Lee chang opened Chang's cleaning Service Intemational on July 1, 2010. During the follow ing transactions were completed July 01. Shareholder invested S. 20,000 cash in the busines in exchange for ordinary shares. 01. Purchased used Truck for S. 9000, paying $ 4,000 cash and the balance on account. 03. Purchased cleaning supplies for S. 2,100 on account 05. Paid S. 1800 cash on one-year insurance policy effective July 1. 12. Billed customers $. 4500 for cleaning services. 18. Paid S.1, 500 cash on account owned on Track and $ 1,400 on amount owned on cleaning supplies 20. Paid S. 2,000 cash for employce salaries 21. Colected S. 3,400 cash for customers billed on July 12 25. Bilked customers S. 9000 for cleaning services 31. Paid gas and oil for month on Truck S. 35s0 31. Declared and paid a S. 1,600 cash dividend The chart of accounts for Chang's cleaning Service Inc. contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 cleaning Supplies, No. 130 Prepaid insurance, No. 157 Equipment, No. 158 Accumulated Depreciation-Equipment, No. 201 Accounts Payable, No. 212 Salaries payable, No. 31 1Share Capital-Ordinary, No. 320 Retained Eaming. No. 332 Dividend, No. 350 Income Summary, No. 400 Service Revenue, No. 633 Gas & Oil Expense, No. 634 Cleaning Supplies Expense, No. 722 Insurance Expense, and No. 726 Salaries Expense Fellowing adjustments during the period. ) Service provided but unbilled and uncollected 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 $ 700 of cleaning supplies on hand at July 31. s Accrued but unpaid employe salaries were $ 1,000 INSTRUCTIONS . Joumalize and post the adjusting entries. 2. Prepare three Colum ledgers. 3. Prepare an adjusted trial balance at July 31. 4. Prepare the income statement Lee chang opened Chang's cleaning Service Intemational on July 1, 2010. During the follow ing transactions were completed July 01. Shareholder invested S. 20,000 cash in the busines in exchange for ordinary shares. 01. Purchased used Truck for S. 9000, paying $ 4,000 cash and the balance on account. 03. Purchased cleaning supplies for S. 2,100 on account 05. Paid S. 1800 cash on one-year insurance policy effective July 1. 12. Billed customers $. 4500 for cleaning services. 18. Paid S.1, 500 cash on account owned on Track and $ 1,400 on amount owned on cleaning supplies 20. Paid S. 2,000 cash for employce salaries 21. Colected S. 3,400 cash for customers billed on July 12 25. Bilked customers S. 9000 for cleaning services 31. Paid gas and oil for month on Truck S. 35s0 31. Declared and paid a S. 1,600 cash dividend The chart of accounts for Chang's cleaning Service Inc. contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 cleaning Supplies, No. 130 Prepaid insurance, No. 157 Equipment, No. 158 Accumulated Depreciation-Equipment, No. 201 Accounts Payable, No. 212 Salaries payable, No. 31 1Share Capital-Ordinary, No. 320 Retained Eaming. No. 332 Dividend, No. 350 Income Summary, No. 400 Service Revenue, No. 633 Gas & Oil Expense, No. 634 Cleaning Supplies Expense, No. 722 Insurance Expense, and No. 726 Salaries Expense Fellowing adjustments during the period. ) Service provided but unbilled and uncollected 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 $ 700 of cleaning supplies on hand at July 31. s Accrued but unpaid employe salaries were $ 1,000 INSTRUCTIONS . Joumalize and post the adjusting entries. 2. Prepare three Colum ledgers. 3. Prepare an adjusted trial balance at July 31. 4. Prepare the income statement
