Accounting Cycle Review 4-01 a-i (Part Level Submission) Mike Greenberg opened Ayayai Window Washing Co. on July 1, 2020. During July, the following transactions were completed July 1 Owner invested $14,400 cash in the company Purchased used truck for $9,600, paying $2,400 cash and the balance on account. Purchased cleaning supplies for $1,080 on account. 1 3 5 Paid $2,160 cash on a 1-year insurance policy effective July 1. 12 Billed customers $4,440 for cleaning services performed 18 Paid $1,200 cash on amount owed on truck and $600 on amount owed on cleaning supplies. 20 Paid $2,400 cash for employee salaries. 21 Collected $1,920 cash from customers billed on July 12 25 Billed customers $3,000 for cleaning services performed 31 Paid $350 for maintenance of the truck during month. 31 Owner withdrew $720 cash from the company Journalize the closing entries. (Credit account titles are automatically indented when t Date Account Titles and Explanation Debit Credit July 31 To close revenue account) July 31 (To close expense accounts) July 31 (To close net income to capital) July 31 (To rlose drawinns to canital Post closing entries and complete the closing process. (For accounts that have zero ending bal amount. Post entries in the order of journal entries presented.) Cash 14,400 7/1 1,9207/5 2,400 2,160 1,800 2,400 350 720 7/21 7/18 7/20 7/31 7/31 7/31 Bal 6,490 Accounts Receivable 7/12 7/25 7/31 7/31 Bal 4,440 7/21 3,000 2,040 7,560 1,920 Supplies 1,080 7/31 7/3 7/31 Bal 700 380 7/5 7/31 Bal 2,160 7/31 1,980 Equipment 9,600 9,600 180 7/31 Bal Accumulated Depreciation-Equipment 7/31 7/31 Bal 220 220 Accounts Payable 7,200 1,080 6,480 7/18 1,800 7/1 7/3 7/31 Bal Salaries and Wages Payable 7/31 7/31 Bal 480 480 Owner's Capital $14,400 Qwner's Drawings Owner's Drawings 7/31 720 Income Summary Service Revenue 7/12 7/25 7/31 4,440 2,040 Maintenance and Repairs Expense 7/31 350 Supplies Expense 7/31 700 Depreciation Expense 7/31 Insurance Expense 7/31 180 Salaries and Wages Expense 7/20 2,400 7/31 480