Question
Kristin Malone opened Kristins Maids Cleaning Service on July 1, 2017. During July, the company completed the following transactions. July 1 Stockholders invested $19,000 cash
Kristin Malone opened Kristins Maids Cleaning Service on July 1, 2017. During July, the company completed the following transactions.
July | 1 |
| Stockholders invested $19,000 cash in the business in exchange for common stock. |
| 1 |
| Purchased a used truck for $11,000, paying $2,900 cash and the balance on account. |
| 3 |
| Purchased cleaning supplies for $900 on account. |
| 5 |
| Paid $2,208 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 $260 of amount owed on cleaning supplies. |
| 20 |
| Paid $1,500 for employee salaries. |
| 21 |
| Collected $1,800 from customers billed on July 12. |
| 25 |
| Billed customers $1,800 for cleaning services. |
| 31 |
| Paid gasoline for the month on the truck, $400. |
| 31 |
| Declared and paid a $700 cash dividend. |
Prepare a classified balance sheet at July 31, 2017.
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