cash $45,000; Accounts Receivable $93,000; Supplies $7000; Land $75,000; Accounts payable $40,000. Business transactions done July or summarized as follows: a) George Smith invested additional cash in the business with a deposit of $35,000 in the business bank account. 1) Prepare journal entries for the transactions. 2) Prepare adjusting journal entries for Smith Dry Cleaners. I 1) Prepare an income statement for July, a statement of owner's equity for July, a balance sheet as of July 31 and the statement of cash flow is for July. 2) Prepare closing entries for Smith Dry Cleaners. 3) Prepare a post-closing trial balance, b) Paid $50,000 for the purchase of land adjacent to the land currently owned by Smith Dry Cleaners as a future building site c) Received cash from cash customers for dry cleaning revenue, 532.125. d) Paid rent for the month, $6000 .) Purchased supplies on account. $2500 1) Paid creditors on account, $22,800 g) Charged customers for dry cleaning revenue on account, 584,750 1) Received monthly invoice for dry cleaning expense for July open (to be paid on August 10), $20.500 Paid the following: wages expense, 57500, truck expense, $2500; utilities expense: 51300 miscellaneous expense, 52700 1) Received cash from customers on account, $88,000 Determined that the cost ogles on hand was 200 therefore the cost of sunsiles used 5 k) Determined that the cost of supplies on hand was $5900; therefore, the cost of supplies used during the month was $3600. 1) Withdrew $12,000 cash for personal use. Instructions 1) Prepare journal entries for the transactions, 2) Prepare adjusting journal entries for Smith Dry Cleaners. 1) Prepare an income statement for July, a statement of owner's equity for July, a balance sheet as of July 31 and the statement of cash flow is for July. 2) Prepare closing entries for Smith Dry Cleaners. 3) Prepare a post-closing trial balance. A UMMI @ TMS New 3/14 se AG YvUcf-2dmlijegdW81B_po9FeV7P4CEho2qw/edit LA LE Lec e Maps News Translate Blackboard Learn Add-ons Help Last edit was 2 hours ago Arial 12 + BIVA GO Is E- 11 2 Smith Dry Cleaners is owned and operated by George Smith. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company for a fee. The assets and liabilities of the business on July 1, 2020 are as follows: Cash $45,000; Accounts Receivable $93,000: Supplies $7000: Land $75,000; Accounts payable $40,000. Business transactions done July or summarized as follows: a) George Smith invested additional cash in the business with a deposit of $35,000 in the business bank account. 1) Prepare journal entries for the transactions. 2) Prepare adjusting journal entries for Smith Dry Cleaners. 1) Prepare an income statement for July, a statement of owner's equity for July, a balance sheet as of July 31 and the statement of cash flow is for July 2) Prepare closing entries for Smith Dry Cleaners. 3) Prepare a post-closing trial balance b) Paid $50,000 for the purchase of land adjacent to the land currently owned by Smith Dry Cleaners as a future building site c) Received cash from cash customers for dry cleaning revenue, $32,125. d) Pald rent for month, $6000 e) Purchased supplies on account, $2500 1) Pald creditors on account, $22,800 g) Charged customers for dry cleaning revenue on account, $84,750. h) Received monthly invoice for dry cleaning CIDO ann Smith Dry Cleaners is owned and operated by George Smith. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company for a fee. The assets and liabilities of the business on July 1, 2020 'are as follows: Cash $45,000; Accounts Receivable $93,000; Supplies $7000; Land $75,000; Accounts payable $40,000. Business transactions done July or summarized as follows: a) George Smith invested additional cash in the business with a deposit of $35,000 in the business bank account. 1) Prepare journal entries for the transactions. 2) Prepare adjusting journal entries for Smith Dry Cleaners. I 1) Prepare an income statement for July, a statement of owner's equity for July, a balance sheet as of July 31 and the statement of cash flow is for July. 2) Prepare closing entries for Smith Dry Cleaners. 3) Prepare a post-closing trial balance, b) Paid $50,000 for the purchase of land adjacent to the land currently owned by Smith Dry Cleaners as a future building site c) Received cash from cash customers for dry cleaning revenue, 532.125. d) Paid rent for the month, $6000 .) Purchased supplies on account. $2500 1) Paid creditors on account, $22,800 g) Charged customers for dry cleaning revenue on account, 584,750 1) Received monthly invoice for dry cleaning expense for July open (to be paid on August 10), $20.500 Paid the following: wages expense, 57500, truck expense, $2500; utilities expense: 51300 miscellaneous expense, 52700 1) Received cash from customers on account, $88,000 Determined that the cost ogles on hand was 200 therefore the cost of sunsiles used 5 k) Determined that the cost of supplies on hand was $5900; therefore, the cost of supplies used during the month was $3600. 1) Withdrew $12,000 cash for personal use. Instructions 1) Prepare journal entries for the transactions, 2) Prepare adjusting journal entries for Smith Dry Cleaners. 1) Prepare an income statement for July, a statement of owner's equity for July, a balance sheet as of July 31 and the statement of cash flow is for July. 2) Prepare closing entries for Smith Dry Cleaners. 3) Prepare a post-closing trial balance