Comprehensive Accounting Cycle Review 4-1 Mike Greenberg opened Flounder Window Washing Inc. on July 1, 2017. During July, the following transactions were completed. July 1 Issued 10,100 shares of common stock for $10,100 cash. 1 Purchased used truck for $6,720, paying $1,680 cash and the balance on account. 3 Purchased cleaning supplies for $760 on account. 5 Paid $1,560 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,110 for cleaning services performed. 18 Paid $840 cash on amount owed on truck and $420 on amount owed on cleaning supplies. 20 Paid $1,680 cash for employee salaries. 21 Collected $1,340 cash from customers billed on July 12. 25 Billed customers $2,100 for cleaning services performed. 31 Paid $240 for maintenance of the truck during month. 31 Declared and paid $500 cash dividend. The chart of accounts for Flounder Window Washing contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated DepreciationEquipment, Accounts Payable, Salaries and Wages Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense, Insurance Expense, and Salaries and Wages Expense. Journalize the July transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Show List of Accounts Link to Text Link to Text Link to Text Link to Text Link to Text Link to Text Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Common Stock Dividends Service Revenue Maintenance and Repairs Expense Salaries and Wages Expense Show List of Accounts Link to Text Link to Text Link to Text Link to Text Link to Text Link to Text Prepare a trial balance at July 31. FLOUNDER WINDOW WASHING INC. Trial Balance Debit Credit $ $ Totals $ $ Show List of Accounts Link to Text Link to Text Link to Text Link to Text Link to Text Link to Text Journalize the following adjustments. (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 0 for the amounts.) (1) Services performed but unbilled and uncollected at July 31 were $1,430. (2) Depreciation on equipment for the month was $150. (3) One-twelfth of the insurance expired. (4) A count shows $270 of cleaning supplies on hand at July 31. (5) Accrued but unpaid employee salaries were $340. Sr. Date Account Titles and Explanation Debit Credit (1) (2) (3) (4) (5) Show List of Accounts Link to Text Link to Text Link to Text Link to Text Link to Text Link to Text Post adjusting entries to the T-accounts. Cash 7/1 10,100 7/1 1,680 7/21 1,340 7/5 1,560 7/18 1,260 7/20 1,680 7/31 240 7/31 500 7/31 Bal. 4,520 Accounts Receivable 7/12 3,110 7/21 1,340 7/25 2,100 Supplies 7/3 760 Prepaid Insurance 7/5 1,560 Equipment 7/1 6,720 7/31 Bal. 6,720 Accumulated Depreciation-Equipment Accounts Payable 7/18 1,260 7/1 5,040 7/3 760 7/31 Bal. 4,540 Salaries and Wages Payable Common Stock 7/1 10,100 7/31 Bal. 10,100 Dividends 7/31 500 Service Revenue 7/12 3,110 7/25 2,100 Maintenance and Repairs Expense 7/31 240 Supplies Expense Depreciation Expense Insurance Expense Salaries and Wages Expense 7/20 1,680 Show List of Accounts Link to Text Link to Text Link to Text Link to Text Link to Text Link to Text Prepare an adjusted trial balance. FLOUNDER WINDOW WASHING INC. Trial Balance Debit Credit $ $ Totals $ $ Show List of Accounts Link to Text Link to Text Link to Text Link to Text Link to Text Link to Text Prepare the income statement for July. FLOUNDER WINDOW WASHING INC. Income Statement $ $ $ Show List of Accounts Link to Text Link to Text Link to Text Link to Text Link to Text Link to Text Prepare a retained earnings statement for July. (List items that increase retained earnings first.) FLOUNDER WINDOW WASHING INC. Retained Earnings Statement $ : : $ Show List of Accounts Link to Text Link to Text Link to Text Link to Text Link to Text Link to Text Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity.) FLOUNDER WINDOW WASHING INC. Balance Sheet Assets $ $ : $ Liabilities and Stockholders' Equity $ $ $ Show List of Accounts Link to Text Link to Text Link to Text Link to Text Link to Text Link to Text 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 0 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 Debit Credit July 31 (To close revenue account) July 31 (To close expense accounts) July 31 (To close net income to retained earnings) July 31 (To close dividends to retained earnings) Cash 7/1 10,100 7/1 1,680 7/21 1,340 7/5 1,560 7/18 1,260 7/20 1,680 7/31 240 7/31 500 7/31 Bal. 4,520 Accounts Receivable 7/12 3,110 7/21 1,340 7/25 2,100 7/31 1,430 7/31 Bal. 5,300 Supplies 7/3 760 7/31 490 7/31 Bal. 270 Prepaid Insurance 7/5 1,560 7/31 130 7/31 Bal. 1,430 Equipment 7/1 6,720 7/31 Bal. 6,720 Accumulated Depreciation-Equipment 7/31 150 7/31 Bal. 150 Accounts Payable 7/18 1,260 7/1 5,040 7/3 760 7/31 Bal. 4,540 Salaries and Wages Payable 7/31 340 7/31 Bal. 340 Common Stock 7/1 10,100 7/31 Bal. 10,100 Retained Earnings Dividends 7/31 500 Income Summary Service Revenue 7/12 3,110 7/25 2,100 7/31 1,430 Maintenance and Repairs Expense 7/31 240 Supplies Expense 7/31 490 Depreciation Expense 7/31 150 Insurance Expense 7/31 130 Salaries and Wages Expense 7/20 1,680 7/31 340 Show List of Accounts Link to Text Link to Text Link to Text Link to Text Link to Text Link to Text Prepare a post-closing trial balance at July 31. FLOUNDER WINDOW WASHING INC. Post-Closing Trial Balance Debit Credit $ $ $ $