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Print by: JOSHUA RIVERA ACC/290 - 48007779 / Assignment: Week 4 Assignment *Problem 4-8A Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. During July, the following transactions were completed. July 1 1 3 5 12 18 20 21 25 31 31 Issued 16,947 shares of common stock for $16,947 cash. Purchased used truck for $12,947, paying $2,028 cash and the balance on account. Purchased cleaning supplies for $944 on account. Paid $2,040 cash on a 1-year insurance policy effective July 1. Billed customers $4,870 for cleaning services. Paid $1,149 cash on amount owed on truck and $548 on amount owed on cleaning supplies. Paid $2,223 cash for employee salaries. Collected $1,658 cash from customers billed on July 12. Billed customers $2,674 for cleaning services. Paid $373 for maintenance of the truck during month. Declared and paid $634 cash dividend. Journalize the July transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date July 1 Account Titles and Explanation Cash Debit 16947 Common Stock July 1 Equipment Credit 16974 12947 Cash Accounts Payable July 3 2028 10919 Supplies 944 Accounts Payable July 5 Prepaid Insurance 944 2040 Cash July 12 Accounts Receivable 2040 4870 Service Revenue July 18 Accounts Payable 4870 1697 Cash July 20 Salaries and Wages Exp 1697 2223 Cash July 21 2223 Cash 1658 Accounts Receivable July 25 1658 Accounts Receivable 2674 Service Revenue July 31 2674 Maintenance and Repai 373 Cash July 31 373 Dividends 634 Cash 634 Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous question.) Cash 7/1 16974 7/1 2028 7/21 1658 7/5 2040 7/18 1697 7/20 2223 7/31 373 7/31 634 7/31 Bal. 9637 Accounts Receivable 7/12 4870 7/25 2674 7/31 Bal. 7/21 5886 Supplies 7/3 944 7/31 Bal. 944 Prepaid Insurance 7/5 2040 7/31 Bal. 2040 Equipment 7/1 12947 7/31 12947 1658 Accounts Payable 7/18 1697 7/1 10919 7/3 944 7/31 Bal. 10166 Common Stock 7/1 16974 7/31 Bal. 16974 Dividends 7/31 634 7/31 Bal. 634 Service Revenue 7/12 4870 7/25 2674 7/31 Bal. 7544 Maintenance and Repairs Expense 7/31 373 7/31 Bal. 373 Salaries and Wages Expense 7/20 2223 7/31 Bal. 2223 Prepare a trial balance at July 31. CLEAN WINDOW WASHING INC. Trial Balance July 31, 2014 Debit Cash $ 9637 Supplies 2040 Accounts Receivable 5886 Equipment $ 944 Prepaid Insurance Credit 12947 Accounts Payable 10166 Common Stock 16974 Dividends Service Revenue 634 7544 Maintenance and Repai 373 Salaries and Wages Exp 2223 $ 34684 $ 34684 Journalize the following adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) (1) (2) (3) (4) (5) Services performed but unbilled and uncollected at July 31 were $1,849. Depreciation on equipment for the month was $186. One-twelfth of the insurance expired. An inventory count shows $320 of cleaning supplies on hand at July 31. Accrued but unpaid employee salaries were $408. No. Account Titles and Explanation 1. Accounts Receivable Debit 1849 Service Revenue 2. 1849 Accumulated Depreciati 186 Depreciation Expense 3. Insurance Expense 186 245 Prepaid Insurance 4. 245 Supplies Expense 320 Supplies 5. Credit 320 Salaries and Wages Exp 408 Salaries and Wages Pay Post adjusting entries to the T-accounts. 408 Cash 7/1 16,947 7/1 1,658 7/5 7/21 2,028 2,040 7/18 7/20 2,223 7/31 373 7/31 7/31 Bal. 1,697 634 9,610 Accounts Receivable 7/12 4,870 7/21 7/25 2,674 7/31 1849 7/31 Bal. 7735 1,658 Supplies 7/3 7/31 Bal. 944 7/31 320 624 Prepaid Insurance 7/5 7/31 Bal. 2,040 7/31 245 1795 Equipment 7/1 12,947 7/31 Bal. 12,947 Accumulated Depreciation-Equipment 7/31 186 7/31 Bal. 186 Accounts Payable 7/18 1,697 7/1 10,919 7/3 944 7/31 Bal. 10,166 Salaries and Wages Payable 7/31 408 7/31 Bal. 408 Common Stock 7/1 16,947 7/31 Bal. 16,947 Dividends 7/31 634 7/31 Bal. 634 Service Revenue 7/12 4,870 7/25 2,674 7/31 1849 7/31 Bal. 9393 Maintenance and Repairs Expense 7/31 373 7/31 Bal. 373 Supplies Expense 7/31 320 7/31 Bal. 320 Depreciation Expense 7/31 186 7/31 Bal. 186 Insurance Expense 7/31 245 7/31 Bal. 245 Salaries and Wages Expense 7/20 7/31 2,223 408 7/31 Bal. 2631 Prepare an adjusted trial balance. CLEAN WINDOW WASHING INC. Trial Balance July 31, 2014 Debit Credit $ $ $ $ Prepare the income statement for July. CLEAN WINDOW WASHING INC. Income Statement For the Month Ended July 31, 2014 $ $ $ Prepare a retained earnings statement for July. (List items that increase retained earnings first.) CLEAN WINDOW WASHING INC. Retained Earnings Statement For the Month Ended July 31, 2014 $ : : $ Prepare a classified balance sheet at July 31. (List current assets in order of liquidity.) CLEAN WINDOW WASHING INC. Balance Sheet July 31, 2014 Assets $ $ : $ Liabilities and Stockholders' Equity $ $ $ Journalize closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation (To close revenue account) (To close expense accounts) (To close net income / (loss)) Debit Credit (To close dividends) Post closing entries and complete the closing process. (Post entries in the order of journal entries presented in the previous part.) Cash 7/1 7/21 16,947 7/1 1,658 7/5 2,028 2,040 7/18 7/20 2,223 7/31 373 7/31 7/31 Bal. 1,697 634 9,610 Accounts Receivable 7/12 4,870 7/21 7/25 2,674 7/31 1,849 7/31 Bal. 1,658 7,735 Supplies 7/3 7/31 Bal. 944 7/31 624 320 Prepaid Insurance 7/5 2,040 7/31 7/31 Bal. 170 1,870 Equipment 7/1 12,947 7/31 Bal. 12,947 Accumulated Depreciation-Equipment 7/31 186 7/31 Bal. 186 Accounts Payable 7/18 1,697 7/1 10,919 7/3 944 7/31 Bal. 10,166 Salaries and Wages Payable 7/31 408 7/31 Bal. 408 Common Stock 7/1 16,947 7/31 Bal. 16,947 Retained Earnings Dividends 7/31 634 Income Summary Service Revenue 7/12 4,870 7/25 2,674 7/31 1,849 Maintenance and Repairs Expense 7/31 373 Supplies Expense 7/31 624 Depreciation Expense 7/31 186 Insurance Expense 7/31 170 Salaries and Wages Expense 7/20 2,223 7/31 408 Prepare a post-closing trial balance at July 31. CLEAN WINDOW WASHING INC. Post-Closing Trial Balance July 31, 2014 Debit Credit $ $ $ $ Question Attempts: 0 of 3 used Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved