journalize closing entries / post the closing entries and complete the closing process

17000 7800 3 Supplies 1800 1800 16925 13500 Journalize the July transactions. (Credit account titles are automatically Date Account Titles and Explanation Debit Credit Puly 1 Cash 170005 Common Stock (To record cash invested in the business.) July 1 Equipment 210003 Cash 3200 Accounts Payable (To record purchase of truck.) July Accounts Payable July s Prepaid Insurance Cash 1692 July 12 Accounts Receivable Service Revenue July 18 Accounts Payable 1570 Cash 1570 July 20 Salaries and Wages Expense Cash 37600 July 21 cash 71800 5 Accounts Receivable 7800 July 25 Accounts Receivable 1.500 5 Service Revenue July 31 Gasoline Expense Cash (To record gasoline expense.) Puly 31 Dividends Cash (To record dividend.) 3500 1600 1500 300 1300 1500 1500 3200 01 300 No. 112 Post the July transactions. (Post entries in the order of jou Cash No. 101 Date Explanation Ref Debit Credit Balance Puly 1 11 977000 T17000 Puly 1 13800 Puly 5 11692 12108 Puly 18 J1 137570 710538 Puly 20 1600 18938 Puly 21 J11800 10738 Duly 31 110438 Puly 31 500 19938 Accounts Receivable Date Explanation Ref Debit Credit Balance Duly 12 11 3500 5 13500 Duly 21 1800 1700 July 25 11 71500 13200 Supplies No. 126 Date Explanation Ref Debit Credit Balance Puly 3 31 800 5 Prepaid Insurance No. 130 Date Explanation Ref Debit Credit Balance Puly 5 31 16925 11692 Equipment No. 157 Date Explanation Ref Debit Credit Balance Puly 1 11 110005 111000 Accounts Payable No. 201 Explanation Ref Debit Credit Balance July 1 13 7800 17800 Puly 3 18600 July 18 11 15703 17030 1800 Date 800 Common Stock No. 311 Date Explanation Ref Debit Credit Balance Puly 1 J1 115 [17000 17000) Dividends No. 332 Date Explanation Ref Debit Credit Balance Puly 31 J1 7500 1500 Service Revenue No. 400 Date Explanation Ref Debit Credit Balance Puly 12) J1 3500 13500 J1 3 [1500 15000 Puly 25 Gasoline Expense Date Explanation No. 633 Ref Debit Credit Balance J1 7300) 5 Duly 31) 1300 Salaries and Wages Expense No. 726 Date Explanation Ref Debit Credit Balance Duly 20 J1 71600 1600 5 11600 (b) Prepare a trial balance at July 31 on a worksheet. Enter the following adjustments on the worksheet, and complete the worksheet. (1) Unbilled fees for services performed at July 31 were $1,400. (2) Depreciation on equipment for the month was $240. (3) One-twelfth of the insurance expired. An inventory count shows $300 of cleaning supplies on hand at July 31. (5) Accrued but unpaid employee salaries were $500. KRISTIN'S MAIDS CLEANING SERVICE Prepare a worksheet. For the Month Ended July 31, 2019 Trial Balance Adjustments Adjusted Trial Balance Account Titles Income Statement Balance Sheet Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. 19938 19938 19938) 1400 13200 14600 14600 800 300 300 T1551 11551 11692 111000 111000 11000 7030 17030 7030 17000 117000 17000 500 1500 5000 11400 6400 6400 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Common Stock Dividends Service Revenue Gasoline Expense Salaries and Wages Expense Totals Depreciation Expense Accum. Depr.