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Exam. Kristin Malone opened Kristin's Maids Cleaning Service on July 1 , 2 0 1 5 . During July, the company completed the following transactions.
Exam.
Kristin Malone opened Kristin's Maids Cleaning Service on July During July, the company completed
the following transactions.
July I Stockholders invested $ cash in the business in exchange for common stock.
Purchased a used truck for $ paying $ cash and the balance on account.
Purchased cleaning supplies for $ on account.
Paid $ on a year insurance policy, effective July
Billed customers $ for cleaning services.
Paid $ of amount owed on truck, and $ of amount owed on cleaning supplies.
Paid $ for employee salaries.
Collected $ from customers billed on July
Billed customers $ for cleaning services.
Paid gasoline for the month on the truck, $
Declared and paid a $ cash dividend.
The chart of accounts for Kristin's Maids Cleaning Service contains the following accounts: No Cash, No
Accounts Receivable, No Supplies, No Prepaid Insurance, No Equipment, No
Accumulated DepreciationEquipment, No Accounts Payable, No Salaries and Wages Payable, No
Common Stock, No Retained Earnings, No Dividends, No Income Summary, No
Service Revenue, No Supplies Expense, No Gasoline Expense, No Depreciation Expense, No
Insurance Expense, and No Salaries and Wages Expense.
Instructions
aJournalize and post the July transactions. Use page J for the journal.
bPrepare a trial balance at July on a worksheet.
Trial balance $
cEnter the following adjustments on the worksheet, and complete the worksheet.
Unbilled fees for services performed at July were $
Depreciation on equipment for the month was $
Onetwelfth of the insurance expired.
An inventory count shows $ of cleaning supplies on hand at July
Accrued but unpaid employee salaries were $
dPrepare an income statement and a retained earnings statement for July, and a classified balance sheet at
July
Net income $
Total assets $
eJournalize and post the adjusting entries. Use page J for the journal.
fJoumalize and post the closing entries, and complete the closing process. Use page J for the joumal.
gPrepare a postclosing trial balance at July
Postclosing trial balance $
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