Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Common Stock NOVAK WINDOW WASHING INC. Trial Balance For the

Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Common Stock NOVAK WINDOW WASHING INC. Trial Balance For the Months Ended July 31, 2022 Debit $ Credit 11300 $ 82720 Dividends Service Revenue Maintenance and Repairs Expense Supplies Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Totals 15 Revenues Service Revenue Expenses Salaries and Wages Expense Maintenance and Repairs Expense Depreciation Expense Insurance Expense Supplies Expense Total Expenses Net Income/(Loss) For the Month Ended July 31, 2022 S Prepare a retained earnings statement for July. (List items that increase retained earnings first.) NOVAK WINDOW WASHING INC. Retained Earnings Statement For the Month Ended July 31, 2022 Add Net Income/(Loss) Less : Dividends A M Balance Sheet July 31, 2022 Current Assets Assets Cash Supplies Prepaid Insurance Accounts Receivable Liabilities and Stockholders' Equity LUL Journalize and post closing entries and complete the closing process. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Date Account Titles and Explanation July 31 July 31 (To close revenue account) Debit Credit July 31 July 31 (To close net income to retained earnings) (To close dividends to retained earnings) 0000 Mike Greenberg opened Novak Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. Purchased used truck for $7.520, paying $1,880 cash and the balance on account. July 1 Issued 11,300 shares of common stock for $11,300 cash. 1 3 5 12 12 18 Purchased cleaning supplies for $850 on account. Paid $1,680 cash on a 1-year insurance policy effective July 1. Billed customers $3,480 for cleaning services performed. Paid $940 cash on amount owed on truck and $470 on amount owed on cleaning supplies. Paid $1.880 cash for employee salaries. 20 21 Collected $1,500 cash from customers billed on July 12. 25 31 31 Billed customers $2,350 for cleaning services performed. Paid $270 for maintenance of the truck during month. Declared and paid $560 cash dividend

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

Accounting Basic For Beginners

Authors: Kavishankar Panchtilak

1st Edition

979-8860644588

More Books

Students also viewed these Accounting questions

Question

Define Management or What is Management?

Answered: 1 week ago

Question

What do you understand by MBO?

Answered: 1 week ago

Question

What is meant by planning or define planning?

Answered: 1 week ago

Question

What were your most important educational experiences?

Answered: 1 week ago

Question

How was your life influenced by those events?

Answered: 1 week ago

Question

Which of these influenced your life most dramatically?

Answered: 1 week ago