Accounting Cycle Review 4-01 a-i Mike Greenberg opened Culver Window Washing Co. on July 1, 2020. During July, the following transactions were completed. Owner invested $13,400 cash in the company. July 1 1 Purchased used truck for $8,960, paying $2,240 cash and the balance on account. Purchased cleaning supplies for $1,010 on account. 3 Paid $2,040 cash on a 1-year insurance policy effective July 1. 5 Billed customers $4,140 for cleaning services performed. 12 18 Paid 120 cash on amount ved on truck and $560 on amount owed on cleaning supplies. Paid $2,240 cash for employee salaries. 20 Collected $1,790 cash from customers billed on July 12. 21 Billed customers $2,800 for cleaning services performed. 25 Paid $320 for maintenance of the truck during month. 31 Owner withdrew $670 cash from the company. 31 V Your answer is correct. - Prepare an adjusted trial balance. CULVER WINDOW WASHING CO. Trial Balance July 31, 2020 Debit Credit 6000 Cash Accounts Receivable 7050 Supplies 360 Prepaid Insurance 1870 Equipment 8960 Accumulated Depreciation-Equipment 200 Accounts Payable 6050 Salaries and Wages Payable 450 Owner's Capital 13400 Owner's Drawings 670 Service Revenue 8840 Maintenance and Repairs Expense 320 Supplies Expense 650 Depreciation Expense 200 Insurance Expense 170 Salaries and Wages Expense 2690 Totals 28940 28940 Your answer is correct. Prepare the income statement for July. CULVER WINDOW WASHING CO. Income Statement For the Month Ended July 31, 2020 Rovenues Service Revenue B840 Expenses Salaries and Wages Expense 2690 Maintenance and Fepairs Expense 320 Depreciation Expenae 200 insurance Expense 170 Supplies Expense 650 4030 Total Expenses 4810 Nat income / (Loss) LINK TO TEXT LINK TO TEXT LINK TO TET Your answer is correct. Prepare an owner's equity statement for July. (List items that increase owner's equity first.) CULVER WINDOW WASHING CO. Owner's Equity Statement For the Month Ended July 31, 2020 Dwner's Capital, July I Y Add 4810 Net Income / (Loss) 13400 Investments 18210 18210 Drawings 670 Lesa 17540 Owner's Capital, July 31 Your answer is correct. Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity.) CULVER WINDOW WASHING CO. Balance Sheet July 31, 2020 Assets Current Aasets Cash 6000 7050 Accounts Receivable Supples 360 1870 Prepaid insurance 15280 Total Current Assets Property, Plat and Equipment Equipment 8960 Less w 8760 200 Accumulated Depreciation-Equipment 24040 Total Assets Liabilities and Owner's Equity Current Liabilities Accounts Payable 6050 Salaries and Wages Payable 450 6500 Total Curent Liabiities Owner's Equity Owner's Capttal 17540 24040 Total Liabilties and Owners Equity Z Your answer is partially correct. Try again Journalize the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 31 counts Pecetvabile BB40 8840 Service Ravenue (To close revenue account) July 31 Salaries and Wages Expense 2690 Maintenance and Repairs Expense 320 Depreciation Expense 200 Insurance Expense 170 Supplies Expense 650 (To close expense accounts) July 31 (To close net income to capital) July 31 (To close drawings to capital) Post closing entries and complete the closing process. (For accounts that have zero ending balance, the entry should be the balance date and zero for the amount. Post entries in the order of journal entries presented.) Cash 13,400 7/1 1,790 7/5 7/1 2240 7/21 2.040 7/18 1,680 7/20 2.240 7/31 320 7/31 670 7/31 Ba. 6,000 Accounts Receivable 4,140 7/21 7/12 1,790 7/25 2,800 7/31 1,900 7/31 Bal. 7,050 Supplies 1,010 7/31 7/3 650 7/31 Bal. 360 Prepaid inaurance 2,040 7/31 7/5 170 7/31 Bal. 1,870 Equipment 7/1 8960 8960 7/31 Bal. Accumulated Depreciation-Equipment 7/31 200 7/31 Bal 200 Accounts Payable 1,680 7/1 7/18 6,720 7/3 1.010 7/31 Bal 6.050 Salaries and Wages Payable 7/31 450 7/31 Bal 450 Owner's Capital I7/1 $13,400 Owners Drawings 7/31 670 Income Summary Service Revenue 7/12 4,140 7/25 2800 7/31 1,900 Maintenance and Repairs Expense 320 7/31 Supplies Expense 650|| 7/S1 Depreciation Epense 200|| 7/31 Insurance Expense 170|l 7/31 Salaries and Wages Expense 2,240|| 7/20 7/31 LINK TO TERT LINK TO TEXT UNK TO TEXT x Your answer is incorrect. Try again. Prepare a post-closing trial balance at July 31. CULVER WINDOW WASHING CO. Post-Closing Trial Balance Debit Credit Click if you would like to Show Work for this queation Open Shon Work