fundamentals of accounting

Question No. 1 Mary Coleman opened Mary's Maids Cleaning Service on July 1, 2014. During July, the company completed the following transactions. July 1 Stockholders invested $15,000 cash in the business in exchange for common stock. 1 Purchased a used truck for $10,000, paying $3,000 cash and the balance on account. 3 Purchased cleaning supplies for $1,700 on account. 5 Paid $1,800 on a one-year insurance policy, effective July 1. 12 Billed customers $4,200 for cleaning services. 18 Paid $1,000 of amount owed on truck, and $400 of amount owed on cleaning supplies. 20 Paid $1,900 for employee salaries. 21 Collected $2,400 from customers billed on July 12. 25 Billed customers $2,100 for cleaning services. 31 Paid gasoline for the month on the truck, 3400. 31 Declared and paid a $500 cash dividend. The chart of accounts for Mary'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 DepreciationEquipment, 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. 633 Gasoline Expense, No. 634 Supplies Expense, No. 711 Depreciation Expense, No. 7'22 Insurance Expense, and No. 7'26 Salaries and Wages Expense. insmrcrions (a) Journalize and post the July transactions. Use page J1 for thejournal. (b) Prepare a trial balance at July 31 on a worksheet. (c) Enter the following adjustments on the worksheet, and complete the worksheet. (1) Unbilled fees for services performed 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 $280 of cleaning supplies on hand at July 31. (5) Accrued but unpaid employee salaries were $630. (d) Prepare the income statement and retained earnings statement for July, and a classified balance Page 1 of 1 sheet at July 31. 2014. (e) Journalize and post the adjusting entries. Use page J2 forthe journal. (f) Journalize and post the closing entries, and complete the closing process. Use page J3 for the journal. (g) Prepare a post-closing trial balance at July 31