Comprehensive Problem 4 a-g Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2019. During July, the company completed the following transactions. July 1 1 3 5 12 18 Stockholders invested $15,000 cash in the business in exchange for common stock. Purchased a used truck for $11,000, paying $3,200 cash and the balance on account. Purchased cleaning supplies for $800 on account. Paid $1,608 on a 1-year insurance policy, effective July 1. Billed customers $3,900 for cleaning services. Paid $1,000 of amount owed on truck, and $200 of amount owed on cleaning supplies. Paid $1,600 for employee salaries. Collected $1,600 from customers billed on July 12. Billed customers $1,500 for cleaning services. Paid gasoline for the month on the truck, $300. Declared and paid a $700 cash dividend. 20 21 25 31 31 The chart of accounts for Kristin's Maids Cleaning Service contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated Depreciation Equipment, No. 201 Accounts Payable, No. 212 Salaries and Wages Payable, No. 311 Common Stock, No. 320 Retained Earnings, No. 332 Dividends, No. 350 Income Summary, No. 400 Service Revenue, No. 631 Supplies Expense, No. 633 Gasoline Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries and Wages Expense. Your answer is partially correct. Try again. Prepare a classified balance sheet at July 31, 2019. (List current assets in order of liquidity.) KRISTIN'S MAIDS CLEANING SERVICE Balance Sheet July 31, 2019 Assets Current Assets Cash 7992 $ Accounts Receivable 5300 Supplies 2001 X Prepaid Insurance 1468 Total Current Assets 14960 Intangible Assets Equipment 11000 Less Accumulated Depreciation Equipment 220 10780 Total Assets 25740 Liabilities and Stockholders' Equity Current Liabilities (b) (c) Prepare a trial balance at July 31 on a worksheet. Enter the following adjustments on the worksheet, and complete the worksheet. (1) Unbilled fees for services performed at July 31 were $1,500. (2) Depreciation on equipment for the month was $220. (3) One-twelfth of the insurance expired. (4) An inventory count shows $200 of cleaning supplies on hand at July 31. (5) Accrued but unpaid employee salaries were $400. KRISTIN'S MAIDS CLEANING SERVICE Prepare a worksheet. For the Month Ended July 31, 2019 Adjustments Adjusted Trial Balance Dr. Cr. Dr. Cr. Account Titles Trial Balance Income Statement Balance Sheet Dr. Cr. Dr. Cr. Dr. Cr 7992 Cash M x x M Accounts Receivable 3800 1500 X x Supplies 800 x X Prepaid Insurance 1608 q X Equipment 11000 Accounts Payable 7400 X Common Stock 15000 CLIC bitcold HOONE TOGO botold dil Dividends 700 ltdoll Service Revenue 5400 Gasoline Expense 300 ODI Salaries and Wages Expense 1600 Totals 27800 27800 Depreciation Expense Accum. Depr.-Equipment Insurance Expense lilili Supplies Expense IIIIII JUDO OOOO! Dodddddd DOODIDO DDDDDDDD Dodatlla Salaries and Wages Payable Totals Net Income Totals Journalize the adjusting entries. (Credit account titles are automatically indented when amou No. Account Titles and Explanation Debit Credit 1. x! x x X 2. 3. x 4. dddddd 5. x Post the closing entries and complete the closing process. (Post entries in the order of journal e Cash No. 101 Date Explanation Ref Debit Credit J1 15,000 J1 J1 July 1 July 1 July 5 July 18 July 20 July 21 July 31 July 31 3,200 1,608 1,200 1,600 J1 Balance 15,000 11,800 10,192 8,992 7,392 8,992 8,692 7,992 J1 J1 1,600 J1 300 J1 700 Accounts Receivable No. 112 Date Explanation Ref Debit dit Balance J1 3,900 3,900 J1 1,600 2,300 July 12 July 21 July 25 July 31 Supplies J1 1,500 1,500 Adjusting J2 3,800 5,300 No. 126 Date Explanation Ref Debit Credit Balance J1 800 800 July 3 July 31 Prepaid Insurance Adjusting J2 600 200 No. 130 Date Explanation Ref Debit Credit Balance J1 1,608 July 5 July 31 Equipment 1,608 1,474 Adjusting 12 134 No. 157 Date Explanation Ref Debit Credit Balance July 1 J1 11,000 11,000 No. 158 Accumulated Depreciation-Equipment Date Explanation July 31 Adjusting Ref Debit Credit Balance 12 220 220 Accounts Payable No. 201 Date Explanation Ref Debit Credit Balance July 1 J1 7,800 J1 800 7,800 8,600 7,400 J1 1,200 No. 212 July 3 July 18 Salaries and Wages Payable Date Explanation July 31 Adjusting Common Stock Ref Debit Credit Balance J2 400 400 No. 311 Date Explanation Ref Debit Credit Balance July 1 J1 15,000 15,000 No. 320 Retained Earnings Date Explanation Ref Debit Credit Balance x x Closing J3 X= Closing 13 Dividends No. 332 Date Explanation Ref Debit Credit Balance July 31 J1 700 700 x Closing J3 Income Summary No. 350 Date Explanation Ref Debit Credit Balance Closing 23 X DOO Closing 13 X Closing w Service Revenue No. 400 Date Explanation Ref Debit Credit Balance J1 July 12 July 25 July 31 J1 3,900 1,500 1,500 3,900 5,400 6,900 Adjusting J2 Closing 13 Gasoline Expense No. 633 Date Explanation Ref Debit Credit Balance July 31 J1 300 300 Closing J3 Supplies Expense No. 634 Date Ref Debit Credit Explanation Adjusting Balance 600 July 31 J2 600 Closing 23 Depreciation Expense No. 711 Date Ref Debit Credit Balance Explanation Adjusting July 31 J2 220 220 x Closing 13 Insurance Expense No. 722 Date Ref Debit Credit Balance Explanation Adjusting July 31 J2 134 134 x x Closing J3 No. 726 Ref Debit Credit Balance Salaries and Wages Expense Date Explanation July 20 July 31 Adjusting J1 1,600 1,600 2,000 J2 400 x x Closing J3 Prepare a post-closing trial balance at July 31. KRISTIN'S MAIDS CLEANING SERVICE Post-Closing Trial Balance Debit Credit x idi bbddddddddd Totals