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just c & d Chapter 4 Completing the Accounting Cycle Heidi Jara opened Jara's Cleaning Service on July 1, 2020. During July, the following transactions

just c & d
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Chapter 4 Completing the Accounting Cycle Heidi Jara opened Jara's Cleaning Service on July 1, 2020. During July, the following transactions were completed July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. 1 Purchased used truck for $9,000, paying $4,000 cash and the balance on account 3 Purchased cleaning supplies for $2,100 on account. 5 Paid $1,800 cash on a 1-year insurance policy effective July 1. 12 Billed customers $4,500 for cleaning services. 18 Paid $1,500 cash on amount owed on truck and S1,400 on amount owed on cleaning supplies. 20 Paid $2,500 cash for employee salaries 21 Collected $3,400 cash from customers billed on July 12 25 Billed customers $6,000 for cleaning services 31 Paid $350 for the monthly gasoline bill for the truck. 31 Paid a $5,600 cash dividend, The chart of accounts for Jara'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 720 Salaries and Wages Expense a. Journalize and post the July transactions. Use page J1 for the journal and the three-column form of account b. Prepare a trial balance at July 31 on a worksheet c. Enter the following adjustments on the worksheet and complete the worksheet. 1. Unbilled and uncollected revenue for services performed at July 31 were $2,700. 2. Depreciation on equipment for the month was $500 3. One-twelfth of the insurance expired. 4. An inventory count shows $600 of cleaning supplies on hand at July 31 6. Accrued but unpaid employee salaries were $1,000 d. Prepare an income statement and a retained earnings statement for July and a classified balance sheet at July 31. 6. Journalize and post adjusting entries. Use page J2 for the journal. 1. Journalize and post closing entries and complete the closing process. Use page J3 for the journal g. Prepare a post-closing trial balance at July 31 4. Journal Entries Padre Date Cres CH 2000 IC Abit 1000 5000 Mio 100 PER IC 1600 ACCP ACEP cach BULATE THE STATE Cash 10 BLU ACE LOGO Cash 350 Batanede Credit $ b. Trial Balance Particulars Debit $ Cash 6250 Accounts Receivable 7100 Prepaid Insurance 1800 Supplies 2100 Truck 9000 Accounts Payable Common Stocks Retained Earnings Service Revenue Salaries and Wages 2500 Gasoline Expense 350 TOTAL 29100 4200 20000 -5600 10500 29100

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