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Can you please solve question d. e. f. I have Attached ans. templates down below. Betty Higgins started Betty's Cleaning Service on July 1. The
Can you please solve question d. e. f.
I have Attached ans. templates down below.
Betty Higgins started Betty's Cleaning Service on July 1. The following transactions occurred during Year 1: - July 1 Invested $20,000 cash in the business. - July 1-Purchased a used truck for $25,000, paying $5,000 cash and borrowing $20,000 by signing a note payable due in June, Year 2. - July 1 -Paid $2,800 for a 1 -year insurance policy starting July 1 . - July 5-Billed customers $3,300 for cleaning services. - July 12-Purchased supplies on account for $2,100. - July 18-Paid employees' salaries of $3,000. - July 25-Billed customers $8,900 for cleaning services. - July 28 -Collected $3,300 cash from the July 5 billing. - July 31-Paid $550 for truck repairs. - July 31-Withdrew $2,600 cash for personal use. a. Journalize the July transactions and post them to the ledger accounts. b. Prepare a trial balance for July 31 , Year 1. c. Journalize and post the following July adjustments: - On July 31, Betty had provided $1,500 or unbilled services. - The truck has an estimated life of 5 years and no residual value. - Insurance for 1 month has expired. - Supplies on hand on July 31 are $700. - Employees have earned $800, and it will be paid in August. - The note payable has an annual rate of 5.5%. d. Prepare an adjusted trial balance. e. Prepare (i) an income statement, (ii) a statement of owner's equity, and (iii) a classified balance sheet for the month of July. f. Journalize and post the closing entries. g. Prepare a post-closing trial balance. h. Complete the appropriate ledger accounts. Note: Please leave one empty row between each journal entri]. Also, don't use cents; round up/down. d. Adjusted trial balance: e. i) Income statement: e. ii) Statement of owner's equity: e. iii) Classified balance sheet: f. Closing Tournal Fntries
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