Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2019. During July, the company completed the following transactions. uly 1 Stockholders invested $19,000 cash

image text in transcribedimage text in transcribed

image text in transcribed

Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2019. During July, the company completed the following transactions. uly 1 Stockholders invested $19,000 cash in the business in exchange for common stock 1 Purchased a used truck for $11,000, paying $3,000 cash and the balance on account. 3 Purchased cleaning supplies for $700 on account. 5 Paid $2,148 on a 1-year insurance policy, effective July 1 12 Billed customers $3,500 for cleaning services. 18 Paid $1,100 of amount owed on truck, and $300 of amount owed on cleaning supplies. 20 Paid $1,500 for employee salaries. 21 Collected $1,600 from customers billed on July 12. 25 Billed customers $1,700 for cleaning services. 31 Paid gasoline for the month on the truck, $200 31 Dared and paid a $700 cash dividend. No. 15 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 ages Payable No. 311 Common Stock No. 320 Retained Earnings, No. 32 den No 350 in ome 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 Retained a3o 71 Depreciaton Expense, o. 72 SitoceNo Prepare a classified balance sheet at July 31, 2019. (List current assets in order of liquidity.) KRISTIN'S MAIDS CLEANING SERVICE Balance Sheet Assets Liabilities and Stockholders Equity

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

IT Auditing And Sarbanes Oxley Compliance Key Strategies For Business Improvement

Authors: Dimitris N. Chorafas

1st Edition

036738650X, 978-0367386504

More Books

Students also viewed these Accounting questions

Question

Which are non projected Teaching aids in advance learning system?

Answered: 1 week ago