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Crane Clark opened Cranes Cleaning Service on July 1, 2020. During July, the following transactions were completed. July 1 Crane invested $19,900 cash in the
Crane Clark opened Cranes Cleaning Service on July 1, 2020. During July, the following transactions were completed.
July 1 | Crane invested $19,900 cash in the business. | |
1 | Purchased used truck for $8,800, paying $3,900 cash and the balance on account. | |
3 | Purchased cleaning supplies for $2,000 on account. | |
5 | Paid $1,800 cash on 1-year insurance policy effective July 1. | |
12 | Billed customers $4,500 for cleaning services. | |
18 | Paid $1,600 cash on amount owed on truck and $1,500 on amount owed on cleaning supplies. | |
20 | Paid $2,500 cash for employee salaries. | |
21 | Collected $3,400 cash from customers billed on July 12. | |
25 | Billed customers $6,000 for cleaning services. | |
31 | Paid $350 for the monthly gasoline bill for the truck. | |
31 | Withdraw $5,600 cash for personal use. Prepare the owners equity statement for July. (List items that increase owner's equity first.)
| |
ces performed at July 31 were $2,700. | ||
(2) | Depreciation on equipment for the month was $500. | |
(3) | One-twelfth of the insurance expired. | |
(4) | An inventory count shows $600 of cleaning supplies on hand at July 31. | |
(5) | Accrued but unpaid employee salaries were $1,010. |
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