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I NEED HELP ON D1 INCOME STATEMENT Comprehensive Problem Question 1 of 1 Compreheruive P rob lem Question 1 of 1 View Policies Curren t
I NEED HELP ON D1 INCOME STATEMENT
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Compreheruive P rob lem Question 1 of 1 View Policies Curren t Attempt in Progress / 40 Kristin Malone opened Kristin's Maids Cleaning Service on July I, 2019. During July, the company completed the following transactions July 1 20 21 31 Stockholders it-vested SI 7000 cash in the business in exchange for common stock. Purchased used truck far S 11.000. paying $2.600 cash and the balance on account Purchased cleaning supplies for $800 on account. Paid SISO on I-year insurance policy, effective July I. Billed customers for cleaning services. Paid Sl.2CO of amount mved on truck, and $210 of amount owed on cleaning supplies. Paid S 1,500 for employee salaries. Collected $1,600 from customers billed on July 12 Billed customers SI_600 for cleaning services. Paid gasoline for the month on the truck, $400. Declared and paid a $800 cash dividend. The chart of acccunts for Kristis Maids Cleaning Service contains the following accounts: No. 101 Cash, No. 112 A:counts Receiveble. ND 126 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 Ret-ined Earnings. No. "2 Dividends, No. 350 Income Summary. No. 400 Service Revenue, No. 631 Supplies Expense, No. 633 Gasoline Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, nd No. 726 Salaries and Wages Expense. Your answer has been saved See score details after the due date. Journa Iize the J u ly transactions. (Credit RCOunt titles are autMatica/Iy indented wi-n arnamt is entered. DO indent marnn/ly. REOM jam-MI entries in the Order mesented in the nblen.) July I July I July 3 July 5 July 12 July 18 July 20 July 21 July 2S July 31 July 31 Account TitlB and Explanabon (To record cash invested in the business.) Equipment nts Payable (To record purchase of truck.) Supplies nts Payable Prepaid Insure me Accounts Receivable Service Reven ue nts Payable Salaries Wages Expense Accounts Receivable Accounts Receivable Service Reven ue Gasoline Expense (To record gasoline expense.) (To record dividend.) Post the Jul y transactions (Post entries in the Order Ofjarnal entries megnted ve.) Cash Date July I July I Julys July 1B July20 July21 July 31 July 31 Explanation Ref Debit 11000 1410 Credit Accounts Receivable Date Exl*a July12 v July21 v July25 v SuppliB July 3 v Prepaid Insurance Date Exl*anation July 5 v Equipment July I v Acmunts Payable Date July I v July 3 v July1B v CMnrnon Stod Date July I v July31 v Exl*anation Exl*anation Revalue Date July12 v July25 v Exl*anation Gasoline Date Expla July31 v Salari and Exwwe Date Explanation July-zo v eTextbook a nd Med ia List of Accounts (b) and (c) Your answer has been saved See score details after the due date. (b) (c) Prepare a trial balance at July 31 on a worksheet Enter the fallowing adjustments on the worksheet. and complete the wzrksheet_ (I) (2) (3) (4) (5) Unbilled fees for services performed at July 31 were SI,SOO. Depreciation on equipment for the month was $210 One-twelfth of the insurance expired. An inventory count shus 3300 of cleaning supplies on hand at July 31. Accrued but unpaid employee salaries were $500. Income Statement Credit 1410 No. 101 Balance 1410 11422 No. 112 No. 126 No. 157 11000 No. 311 No. 332 No. 633 No. 726 Attempts: I of I used Balance Sheet 28951 28951 List of Accounts 28951 Attempts: I of I used Prepare the income statement for July 31, 2019 (Enter negative arnmtS usirE either a neve sen precdirE e.g. 45 Or e.g. (45'.) KRISTIN'S MAIDS CLEANING SERVICE eTextbook and Med ia
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