Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ashley Williams opened Ashley's Maids clearing Service on July 1. 2017. During July the company completed the following transactions. July 1 Invested $14,000 cash in

image text in transcribed
Ashley Williams opened Ashley's Maids clearing Service on July 1. 2017. During July the company completed the following transactions. July 1 Invested $14,000 cash in the business. Purchased a used truck for $10,000, paying $3,000 cash and the balance on account. Purchased cleaning supplies for $800 on account 5 Paid $2.160 on a 1-year insurance policy, effective July 1. 12 Billed customers $3, 800 for cleaning services. 18 Paid $1,000 of amount on truck, and $400 of amount on cleaning supplies. 20, Paid $1.600 for employee salaries. 21 Collected $1 400 from customers billed on July 12. 25 Billed customers $1900 for cleaning services. 31 Paid gasoline for the month on the track, $400. 31 withdrew $700 cash for personal use. The chart of accounts for Ashley's Maids Cleaning Service containing the following accounts No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplied, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated Depreciation-Equipment, No. 201 Accounts payable No. 212 Salaries and wages Payable, No. 301 Owner's Capital, No.306 Owner's Drawing No. 350 Income Summary. No. 400 Service Revenue, No. 631 Supplies Expense, No. 633 Gasoline Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries and Wars Expense. Journalize and post the July transaction. Use page 11 for the journal. Prepare a trail balance at July 31 on a worksheet. Enter the following adjustments on the worksheet, and complete the worksheet. Unbilled fees for services performed at July 31 were $1, 300. Depreciation on equipment for the month was $200. One-twelfth of the expired. An inventory count shows s100 overcoming on hand at July 31. Accrued but unpaid employee salaries were $500. Prepare the income statement and exalts statement for July, and a classified balance sheet at July 31, 2017. Journalize and post the adjusting entries Use page J2 for the journal. Journalize and post the closing enters, and complete the closing process. Use page j3 for the journal. Prepare a post-closing balance at July 31

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

Step: 3

blur-text-image

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

Business Statistics For Contemporary Decision Making

Authors: Ken Black

7th Edition

0470931469, 978-0470931462

More Books

Students also viewed these Accounting questions

Question

Discuss the steps in the development planning process. page 399

Answered: 1 week ago

Question

Identify the cause of a performance problem. page 380

Answered: 1 week ago