Chippewa Window Washing Inc. had the grand opening on July 1, 2019. During July, the following transactions were completed. ? July 14 Issued 12,000 shares of common stock for $12,000 cash. 14 Purchased used truck for $8,000, paying $2,000 cash and the balance on account. 34 Purchased cleaning supplies for $900 on account. 54 Paid $1,800 cash on 1-year insurance policy effective July 1.4 124 Billed customers $3,700 for cleaning services performed. 184 Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies. 204 Paid $2,000 cash for employee salaries. 21- Collected $1,600 cash from customers billed on July 12. 254 Billed customers $2,500 for cleaning services performed. 31 Paid $290 for maintenance of the truck during month. 31 Declared and paid $600 cash dividend. o a The chart of accounts for Chippewa Window Washing contains the following accounts, among others: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation - Equipment, Accounts Payable, Salaries and Wages Payable, Common Stock, Retained Earnings, Dividends, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense, Insurance Expense, and Salaries and Wages Expense. a. Journalize the July transaction (omit explanation). + b. Post to the ledger accounts. (Use T-accounts.) c. Prepare a(n) (unadjusted) trial balance at July 31. 4 d. Journalize the following adjustments (omit explanation). + 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 31.4 5. Accrued but unpaid employee salaries were $400.- e. Post adjusting entries to the T-accounts. + f. Prepare an adjusted trial balance. g. Prepare the income statement (single-step) and a retained earnings statement for July and a classified balance sheet at July 31. 4 Note: the last two steps in the accounting cycle that are not included in this project are (1) journalize and post closing entries; and (2) prepare a post-closing trial balance. + Hint: Trial balance before adjustment debit=credit = $23,600. Adjusted trial balance debit = credit = $25,880. (g) CHIPPEWA WINDOW WASHING INC. Income Statement For the Month Ended July 31, 20194 1 e CHIPPEWA WINDOW WASHING INC. Retained Earnings Statement For the Month Ended July 31, 20194 1 k K CHIPPEWA WINDOW WASHING INC. Balance Sheet July 31, 2019 1 1 Chippewa Window Washing Inc. had the grand opening on July 1, 2019. During July, the following transactions were completed. ? July 14 Issued 12,000 shares of common stock for $12,000 cash. 14 Purchased used truck for $8,000, paying $2,000 cash and the balance on account. 34 Purchased cleaning supplies for $900 on account. 54 Paid $1,800 cash on 1-year insurance policy effective July 1.4 124 Billed customers $3,700 for cleaning services performed. 184 Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies. 204 Paid $2,000 cash for employee salaries. 21- Collected $1,600 cash from customers billed on July 12. 254 Billed customers $2,500 for cleaning services performed. 31 Paid $290 for maintenance of the truck during month. 31 Declared and paid $600 cash dividend. o a The chart of accounts for Chippewa Window Washing contains the following accounts, among others: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation - Equipment, Accounts Payable, Salaries and Wages Payable, Common Stock, Retained Earnings, Dividends, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense, Insurance Expense, and Salaries and Wages Expense. a. Journalize the July transaction (omit explanation). + b. Post to the ledger accounts. (Use T-accounts.) c. Prepare a(n) (unadjusted) trial balance at July 31. 4 d. Journalize the following adjustments (omit explanation). + 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 31.4 5. Accrued but unpaid employee salaries were $400.- e. Post adjusting entries to the T-accounts. + f. Prepare an adjusted trial balance. g. Prepare the income statement (single-step) and a retained earnings statement for July and a classified balance sheet at July 31. 4 Note: the last two steps in the accounting cycle that are not included in this project are (1) journalize and post closing entries; and (2) prepare a post-closing trial balance. + Hint: Trial balance before adjustment debit=credit = $23,600. Adjusted trial balance debit = credit = $25,880. (g) CHIPPEWA WINDOW WASHING INC. Income Statement For the Month Ended July 31, 20194 1 e CHIPPEWA WINDOW WASHING INC. Retained Earnings Statement For the Month Ended July 31, 20194 1 k K CHIPPEWA WINDOW WASHING INC. Balance Sheet July 31, 2019 1 1