Lee Chang opened Blossom's Window Washing on July 1, 2021. In July, the following transactions were completed: July 1 Invested $22,000 cash in the business. 1 Purchased a used truck for $25,200, paying $5,200 cash and signing a note payable for the balance. 1 Paid $2,800 on a one-year insurance policy, effective July 1. 5 Billed customers $3,500 for cleaning services. 12 Purchased supplies for $2,100 on account. 18 Paid $3,000 for employee salaries. 25 Billed customers $9,000 for cleaning services. 28 Collected $3,500 from customers billed on July 5.1 31 Paid $550 for repairs on the truck. 31 Withdrew $2,300 cash for personal use. Journalize and post the July transactions to the general ledger. (Credit account titles are automatically Indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record Journal entries In the order presented in the problem.) Date Account Titles and Explanation July 1 Cash July 1 L. Chang, Capital (To record cash invested in the business) Vehicles Cash Notes Payable (To record purchase of truck) July 1 V Prepaid Insurance Debit 22,000 25,200 2,800 Credit 22,000 5,200 20,000 Questio July 5 014 Accounts Receivable 3,500 Service Revenue July 12 Supplies Accounts Payable July 18 Salaries Expense Cash July 25 Accounts Receivable Service Revenue July 28 Cash Accounts Receivable July 31 Repairs Expense < 2,100 3,000 9,000 3,500 550 29745 3,500 2,100 3,000 9,000 3,500 Date Explanation Ref. Debit July 1 J1 1 J1 1 J1 18 J1 22,000 28 J1 3.500 31 J1 31 J1 Cash Credit Balance 22,000 5,200 16,800 2,800 14,000 3,000 11,000 14,500 550 13,950 2,300 11,650 Accounts Receivable Date Explanation Ref. Debit Credit Balance Accounts Receivable Date Explanation Ref. Debit July 5 J1 3,500 25 J1 9,000 28 J1 Credit Balance 3,500 12,500 3,500 9,000 Supplies Date Explanation Ref. Debit Credit Balance July 12 J1 2,100 Prepaid Insurance Date Explanation Ref. Debit July 1 J1 2,800 Vehicles Credit Balance 2,100 2,800 Date Explanation Ref. Debit July 1 J1 Vehicles 25,200 Accounts Payable Date Explanation Ref. Debit July 12 J1 Credit Balance Credit Notes Payable Date Explanation Ref. Debit Credit July 1 J1 L. Chang, Capital Date Explanation Ref. Debit Credit July 1 J1 L. Chang, Drawings 2,100 20,000 22,000 Balance Balance 25,200 Balance 2,100 20,000 22,000 July 1 J1 L. Chang, Drawings Date Explanation Ref. Debit July 31 J1 2,300 Credit Service Revenue Date Explanation Ref. Debit Credit July 5 J1 25 J1 Repairs Expense Date Explanation Ref. Debit Credit July 31 J1 550 Date Explanation Ref. Debit Salaries Expense 22,000 3,500 9,000 Balance Balance Balance 22,000 Credit Balance 2,300 3,500 12,500 550 Questio Prepare a trial balance at July 31. Cash Accounts Receivable Supplies BLOSSOM'S WINDOW WASHING Trial Balance July 31, 2021 Debit 11,650 $ 9,000 2,100 Prepaid Insurance 2,800 Vehicles Accounts Payable Notes Payable 25,200 Credit 2,100 20.000 29745 Prepaid Insurance 2,800 Vehicles Accounts Payable Notes Payable L. Chang, Capital 25,200 L. Chang, Drawings 2,300 Service Revenue Repairs Expense Salaries Expense Totals 550 3,000 2,100 20,000 22,000 12,500 $ 56,600 $ 56,600 Journalize and post the following July 31 adjustments: (Credit account titles are automatically Indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 5,276.) 1. Services of $1,700 were provided but remained unbilled and uncollected at July 31. 2. The truck has an estimated useful life of five years. 3. One twelfth of the insurance expired. 4. An inventory count shows $740 of supplies on hand at July 31. 5. Accrued but unpaid employee salaries were $1,000. 6. The note payable has a 6% annual interest rate. Date Account Titles and Explanation July 31 Accounts Receivable Service Revenue (To accrue revenue earned but not billed or collected) Debit 1,700 Credit 1,700 Question 3 of 4 < July 31 Depreciation Expense Accumulated Depreciation - Vehicles (To record depreciation) July 31 Insurance Expense Prepaid Insurance (To record insurance expired) July 31 Supplies Expense Supplies (To record supplies used) July 31 Salaries Expense Salaries Payable (To record accrued salaries) 420 233.33 1,360 1,000 29/45 E 420 233.33 1,360 1,000 Cash Date Explanation Ref. Debit Credit Balance July 1 J1 22,000 22,000 1 J1 5,200 16,800 1 J1 2,800 14,000 18 J1 3,000 11,000 28 J1 3,500 14,500 31 J1 550 13,950 31 J1 2,300 11,650 Accounts Receivable Date Explanation Ref. Debit Credit July 5 J1 3,500 25 25 J1 9,000 28 J1 31 Adjusting J2 1,700 Balance 3,500 12,500 3,500 9,000 10,700 Accumulated Depreciation TCHICI65 Date Explanation Ref. Debit July 31 Adjusting J2 Date Explanation Ref. July 12 J1 Accounts Payable Debit Credit Salaries Payable Date Explanation Ref. Debit Credit July 31 Adjusting J2 Interest Payable Date Explanation Ref. Debit Credit July 31 Adjusting J2 420 Balance 420 Credit Balance 2,100 2,100 1,000 100 Balance Balance 1,000 100 Notes Payable Date Explanation Ref. Debit Credit Balance Prepare an adjusted trial balance. (Round answers to O decimal places, e.g. 5,276.) Cash Accounts Receivable Supplies Prepaid Insurance Vehicles BLOSSOM'S WINDOW WASHING Adjusted Trial Balance July 31, 2021 Accumulated Depreciation - Vehicles Accounts Payable Debit 11,650 10,700 740 2,567 25,200 Credit 420 2,100 Notes Payable L. Chang, Capital L. Chang, Drawings 2,300 Service Revenue Repairs Expense 550 Salaries Expense 4,000 Depreciation Expense 420 Insurance Expense Supplies Expense Interest Expense Totals 233 1.360 100 20,000 22,000 14.200 $ 59.820 $ 59.820 29/ Revenues Service Revenue Expenses BLOSSOM'S WINDOW WASHING Income Statement Month Ended July 31, 2021 Repairs Expense $ 550 Salaries Expense Depreciation Expense Insurance Expense Supplies Expense 4,000 i 420 i 233 1,360 14,200 $ Question 3 of 4 < > Repairs Expense $ 550 i Salaries Expense Depreciation Expense Insurance Expense 4,000 i 420 i Acceptable correct answers also include: Supplies Expense -100 Interest Expense Total Expenses Profit/(Loss) eTextbook and Media 100 $ 6,663 i 7,537 29/45 E Attempts: 4 of 5 used Prepare the statement of owner's equity for July. (List Items that increase owner's equity first. Round answers to O decimal places, e.g. 5,276.) L. Chang, Capital, July 1 Add : Profit/(Loss) Investment Less : Drawings BLOSSOM'S WINDOW WASHING Statement of Owner's Equity Month Ended July 31, 2021 $ 7,537 22,000 $ 19,700 29,537 49,237 2,300