- Equipment Insurance Expense Supplies Expense Salaries and Wages Payable Totals ||state deceities 300 300 1300 11600 1500 12100 21001 29030 129030 P9 Jeg boede do peREESE FREE 240 7240 240 240 1240 1141 1141 150C 1500 1500) 1500 1500 2781 2781 31170 21170 13281) 16400 27889 124770 Net Income 31191 31191 Totals 16400 16400 127889 727889) $16400 Your answer is correct. Prepare the income statement for July 31, 2019. (Enter negati KRISTIN'S MAIDS CLEANING SERVICE Income Statement For the Month Ended July 31, 2019 Revenues Service Revenue Expenses Gasoline Expense Salaries and Wages Expense 2100 Depreciation Expense 240 Insurance Expense Supplies Expense 1500 Total Expenses 13281 Net Income / (Loss) $300 doo 141 $3119 *(d2) Your answer is correct. Prepare the retained earnings statement for July 31, 2019. (List KRISTIN'S MAIDS CLEANING SERVICE Retained Earnings Statement For the Month Ended July 31, 2019 Retained Earnings, July 1 SU Add: Net Income / (Loss) 3119 Less Dividends 1500 Retained Earnings, July 31 $2619 3119 Your answer is correct. Prepare a classified balance sheet at July 31, 2019. (List current assets in order KRISTIN'S MAIDS CLEANING SERVICE Balance Sheet Duly 31, 2019 Assets Current Assets Cash $ 9938 TAccounts Receivable 14600 Supplies 300 Prepaid Insurance 11551 Total Current Assets $16389 Property, Plant and Equipment Equipment 11000 Less. Accumulated Depreciation-Equipment 240 10760 Total Assets $27149 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable 57030 Salaries and Wages Payable 500 Total Current Liabilities $7530 Stockholders' Equity Common Stock 117000 "Retained Earnings 2619 Total Stockholders' Equity 19619 Total Liabilities and Stockholders' Equity $27149 1400 240 Your answer is correct. Journalize the adjusting entries. (Credit account titles are automatically No. Account Titles and Explanation Debit Credit 1. Accounts Receivable 14003 Service Revenue 2. Depreciation Expense Accumulated Depreciation-Equipment Insurance Expense Prepaid Insurance Supplies Expense Supplies Salaries and Wages Expense 1500 Salaries and Wages Payable 500 240 3. 1141 4. 500 5. Post the adjusting entries. (Post entries in the order of journal entries Cash No. 101 Date Explanation Ref Debit Credit Balance July 1 J1 17,000 17,000 July 1 1 3,200 13,800 July 5 J1 1,692 12,108 July 18 31 1,570 10,538 July 20 31 1,600 8,938 July 21 J1 1,800 10,738 July 31 1 300 10,438 July 31 31 500 9,938 Accounts Receivable No. 112 Date Explanation Ref Debit Credit Balance July 12 31 3,500 3,500 July 21 31 1,800 1,700 July 25 31 1,500 3,200 Adjusting 14600 Puly 31 1400 Puly 31 11551 Supplies No. 126 Date Explanation Ref Debit Credit Balance July 3 J1 800 800 Adjusting 22 1500 300 Prepaid Insurance No. 130 Date Explanation Ref Debit Credit Balance July 5 31 1,692 1,692 Puly 31 Adjusting J2 1141 Equipment No. 157 Date Explanation Ref Debit Credit Balance July 1 21 11,000 11,000 Accumulated Depreciation Equipment No. 158 Date Explanation Ref Debit Credit Balance July 31 Adjusting 12 240 240 Accounts Payable No. 201 Date Explanation Ref Debit Credit Balance July 1 J1 7,800 7,800 July 3 31 800 8,600 July 18 31 1,570 7,030 Salaries and Wages Payable No. 212 Date Explanation Ref Debit Credit Balance Puly 31 Adjusting 12 500 1500 Common Stock No. 311 Date Explanation Ref Debit Credit Balance July 1 J1 17,000 17,000 Dividends No. 332 Date Explanation Ref Debit Credit Balance July 31 31 500 500 Service Revenue No. 400 Date Explanation Ref Debit Credit Balance July 12 J1 3,500 3,500 July 25 1,500 5,000 Adjusting J2 1400 6400 J1 Duly 31 No. 633 Ref Debit Credit Balance J1 300 300 No. 634 Gasoline Expense Date Explanation July 31 Supplies Expense Date Explanation July 31 Adjusting Depreciation Expense Date Explanation Ref Debit Credit Balance J2 1500) 1500 No. 711 Ref Debit Credit Balance Puly 31 Adjusting J2 240) 1240) No. 722 Insurance Expense Date Explanation Ref Debit Credit Balance