Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Julie Molony opened Julie's Maids Cleaning Service on July 1, 2010. During July, the company completed the following transactions. July 1 Invested $14,000 cash in

Julie Molony opened Julie's Maids Cleaning Service on July 1, 2010. During July, the company completed the following transactions. July 1 Invested $14,000 cash in the business. 1 Purchased a used truck for $10,000, paying $3,000 cash and the balance on account. 3 Purchased cleaning supplies for $800 on account. 5 Paid $1,800 on a one-year insurance policy, effective July 1. 12 Billed customers $3,800 for cleaning services. 18 Paid $1,000 of amount owed on truck, and $400 of amount owed on cleaning supplies. 20 Paid $1,600 for employee salaries. 21 Collected $1,400 from customers billed on July 12. 25 Billed customers $1,500 for cleaning services. 31 Paid gas and oil for the month on the truck, $400. 31 Withdrew $600 cash for personal use. Enter the following adjustments on the worksheet, and complete the worksheet. 1. Income earned but unbilled at July 31 were $1,300. 2. Depreciation on equipment was $200. 3. One-twelfth of the insurance expired. 4. Cleaning supplies on hand $300 5. Accrued but unpaid employee salaries were $500

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

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

Recommended Textbook for

Mastering 21st Century Enterprise Risk Management

Authors: Gregory M Carroll

1st Edition

1483510441, 9781483510446

More Books

Students also viewed these Accounting questions

Question

Always show respect for the other person or persons.

Answered: 1 week ago

Question

Self-awareness is linked to the businesss results.

Answered: 1 week ago

Question

1. Too reflect on self-management

Answered: 1 week ago