CP$4$ Julie Molony opened Julie's Maids Cleaning Service on July $1,2012.$ During July, the

company completed the following transactions.

July $1$ Invested $$14,000$ cash in the business.

$1$ Purchased a used truck for $$10,000,$ paying $$3,000$ cash and the balance on account.

$3$ Purchased cleaning supplies for $$800$ on account.

$5$ Paid $$1,800$ on a one$-$year insurance policy, effective July $1.$

$12$ Billed customers $$3,800$ for cleaning services.

$18$ Paid $$1,000$ of amount owed on truck, and $$400$ of amount owed on cleaning supplies.

$20$ Paid $$1,600$ for employee salaries.

$21$ Collected $$1,400$ from customers billed on July $12.$

$25$ Billed customers $$1,500$ for cleaning services.

$31$ Paid gasoline for the month on the truck, $$400.$

$31$ Withdrew $$600$ cash for personal use.

The chart of accounts for Julie's Maids Cleaning Service contains the following accounts: No$.$

$101$ Cash, No$.112$ Accounts Receivable, No$.128$ Supplies, No$.130$ Prepaid Insurance, No$.157$

Equipment, No$.158$ Accumulated Depreciation$-$Equipment, No$.201$ Accounts Payable, No$.212$

Salaries and Wages Payable,No$.301$ Owner's Capital, No$.306$ Owner's Drawings, No$.350$ Income

Summary, No$.400$ Service Revenue, No$.633$ Gasoline Expense, No$.634$ Supplies Expense, No$.711$

Depreciation Expense, No$.722$ Insurance Expense, and No$.726$ Salaries and Wages Expense.

Instructions

$($a$)$ Journalize and post the July transactions. Use page J$1$ for the journal.

$($b$)$ Prepare a trial balance at July $31$ on a worksheet.

$($c$)$ Enter the following adjustments on the worksheet, and complete the worksheet.

$(1)$ Earned but unbilled fees at July $31$ were $$1,300.$

$(2)$ Depreciation on equipment for the month was $$200.$

$(3)$ One$-$twelfth of the insurance expired.

$(4)$ An inventory count shows $$100$ of cleaning supplies on hand at July $31.$

$(5)$ Accrued but unpaid employee salaries were $$500.$

$($d$)$ Prepare the income statement and owner's equity statement for July, and a classified balance

sheet at July $31,2012.$

$($e$)$ Journalize and post the adjusting entries. Use page J$2$ for the journal.

$($f$)$ Journalize and post the closing entries, and complete the closing process. Use page J$3$ for the

journal.

$($g$)$ Prepare a post$-$closing trial balance at July $31.$