Accounting Cycle Review 4-01 a-i Mike Greenberg opened Monty Window Washing Co. on July 1, 2020. During July, the following transactions were completed. July 1 Owner invested $11,000 cash in the company, 1 Purchased used truck for 57,360, paying $1,840 cash and the balance on account. 3 Purchased cleaning supplies for $830 on account. 5 Paid $1,680 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,400 for cleaning services performed. 18 Paid $920 cash on amount owed on truck and 5450 on amount owed on cleaning supplies. 20 Paid $1,840 cash for employee salaries. 21 Collected $1,470 cash from customers billed on July 12. 25 Billed customers $2,300 for cleaning services performed. 31 Paid $270 for maintenance of the truck during month. 31 Owner withdrew $550 cash from the company. your answer is correct. Joumalize 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 $1,550. 2. Depreciation on equipment for the month was $170. 3. One-twelfth of the insurance expired. 4. A count shows $290 of cleaning supplies on hand at July 31. 5. Accrued but unpaid employee salaries were $370. Date Autocad Explanation Dohit Codir Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity.) MONTY WINDOW WASHING CO. Balance Sheet Assets Current Assets Cash 4910 SI Accounts Receivable 5790 Prepaid Insurance Supplies Total Current Assets 14380 Owner's Equity ON Less Salaries and Wages Payable Total Long-term Liabilities 19720 Liabilities and Owner's Equity Current Liabilities D Accounts Payable Salaries and Wages Payable LINK TO TEXT LINK TO TEXT LINK TO TEXT Post closing entries and complete the closing process. (For accounts that have zero ending balance, t Cash 7/1 11,000 7/1 1,840 7/21 1,470|775 1.680 7/18 1,380 7/20 1,840 7/31 270 7/31 550 7/31 Bal. 4,910 Accounts Receivable 7/12 3,400 7/21 1,470 7/25 2,300 7/31 1,560 7/31 Bal. 5,790 Supplies 7/3 8307/31 540 7/31 Bal. 290 Prepaid Insurance 7/5 1,6807/31 140 7/31 Bal. 1,540 Equipment 7/1 7,360 7/31 Bal. 7,360 Accumulated Depreciation Equipment 7/31 170 7/31 Bal. 170 Accounts Payable 7/18 1,380 7/1 5,520 7/3 830 7/31 Bal. 4,970 Salaries and Wages Payable 7/31 370 7/31 Bal. 370 Owner's Capital 7/1 $11,000 7/31 Bal 11000 Owner's Drawings 7/31 550 7/31 Bal 550 Income Summary X Service Revenue x 7/12 3,400 7/25 2,300 7/31 1,560 7/31 Bal 7260 Maintenance and Repairs Expense 7/31 270 7/31 Bal 270 Supplies Expense 7/31 540 7/31 Bal 540 Depreciation Expense 7/31 170 7731 Bal 170 Insurance Expense 7/31 140 7/31 Bal y 100 Salaries and Wages Expense 7/20 1,840 7/31 370 x= 7/31 Bal 2210
