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Camille Harper started her own business, Top Cleaners. She offers interior and exterior cleaning for local area residents. Camille rents a garage to store
Camille Harper started her own business, Top Cleaners. She offers interior and exterior cleaning for local area residents. Camille rents a garage to store her tools and cleaning supplies and has a part-time assistant to answer the phone and assist clients. She asked you to be the accountant for this new business. At the end of May 2019, the owner, Camille Harper, would like you to provide the following: General journal Income statement Balance sheet Camille Harper accepts cash and checks for the cleaning services. She keeps a log of charges by customers for services provided. She also keeps a folder with all the receipts for expenses and credit cards payments. In order to complete the journal entries, the new business account must be set up on QuickBooks. The transactions for the month of May are as follows: Date 1-May On the first day of the month, Harper invested cash by making a deposit in a bank account for the business. 3-May Paid rent for May 7-May Purchased a used van for cash. 9-May Purchased Hoover Smart Wash Window Cleaner on account from Hoover, Inc. Deposits Amount $30,000.00 $1,500.00 $6,000.00 $927.00 $100.00 9-May Purchased cleaning supplies that cost $275 from Best Store. Paid $100 cash and will pay the balance next month. $1,500.00 10-May Paid part-time assistant (wages] for first half of month... 13-May Paid for advertising. 14-May Paid two-year premium for liability insurance on van. 17-May Deposited cash for services performed. 20-May Provided cleaning services for clients on account.. $350.00 $4,000.00 $4,700.00 $3,075.00 22-May Paid telephone bill.. $175.00 22-May Deposited cash from clients for window cleaning performed on account in transaction (May 20). $880.00 26-May Paid part-time assistant (wages) for last half of month,.. $1,500.00 27-May Made partial payment on tools purchased in transaction (May 9)... $95.00 28-May Harper withdrew cash at the end of the month for personal expenses. $1,660.00 2 Page Instructions: 1. Using QuickBooks, journalize the transactions for May (in date order) in the general journal. 2. Prepare an income statement for the month ended May 31, 2019. 3. Prepare a balance sheet the month ended May 31, 2019. Reports: Submit to Canvas the following: General journal entries (40 pts) Income statement (25 pts) Balance Sheet (35 pts) 3| Page
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