Answered step by step
Verified Expert Solution
Question
1 Approved Answer
help :( Mike Greenberg opened Novak Window Washing Co. on July 1, 2020. During July, the following transactions were completed. July 1 Owner invested $11,300
help :( Mike Greenberg opened Novak Window Washing Co. on July 1, 2020. During July, the following transactions were completed. July 1 Owner invested $11,300 cash in the company. 1 Purchased used truck for $7.520, paying $1,880 cash and the balance on account. 3 Purchased cleaning supplies for $850 on account. 5 Paid $1,680 cash on a 1-year insurance policy effective July 1. Billed customers $3,480 for cleaning services performed Pald $940 cash on amount owed on truck and $470 on amolint owed an cleaning supplies. Paid $1,880 cash for employee salaries. 21 Collected $1,500 cash from customers billed on July 12. 25 Billed customers $2,350 for cleaning services performed. 31 Paid $270 for maintenance of the truck during month, 31 Owner withdrew $560 cash from the company, 12 18 20 lal Post adjusting entries to the T-accounts 7/1 7/21 Cash 11.300 7/1 1,5007/5 7/18 7/20 7/31 7/31 1,880 1,680 1,410 1,880 270 560 7/31 Bal. 5.120 Accounts Receivable 3,4807/21 7/12 1,500 7/25 2,350 > Supplies 7/3 850 Prepaid Insurance 1,680 775 7/1 Equipment 7,520 7,520 7/31 Bal. Accumulated Depreciation-Equipment 7/18 Accounts Payable 1.410 7/1 7/3 5,640 850 7/31 Bal. 5,080 Salaries and Wages Payable Owner's Capital 7/1 7/31 Bal. 11.300 11,300 Owner's Drawings 560 7/31 Bal. 560 Service Revenue 7/12 3,480 7/25 2,350 Maintenance and Repairs Expense 7/31 270 I Supplies Expense Depreciation Expense Insurance Expense Salaries and Wages Expense 7/20 1,880
help :(
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started