J2 141 1141) No. 726 Duly 31) Adjusting Salaries and Wages Expense Date Explanation July 20 Ref Debit Credit Balance J1 1,600 1,600 Puly 31) Adjusting 12 1500) 3 2100 Journalize the closing entries. (Credit account titles are automatically indented when amount is ent Account Titles and Explanation Debit Credit (To close revenue account.) (To close expense accounts.) (To close net income / Closs).) (To close dividends.) July 5 Post the closing entries and complete the closing process. (Post entries in the order of jour Cash No. 101 Date Explanation Ref Debit Credit Balance July 1 J1 17,000 17,000 July 1 1 3,200 13,800 J1 1,692 12,108 July 18 J1 1,570 10,538 July 20 J1 1,600 8,938 July 21 J1 1,800 10,738 July 31 J1 300 10,438 July 31 J1 500 9,938 Accounts Receivable No. 112 Date Explanation Ref Debit Credit Balance July 12 J1 3,500 3,500 July 21 J1 1,800 1,700 July 25 J1 1,500 3,200 July 31 Adjusting J2 1,400 4,600 Supplies No. 126 Date Explanation Ref Debit Credit Balance July 3 J1 800 July 31 Adjusting J2 500 300 Prepaid Insurance No. 130 Date Explanation Ref Debit Credit Balance July 5 J1 1,692 1,692 July 31 Adjusting J2 141 1,551 Equipment No. 157 Date Explanation Ref Debit Credit Balance July 1 J1 11,000 11,000 Accumulated Depreciation Equipment No. 158 Date Explanation Ref Debit Credit Balance July 31 Adjusting J2 240 240 Accounts Payable No. 201 Date Explanation Ref Debit Credit Balance July 1 J1 7,800 7,800 July 3 J1 800 8,600 July 18 J1 1,570 7,030 800 Debit 12 Credit 500 Debit Credit 17,000 Salaries and Wages Payable Date Explanation Ref July 31 Adjusting Common Stock Date Explanation Ref July 1 J1 Retained Earnings Date Explanation Ref Closing 33 Closing Dividends Date Explanation Ref July 31 31 Closing No. 212 Balance 500 No. 311 Balance 17,000 No. 320 Balance Debit Credit 13 No. 332 Balance Credit Debit 500 500 13 Income Summary Date No. 350 Balance Debit Credit Explanation Ref Closing 13 13 Closing Closing 13 Debit Service Revenue Date July 12 July 25 July 31 Explanation Ref J1 J1 Adjusting 12 Closing Credit 3,500 1,500 1,400 No. 400 Balance 3,500 5,000 6,400 13 Gasoline Expense Date July 31 Explanation Ref Credit Debit 300 No. 633 Balance 300 J1 Closing 13 Supplies Expense Date July 31 Credit Explanation Ref Adjusting 12 Closing Debit 500 No. 634 Balance 500 13 Credit Debit 240 No. 711 Balance 240 Credit Depreciation Expense Date Explanation Ref July 31 Adjusting J2 Closing J3 Insurance Expense Date Explanation Ref July 31 Adjusting J2 Closing 13 Salaries and Wages Expense Date Explanation Ref July 20 J1 July 31 Adjusting J2 Closing J3 Debit 141 No. 722 Balance 141 Credit Debit 1,600 500 No. 726 Balance 1,600 2,100 1 Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2019. During July, the company completed the following transactions. July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. Purchased a used truck for $11,000, paying $3,200 cash and the balance on account. 3 Purchased cleaning supplies for $800 on account. 5 Paid $1,692 on a 1-year insurance policy, effective July 1. 12 Billed customers $3,500 for cleaning services. 18 Paid $1,300 of amount owed on truck, and $270 of amount owed on cleaning supplies. 20 Pald $1,600 for employee salaries. 21 Collected $1,800 from customers billed on July 12. 25 Billed customers $1,500 for cleaning services. 31 Paid gasoline for the month on the truck, $300. 31 Declared and paid a $500 cash dividend, The chart of accounts for Kristin's Maids 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