Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribedimage text in transcribed

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. 1 Purchased used truck for $9,600, paying $2,400 cash and the balance on account. 3 Purchased cleaning supplies for $1,080 on account. 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 1 Owner withdrew $720 cash from the company. 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 7/3 7/31 Bal. 1,080 7/31 700 380 7/5 7/31 Bal. 180 2,1607/31 1,980 Equipment 9,600 9,600 7/31 Bal. Accumulated Depreciation-Equipment 7/31 7/31 Ba. 220 220 Accounts Payable 7,200 1,080 6,480 7/18 1,8007/1 7/3 7/31 Bal. Salaries and Wages Payable 480 7/31 7/31 Bal. 480 Owner's Capital $14,400 Owner's Drawings 7/31 720 Income Summary Service Revenue 7/12 7/25 7/31 4,440 3,000 2,040 Maintenance and Repairs Expense 7/31 350 Supplies Expense 7/31 700 Depreciation Expense 7/31 220 Insurance Expense 7/31 180 Salaries and Wages Expense 7/20 2,400 7/31 480 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. 1 Purchased used truck for $9,600, paying $2,400 cash and the balance on account. 3 Purchased cleaning supplies for $1,080 on account. 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 1 Owner withdrew $720 cash from the company. 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 7/3 7/31 Bal. 1,080 7/31 700 380 7/5 7/31 Bal. 180 2,1607/31 1,980 Equipment 9,600 9,600 7/31 Bal. Accumulated Depreciation-Equipment 7/31 7/31 Ba. 220 220 Accounts Payable 7,200 1,080 6,480 7/18 1,8007/1 7/3 7/31 Bal. Salaries and Wages Payable 480 7/31 7/31 Bal. 480 Owner's Capital $14,400 Owner's Drawings 7/31 720 Income Summary Service Revenue 7/12 7/25 7/31 4,440 3,000 2,040 Maintenance and Repairs Expense 7/31 350 Supplies Expense 7/31 700 Depreciation Expense 7/31 220 Insurance Expense 7/31 180 Salaries and Wages Expense 7/20 2,400 7/31 480

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Investments Fixed Income Securities And Interest Rate Derivatives Volume 2

Authors: R. Venkata Subramani

1st Edition

047082591X, 978-0470825914

More Books

Students also viewed these Accounting questions

Question

7 Explain the equity theory of motivation.

Answered: 1 week ago