Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ACC101 Comprehensive Problem Sunshine Cleaning Service Joshua Sand opened Sunshine Cleaning Service on August 1. 2018. During August, the company completed the following transactions Aug
ACC101 Comprehensive Problem Sunshine Cleaning Service Joshua Sand opened Sunshine Cleaning Service on August 1. 2018. During August, the company completed the following transactions Aug 1 Owner Joshua Sand invested $40,000 cash and $6.800 of cleaning equipment in the business. 1 Purchased a used truck for $12,000, paying $3,000 cash and the balance on account 3 Purchased cleaning supplies for $1,475 on account 5 Paid $1,800 on a one-year insurance policy, effective August 1. 12 Biled customers $5,982 for cleaning services 18 Paid $1,500 of amount owed on truck 19 Paid $475 of amount owed for cleaning supplies 20 Paid $1,025 for employee salaries 21 Collected $4 225 from customers billed on August 12. 25 Billed customers $4.075 for cleaning services 31 Paid gasoline for the month on the truck. $215 31 Owner Joshua Sand withdrew $1,100 for personal use. Adjustments Aug 31 Earned but unbilled fees at August 31 were $2,875 Depreciation on truck for the month was $250 One-twelfth of the insurance expired. An inventory count shows $625 of cleaning supplies on hand at August 31 Accrued but unpaid employee salaries were $695. REQUIRED U Ulu Journalize and post the August transactions. Use page J1 for the journal Prepare a trial balance at August 31. Journalize and post the adjusting entnes. Use page J2 for the journal, Prepare an adjusted trial balance at August 31. Prepare the Income Statement and Statement of Owners Equity for August Prepare a classified Balance Sheet at August 31, 2018 Journalize and post the closing entries. Use page J3 for the journal. Prepare a post-closing trial balance at August 31
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started