Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Journalize the July transactions. Use journal page 1. Post the July transactions from page J1 to the general ledger. Prepare a trial balance at July

Journalize the July transactions. Use journal page 1. Post the July transactions from page J1 to the general ledger. Prepare a trial balance at July 31 using the running balance total for each account in the ledger. Journalize the adjusting entries. Use journal page 2. Post the July adjusting entries from page J2 to the general ledger. Prepare an adjusted trial balance at July 31 using the updated running balance total for each account in the ledger. Prepare the Income Statement for July. Prepare the Statement of Owners Equity for July. Prepare a classified Balance Sheet at July 31, 2019. Journalize the necessary closing entries. Use journal page 3. Post the July closing entries from page J3 to the general ledger. Prepare a post-closing trial balance at July 31. Alexis Mohamed opened Beachy-Kleen Cleaning Service on July 1, 2019. During July, the company completed the following transactions: July 1 Owner Alexis Mohamed invested $35,000 cash and $7,865 of cleaning equipment in the business. 1 Purchased a used truck for $12,500, paying $2,500 cash and the balance on account. 3 Purchased cleaning supplies for $1,973 on account. 5 Paid $1,800 on a one-year insurance policy, effective July 1. 12 Billed customers $3,927 for cleaning services. 15 Received $1,875 from customers for future cleaning services. 18 Paid $3,000 of amount owed on truck. 20 Paid $765 for employee salaries. 21 Collected $2,540 from customers billed on July 12. 25 Billed customers $5,750 for cleaning services. 31 Paid gasoline for the month on the truck, $287. 31 Owner Alexis Mohamed withdrew $1,200 for personal use. Adjustments: July 31 Earned but unbilled fees at July 31 were $1,936. Depreciation on truck for the month was $225. Earned $475 of payment received on July 15. One-twelfth of the insurance expired. An inventory count shows $492 of cleaning supplies on hand at July 31. Accrued but unpaid employee salaries were $469

Ledgers are needed as well as journals 1, 2 and 3.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions