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*Comprehensive Problem 4 Kristin Malone opened Kristin's Maids Clean ing Service on July 1, 2017. Durinq July, the company completed the following transactions July 1
*Comprehensive Problem 4 Kristin Malone opened Kristin's Maids Clean ing Service on July 1, 2017. Durinq July, the company completed the following transactions July 1 mon stock StockhalerS invested 0 0 E bu $3.200 cash and the bala account. ..... Purchased cleaning supplies for $800 on account 3 Paid $1,452 on a 1-year insurance policy, effective July 1. Billed customers $3,500 for cleaning services. 12 truck, and $200 of amount owed Paid $1.100 of amount owed deaning supplies. 18 Paid $1,800 for employee salaries. 20 n July 12 25 Paid gasoline for the month on the truck, $200 3 31 Declared and paid a $500 cash dividend. Kristin's Maids Cleaning S , 158 Accumulated No. 130 Prepaid Insurance, No. 157 the following 101 Cash, ccounts Receivable, No. 126 Su uipment Depreciation-Equipment. No. 201 Accounts Pavable. No. 212 Salaries and Wages Pavable. No. 311 Cammon Stock, No. 320 Retained Eamings. 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. Journalize the July transactlons. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. Record journal entries the order presented in the problem.) Account Titles and Explanation Date Debit Credit (To record cash invested in the business. (To record purchase of truck.) (To record gasoline expense.) (To record dividend.) Cash No. 101 Date Debit Credit Balance Explanation Ref ]1 J1 J1 J1 J1 J1 J1 31 No. 112 Accounts Receiva ble Balance Debit Date Explanation Ref Credit J1 1 J1 Supplies No.126 Explanation Ref Credit Balance Date Debit J1 Prepaid Insurance No.130 Explanation Ref Debit Credit Balance Date 11 Equipment No.157 Explanation Ref Date Debit Credit Balance J1 Accounts Payable No. 201 Explanation Ref Date Debit Credit Balance J1 31 31 Common Stock No.311 Debit Credit Balance Date Explanation Ref J1 Prepare the income statement for July 31, 2017. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) KRISTIN'S MAIDS CLEANING SERVICE Income Statement Prepare the retained earnings statement for July 31, 2017. (List items that will increase retained earnings first.) KRISTIN'S MAIDS CLEANING SERVICE Retained Earnings Statement Prepare a classified balance sheet at July 31, 2017. (List current assets in order of liquidity.) Prepare a classified balance sheet at July 31, 2017. (List current assets in order of liquidity.) KRISTIN'S MAIDS CLEANING SERVICE Balance Sheet Assets $ Liabilities and Stockholders' Equity Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit Debit No. Account Titles and Explanation 1. 2. 3. 4. 5. Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To close revenue account.) (To close expense accounts.) (To close net income / (loss).) (To close dividends.) KRISTIN'S MAIDS CLEANING SERVICE Post-Closing Trial Balance Debit Credit $ $ Totals $ $ *Comprehensive Problem 4 Kristin Malone opened Kristin's Maids Clean ing Service on July 1, 2017. Durinq July, the company completed the following transactions July 1 mon stock StockhalerS invested 0 0 E bu $3.200 cash and the bala account. ..... Purchased cleaning supplies for $800 on account 3 Paid $1,452 on a 1-year insurance policy, effective July 1. Billed customers $3,500 for cleaning services. 12 truck, and $200 of amount owed Paid $1.100 of amount owed deaning supplies. 18 Paid $1,800 for employee salaries. 20 n July 12 25 Paid gasoline for the month on the truck, $200 3 31 Declared and paid a $500 cash dividend. Kristin's Maids Cleaning S , 158 Accumulated No. 130 Prepaid Insurance, No. 157 the following 101 Cash, ccounts Receivable, No. 126 Su uipment Depreciation-Equipment. No. 201 Accounts Pavable. No. 212 Salaries and Wages Pavable. No. 311 Cammon Stock, No. 320 Retained Eamings. 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. Journalize the July transactlons. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. Record journal entries the order presented in the problem.) Account Titles and Explanation Date Debit Credit (To record cash invested in the business. (To record purchase of truck.) (To record gasoline expense.) (To record dividend.) Cash No. 101 Date Debit Credit Balance Explanation Ref ]1 J1 J1 J1 J1 J1 J1 31 No. 112 Accounts Receiva ble Balance Debit Date Explanation Ref Credit J1 1 J1 Supplies No.126 Explanation Ref Credit Balance Date Debit J1 Prepaid Insurance No.130 Explanation Ref Debit Credit Balance Date 11 Equipment No.157 Explanation Ref Date Debit Credit Balance J1 Accounts Payable No. 201 Explanation Ref Date Debit Credit Balance J1 31 31 Common Stock No.311 Debit Credit Balance Date Explanation Ref J1 Prepare the income statement for July 31, 2017. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) KRISTIN'S MAIDS CLEANING SERVICE Income Statement Prepare the retained earnings statement for July 31, 2017. (List items that will increase retained earnings first.) KRISTIN'S MAIDS CLEANING SERVICE Retained Earnings Statement Prepare a classified balance sheet at July 31, 2017. (List current assets in order of liquidity.) Prepare a classified balance sheet at July 31, 2017. (List current assets in order of liquidity.) KRISTIN'S MAIDS CLEANING SERVICE Balance Sheet Assets $ Liabilities and Stockholders' Equity Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit Debit No. Account Titles and Explanation 1. 2. 3. 4. 5. Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To close revenue account.) (To close expense accounts.) (To close net income / (loss).) (To close dividends.) KRISTIN'S MAIDS CLEANING SERVICE Post-Closing Trial Balance Debit Credit $ $ Totals $ $
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