Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mike Greenberg opened Ayayai Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July 1 Issued 14,400 shares of common

image text in transcribed
image text in transcribed
Mike Greenberg opened Ayayai Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July 1 Issued 14,400 shares of common stock for $14,400 cash. 1 Purchased used truck for $9,600, paying $2,400 cash and the balance on account. 3 Purchased cleaning supplies for $1,080 on account. 5 Paid $2,160 cash on a 1-year insurance policy effective July 1. 12 Billed customers $4,440 for cleaning services performed. 18 Paid $1.200 cash on amount owed on truck and $600 on amount owed on cleaning supplies. 20 Paid $2.400 cash for employee salaries. 21 Collected $1,920 cash from customers billed on July 12. 25 Billed customers $3,000 for cleaning services performed. 31 Paid $350 for maintenance of the truck during month. 31 Declared and paid $720 cash dividend. The chart of accounts for Ayayai Window Washing contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation-Equipment, Accounts Payable, Salaries and Wages Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense, Insurance Expense, and Salaries and Wages Expense. (a) Journalize the July transactions. (Credit account titles are outomatically indented when the amount is entered Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account tittes and enter Ofor the amounts.)

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

Auditing A Practical Approach

Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton

3rd Edition

0730364577, 978-0730364573

More Books

Students also viewed these Accounting questions

Question

What is a trigger? Provide an example of a trigger.

Answered: 1 week ago