Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ACrd.1 Financial Statement Mike-lirecoberg opened Kleene Window Washing Co. on July: 1 . 2022. During July. the following transactions were cormpleted. July 1 Owecr invested
ACrd.1 Financial Statement Mike-lirecoberg opened Kleene Window Washing Co. on July: 1 . 2022. During July. the following transactions were cormpleted. July 1 Owecr invested $32,000 cash in the company Parchased used truek foe $8,000, paying $2,000cush and the balatice on account Perchased cleaning sapplies for $9000 a account. Paid $1,800 cash on a 1-year insurance policy effective July 1 . 12 Billed contiomers $3,700 for cleaming services performed. Fak 51,000 cash on ansount owed on truck and $500 ot amount owed on cleaning stepplies. Paid 52.000 cash for employee salaries. Collected $1,600 cash from castomers billed on Jaly. 12 . BiBed customers $2,500 for cleaning services performed, Pald $290 for maintenance af the truck during tonth. 31. Dwmer withdrew 5600 cash from the company. The chast of accounts for Kleene Window Washing contains the followittg accounts: Cash. Accouris Receivable, Supplies, Prepaid Insarance. Equipment, Nccumulased Dxpreciation-Fquipmeat, Accoumts Payable, Salaries and Wages Payable, Onvner's Capital, Owner's Drawings, lncome Sammary. Service Rev. enae, Maintenance and Repairs Expense, Supplies Expense, Depreciation Fxppense, Insurance Expense, and Silaries and Wages Experise. Instructions a. Jotirnalize the July transactions. b. Post to the ledger accounts. (Use T-accoumts.) C. Prepare a trial bulance at July 31 . d. Journalize the following adjustments. 1. Services performed but unbilled and uncollected at July 31 were $1,700. 2. Depreciation on equipment for the month was $180. 3. One-twelfth of the insurance expired. 4. A count shows $320 of cleaning supplies on hand at July 31. 5. Accrued but unpaid employee salaries were $400. e. Post adjusting entries to the T-accounts. f. Prepare an adjusted trial balance. f. Cash $5,410 g. Prepare the income statement and an owner's equity statement for July and a clissified balance g. Tot. assets $21,500 sheet at July 31 . h. Journalize and post closing entries and complete the closing process. i. Prepare a post-closing trial balance at July 31 . ACR4.2 Lars Linken opened Lars Cleaners on March 1, 2022. During March, Complete all steps it accounting cycle. the following transactions were completed
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started