Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

income statement Prepare a trial balance at July 31 on a worksheet. Enter the following adjustments on the worksheet and complete the worksheet. (1) Unbilled

image text in transcribed

image text in transcribed

income statement

Prepare a trial balance at July 31 on a worksheet. Enter the following adjustments on the worksheet and complete the worksheet. (1) Unbilled and uncollected revenue for services performed at July 31 were $2,600. (2) Depreciation on equipment for the month was $600. (3) One-twelfth of the insurance expired. (4) An inventory count shows $600 of cleaning supplies on hand at July 31. (5) Accrued but unpaid employee salaries were $1,100. - . Heidi Jara opened Flint's Cleaning Service on July 1, 2022. During July, the following transactions were completed. July 1 Stockholders invested $20,100 cash in the business in exchange for common stock. 1 Purchased used truck for $9,200, paying $4,100 cash and the balance on account. 3 Purchased cleaning supplies for $2,000 on account. 5 Paid $1,680 cash on a 1-year insurance policy effective July 1. 12 Billed customers $4,400 for cleaning services. 18 Paid $1,500 cash on amount owed on truck and $1,400 on amount owed on cleaning supplies. 20 Paid $2,600 cash for employee salaries. 21 Collected $3,500 cash from customers billed on July 12. 25 Billed customers $5,900 for cleaning services. 31 Paid $350 for the monthly gasolin Ex-KGB agent weighs in on 'bizarrel Putin photos 31 Paid a $5,700 cash dividend. The chart of accounts for Flint's Cleaning Service contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated Depreciation Equipment, No. 201 Accounts Payable, No. 212 Salaries and Wages Payable, No. 311 Common Stock, No. 320 Retained Earnings, No.332 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, and No. 726 Salaries and Wages Expense

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Throughput Modeling Financial Information Used By Decision Makers

Authors: Waymond Rodgers

1st Edition

0762303409, 978-0762303403

More Books

Students also viewed these Accounting questions

Question

How many multiples of 4 are there between 10 and 250?

Answered: 1 week ago