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 $7,360, 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 $460 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 ic correct Your answer is correct. Journalize the following adjustments. (Credit account titles are automatically 1. Services performed but unbilled and uncollected at July 31 were $1,560. 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. Cash 7/1 11,000 7/1 1,840 7/21 1,470 7/5 1,680 7/18 1,380 7/201 1,840 7/31 270 7/31 550 7/31 Bal. 4,910 Accounts Receivable 7/12 7/25 3,400 7/21 1,470 2,300] 7/31 1560 7/31 5790 7/31 Bal. v 7260 7/31 Bal. 7260 7/3 Supplies 830 7/5 Prepaid Insurance 1,680 7/1 7/31 Bal. Equipment 7,360 7,360 Accumulated Depreciation-Equipment 7/18 7/20 7/31 Bal. Accounts Payable 1,380 7/1 7/31 7/31 Bal. Salaries and Wages Payable 1840 7/31 5,520 830 4,970 2210 7/31 Bal. 7/31 Owner's Capital 7/1 11,000 7/31 Bal. 11,000 Owner's Drawings 550 550 Service Revenue 7/12 3,400 7/25 2,300 Maintenance and Repairs Expense 270 Supplies Expense Depreciation Expense Insurance Expense 7/20 Salaries and Wages Expense 1,840T Prepare the income statement for July. MONTY WINDOW WASHING CO. Income Statement Owner's Capital, July 1 Owner's Capital Owner's Capital, July 31 Owner's Capital, July 31 10 14380 11000 Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity.) MONTY WINDOW WASHING CO. Balance Sheet Assets Liabilities and Owner's Equity LINK TO TEXT LINK TO TEXT LINK TO TEXT Joumalize the closing entries. (Credit account titles are automatically indented when the amount is enter Date Account Titles and Explanation Debit Credit July 31 July 31 (To close revenue account) July 31 (To close expense accounts) July 31 (To close net income to capital) x (To close drawings to capital) Post closing entries and complete the closing process. (For accounts that have zero ending balance, th 7/1 7/21 7/31 Bal. Cash 11,000 7/1 1,470 7/5 7/18 7/20 7/31 7/31 4,910 7/12 7/25 7/31 7/31 Bal. 7/3 7/31 Bal. 7/5 7/31 Bal. Accounts Receivable 3,400 7/21 2,300 1,560 5,790 Supplies 830 7/31 290 Prepaid Insurance 1,680 7/311 1,540 Equipment 7/1 7/31 Bal. 7,360 7,360 Accumulated Depreciation-Equipment 7/18 1,840 1,680 1,380 1,840 270 550 1,470 540 140 7/31 170 7/31 Bal. 170 Accounts Payable 1,380 7/1 7/3 7/31 Bal. 5,520 830 4,970 Salaries and Wages Payable 7/31 7/31 Bal. Owner's Capital 7/1 7/31 Owner's Drawings 550 Income Summary Service Revenue 370 370 $11,000 7/31 Service Revenue 7/12 3,400 7/25 7/31 Maintenance and Repairs Expense 270 7/31 Supplies Expense 540 7/31 Depreciation Expense 170 7/31 Insurance Expense 140 7/20 7/31 Salaries and Wages Expense 1,840 370 2,300 1,560 Prepare a post-closing trial balance at July 31. MONTY WINDOW WASHING CO. Post-Closing Trial Balance x x x x x x x x x Debit Credit X Click if u would like to Show Work for this quoctioni Onon Sh Work