Lee Chang opened Sheridan's Window Washing on July 1, 2021. In July, the following transactions were completed: July 1 1 1 5 12 18 25 28 31 31 Invested $22,000 cash in the business Purchased a used truck for $25,200, paying $5,200 cash and signing a note payable for the balance, Paid $2,800 on a one-year insurance policy, effective July 1. Billed customers $3.700 for cleaning services, Purchased supplies for $2,050 on account. Paid $3,000 for employee salaries. Billed customers $9.100 for cleaning services Collected $3,700 from customers billed on July 5. Paid $550 for repairs on the truck Withdrew $2,500 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 for the amounts. Record journal entries in the order presented in the problem.) Prepare a trial balance at July 31. SHERIDAN'S WINDOW WASHING Trial Balance Debit Credit 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 for the amounts. Round answers to o decimal places, eg. 5,276.) 1. 2. 3. Services of $1,900 were provided but remained unbilled and uncollected at July 31. The truck has an estimated useful life of five years. One twelfth of the insurance expired. An inventory count shows $790 of supplies on hand at July 31. Accrued but unpaid employee salaries were $1,400. The note payable has a 6% annual interest rate. 4. 5. 6. Date Account Titles and Explanation Debit Credit July 31 (To accrue revenue earned but not billed or collected) July 31 (To record depreciation) July 31 Prepare an adjusted trial balance. (Round answers to decimal places, eg. 5,276.) SHERIDAN'S WINDOW WASHING Adjusted Trial Balance Debit Credit Prepare the income statement for July SHERIDAN'S WINDOW WASHING Income Statement > $ Prepare the statement of owner's equity for July. (List items that increase owner's equity first. Round answers to decimal places, es 5,276) SHERIDAN'S WINDOW WASHING Statement of Owner's Equity Prepare a classified balance sheet at July 31, 2021. Of the note payable, $5,000 must be paid by July 30, 2022. (List Current Assets in order of liquidity. Round answers to decimal places, eg, 5,276) SHERIDAN'S WINDOW WASHING Balance Sheet Assets Journalize and post the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to O decimal places eg. 5,276.) Date Account Titles and Explanation Debit Credit July 31 (To close revenue account) July 31 (To close expense accounts) Prepare a post-closing trial balance at July 31. (Do not list those accounts that have zero ending balance. Round answers to decimal places, e.g. 5,276.) SHERIDAN'S WINDOW WASHING Post-Closing Trial Balance Debit Credit
