Jack & Jill Swanson opened Clean Window Washing Inc. on July1, 2019. During July, the following transactions were completed.

July1

Issued 12,000 shares of common stock for $12,000 cash.

1

Purchased used truck for $8,000, paying $2,000 cash and the balance on account (AP).

3

Purchased cleaning supplies (asset) for $900 on account.

5

Paid $1,800 cash on a 1-year insurance policy effective July1.

12

Billed customers $3,700 for cleaning services.

18

Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies.

20

Paid $2,000 cash for employee salaries. (Salaries and Wages Expense)

21

Collected $1,600 cash from customers billed on July12.

25

Billed customers $2,500 for cleaning services.

31

Paid $290 for maintenance of the truck during month. (Maintenance and Repairs Expense)

31

Declared and paid $600 cash dividend.

How to Journalize the July transactions

Post to the Ledger accounts(Use T-accounts)

4.

Journalize the following adjustments (adjusting journal entries)

1.

Services performed but unbilled and uncollected at July31 were $1,700.(Need to bill the client.)

2.

Depreciation on equipment for the month was $180.(Don't need to calculate depreciation, use the amount given.)

3.

One-twelfth of the insurance expired.

4.

An inventory count shows $320 of cleaning supplies on hand at July31.

5.

Accrued, but unpaid employee salaries were $400.(We need to record the expense and the amount due to the employees.)

5.

Post adjusting entries to the T-accounts.

6.

7.

Prepare the income statement and a retained earnings statement for Julyand a classified balance sheet at July31.

(Net Income = $4,300,Total Assets = $21,500)

8.

Journalize and post the closing entries.

9.

post-closing trial balance at July31.

(Only assets, liabilities and equity appear on a PCTB.Revenue, expenses, and dividends, have been closed vis the closing J/E's.)