Lee Chan opened Lee's Window Washing on July 1,2018.In July, the

following transactions were completed:

1-Jul

Invested $14,000 cash in the business

1-Jul

Purchased a used truck for $26,400 paying $6,400 cash and

signing a note payable for the balance

3-Jul

Purchased cleaning supplies for $850 on account

5-Jul

Paid $1,800 on a year insurance policy, effective July 1

12-Jul

Billed customers $3,800 for cleaning services

18-Jul

Paid $400 of amount owed on cleaning supplies

20-Jul

Paid $1,600 for employee salaries

21-Jul

Collected $1,400 from customers billed on July 12

25-Jul

Billed customers $3,000 for cleaning services

31-Jul

Paid gas and oil for the month on truck, $350.

31-Jul

Withdrew $1,600 cash for personal use

INSTRUCTIONS:

Do the following questions manually, excel or word.

a.)Journalize the July Transactions

b.)Prepare a trial balance at July 31

c.)Journalize and post the following adjusting entries:

1.Earned but unbilled fees at July 31 were $1,500

2.The truck has an estimated useful life of 4 years, no salvage

3.One-twelfth of the insurance expired

4.An inventory count shows $375 of cleaning supplies on hand

5.Accrued but unpaid salaries were $400

6.The note payable has a 6% annual interest rate

d.)Prepare an adjusted trial balance

e.)Prepare the income statement , statement of owners equity and

a classified balance sheet at July 31, 2008 in GOOD FORM.Of the note payable

$5,000 must be repaid by July 31, 2009

f.)Journalize the closing entries