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Hello, I am seeking help for my accounting homework. I have tried to do this for three days straight, and I cannot solve it. Any
Hello,
I am seeking help for my accounting homework. I have tried to do this for three days straight, and I cannot solve it. Any help is greatly appreciated. Thank you in advance.
Problem 4-5A Anya Clark opened Anya's Cleaning Service on July 1, 2017. During July, the following transactions were completed. July 1 1 3 5 12 18 20 21 25 31 31 Anya invested $20,000 cash in the business. Purchased used truck for $12,000, paying $4,000 cash and the balance on account. Purchased cleaning supplies for $2,100 on account. Paid $1,800 cash on 1-year insurance policy effective July 1. Billed customers $4,500 for cleaning services. Paid $1,500 cash on amount owed on truck and $1,400 on amount owed on cleaning supplies. Paid $2,800 cash for employee salaries. Collected $3,400 cash from customers billed on July 12. Billed customers $6,000 for cleaning services. Paid $350 for the monthly gasoline bill for the truck. Withdrew $5,600 cash for personal use. Your answer is correct. Journalize the July transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order displayed in the problem.) Date July 1 Account Titles and Explanation Cash Debit Credit 20000 Ow ner's Capit 20000 (To record cash invested in business) July 1 Equipment 12000 Cash 4000 Accounts Pay 8000 (To record truck purchased) July 3 Supplies 2100 Accounts Pay July 5 Prepaid Insura 2100 1800 Cash July 12 Accounts Rec Service Reven 1800 4500 Question Attempts: 1 of 3 used SAVE 4500 FOR LATER SUBMIT ANSWER Cash July 20 2900 Salaries and W 2800 Cash July 21 2800 Cash 3400 Accounts Rec 3400 Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. July 25 Accounts Rec 6000 Service Reven July 31 6000 Gasoline Expe 350 Exercise 4-14 Cash 350 Your answer is partially correct. Try again. The adjusted trial balance for McCoy Bowling Alley at December 31, 2017, contains the following accounts. July 31 Ow ner's Draw 5600 Debits Cash Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Credits $128,800 14,520 4,680 18,040 62,400 67,000 780 Depreciation Expense $115,000 42,600 12,300 97,780 18,720 3,800 17,180 7,360 Interest Expense 5600 Owner's Capital Accumulated DepreciationBuildings Accounts Payable Notes Payable Accumulated DepreciationEquipment Interest Payable Service Revenue 3,800 $307,380 $307,380 (a) Prepare a classified balance sheet; assume that $20,000 of the note payable will be paid in 2018. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.) MCCOY BOWLING ALLEY Balance Sheet December 31, 2017 Assets July 1 Current Assets 20000 20000 July 1 4000 16000 July 5 1800 14200 July 20 2800 July 21 8500 3400 11900 Cash 31 July 350 11550 July 31 Accounts Rec 5600 $ 5950 18040 14520 Prepaid Insura 4680 Total Current Assets July 12 $ 4500 Property, Plant and Equipment July 21 Land July 25 3400 1100 6000 67000 7100 $ Equipment 62400 : Less July 3 62400 Accumulated D 2100 67000 2100 Buildings 4600 : Add 37240 4500 42600 Accumulated D July 5 1800 Total Property, Plant and Equipment 67000 1800 37240 $ 114200 Liabilities and Owner's Equity Current Liabilities July 1 12000 12000 Accounts Pay 12300 Notes Payable 97780 July 1 Interest Payab 8000 8000 2100 July 3 Total Current Liabilities July 18 Ow ner's Equity 10100 3800 $ 113880 2900 7200 Ow ner's Capit July 1 $ 115000 20000 20000 July 31 5600 5600 Total Ow ner's Equity 115000 July 12 Total Long-term Liabilities 4500 4500 July 25 Accumulated D 6000 10500 113880 $ Total Liabilities and Ow ner's Equity July 31 228880 350 350 2800 2800 SHOW LIST OF ACCOUNTS LINK TO TEXT July 20 By accessing this Question Assistance, you will learn Question Attempts: 1 of 3 used SAVE FOR SUBMIT LATER ANSWER while you earn points based on the Point Potential Policy set by your instructor. Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. For the Month Ended July 31, 2017 5950 5950 5950Step by Step Solution
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