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I need help with the answer. I did some answers but I could not understand of other answer, so could you please help me to
I need help with the answer. I did some answers but I could not understand of other answer, so could you please help me to find correct answer.
Prepare the owner's equity statement for July. (List items that increose owner's equity first.) Prepare a trial balance at July 31 an a workshest. Enter the following adjustments on the workshest and complete the worksheet. (1) Unbilled and uncollacted revenue for services performed at July 31 were $2,700. (2) Depraciation on aquipment for the month was $500. (3) One-twalfth of the insurance expirad. (4) An imvantory count shovs $600 of eleaning suppliss on hand at July 31. (5) Acerued but unpaid amployee salaries wers $1,090. Journa lize adjusting entries. (Credit account titles are outomatically indented when amount is entered. Do not indent manually, If no entry is required, select "No Entry" for the account titles and enter 0 for the am Date Account Titles and Explanation July 31 July 31 July 31 July 31 July 31 July 31 July 31 Debit Servles Resvenue (To record revenue eamed) Deprodiation Equent Acsumulatad Daprodetion-Egulpmart (To record depreciation) Irsurares Equerse Prepeld linourenos (To recurd insurance expired) Sugelles Exgense Sugells (To recurd supplies used) Saleries and Wares Exgense Salerise and Weres Papable Credit 2700 (To record salaries payable) eTextbook and Medla Llst of Accounts Journa lize the July transactions. (Credit account titles are outomatically indented when amount is entered. Do not indent manually. Recard journal entries in the order displayed in the problem. If nd Date Account Titles and Explanation July 1 July 1 July 1 July 1 July 3 Juky 5 July 12 Juky 18 July 20 Juky 21 July 25 July 31 July 31 Gavaline Expanse Con (To record gasoline expense) July 31 Owner's Derwinge Cen Debit 20200 Owners caples: (To racord cash inwested in business) Egulgmant Cesh Accounts Pryable (To racord truck purchased) Sugpolls: Areounto Propabs Prepeld linourance cah Arcounto Racalvabla Service Resvenus Accounts Pryable Cesh 2100 2100 1680 4400 Salcriss and Warso Exgense 2400 Cesh 4400 4400 2700 2700 2400 Accounta Recelvable 3300 Servles Rovenus 360 360 5600 (To record drawings) SUNLAND'SCIEANING SERVICE Balancesheet July 31,2022 Assets Cumsent Aasess cash Accounta Racelvable Sugellas Prepeld linourence Totel Current Assots Lerg-term imwitments Equlgmant Leso Aceumulated Depredation-Egulpmart Toted Ascist s 6960 \begin{tabular}{|r|} \hline 9900 \\ \hline 600 \\ \hline \\ \hline \\ \hline \\ \hline \end{tabular} Liabilities and Owner's Equity $19000 Cument Labiltis Accounta Pryable Saleries and Wrose Proble Totel Uablitises Owner'a Egulty Owners Capled Toted Ueblitises and Owner'a Egulty $ 5690 eTextbook and Medla Llst of Accounts Prepare a post-clocing trial balance at July 31. SUNLANDSCIEANING SERVICE Post-Closing TrialBalance Debit $ $ Totals Totals eTextbook and Medla Llst of Accounts Credit $ $ $ Journa lize closinz entries and complete the closinz process. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal en Date Account Titles and Explanation Account Titles and Explanation (To close revenue account) (To close expense accounts) (To close net income / (lass)) (To close drawings) Debit Credit Credit Sunland Clark opsned Sunland's Cleaninz Service on July 1, 2022. Durinz July, the following transactions ware complet July 1 Sunland imested $20,200cash in the business. 1 Purchased used truek for $9,000, prying $3,800 cash and the ba lance on account. 3 Purchased cleaning supplies for $2,100 on account. 5 Paid $1,690 cash on a 1-year insurance policy affactiva July 1. 12 Billad oustomars $4,400 for cleaning sarvices. 18 Paid $1,400 cash on amount owsd on truck and $1,300 on amount owed on eleaning supplizs. 20 Paid $2,400 cash for amployse zalaries. 21 Collected $3,300 cash from oustomers billed an July 12. 25 Billad custamers $6,100 for cleaning services. 31 Paid $360 for the monthly gasaline bill for the truck. 31 Withdraw $5,600 cash for personal useStep by Step Solution
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