Mike Greenberg opened Cheyenne Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July 1 Issued 9,800 shares of common stock for $9,800 cash. 1 Purchased used truck for $6,560, paying $1,640 cash and the balance on account. 3 Purchased cleaning supplies for $740 on account. 5 Paid $1,440 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,030 for cleaning services performed. 18 Paid $820 cash on amount owed on truck and $410 on amount owed on cleaning supplies. 20 Paid $1,640 cash for employee salaries. 21 Collected $1,310 cash from customers billed on July 12. 25 Billed customers $2,050 for cleaning services performed. 31 Paid $240 for maintenance of the truck during month. 31 Declared and paid $490 cash dividend. The chart of accounts for Cheyenne 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. Journalize the following adjustments. (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 Ofor the amounts.) (1) Services performed but unbilled and uncollected at July 31 were $1,390. Depreciation on equipment for the month was $150. (2) (3) One-twelfth of the insurance expired. (4) A count shows $260 of cleaning supplies on hand at July 31. Accrued but unpaid employee salaries were $330. (5) Sr. Date Account Titles and Explanation Debit Credit (1) (2) (3) (4) (5) Post adjusting entries to the T-accounts. Cash 7/1 9,800 7/1 1,640 7/21 1,310 7/5 1,440 7/18 1,230 7/20 1,640 7/31 240 7/31 490 7/31 Bal. 4,430 Accounts Receivable 7/12 3,030 7/21 1,310 7/25 2,050 IO Supplies 7/3 740 Prepaid Insurance 7/5 1,440 Equipment 7/1 6,560 7/31 Bal. 6,560 Accumulated Depreciation Equipment Accounts Payable 7/18 1,230 7/1 4,920 7/3 740 7/31 Bal. 4,430 Salaries and Wages Payable Common Stock 7/1 9,800 7/31 Bal. 9,800 Dividends 7/31 490 Service Revenue 7/12 3,030 7/25 2,050 IO Maintenance and Repairs Expense 7/31 240 Supplies Expense M Depreciation Expense Insurance Expense HO Salaries and Wages Expense 7/20 1,640 Prepare an adjusted trial balance. CHEYENNE WINDOW WASHING INC. Trial Balance Debit Credit Cadili Totals Prepare the income statement for July. CHEYENNE WINDOW WASHING INC. Income Statement $ Prepare a retained earnings statement for July. (List items that increase retained earnings first.) CHEYENNE WINDOW WASHING INC. Retained Earnings Statement $ : : $ e Textbook and Media List of Accounts Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity.) CHEYENNE WINDOW WASHING INC. Balance Sheet Assets $ $ Liabilities and Stockholders' Equity $ $ e Textbook and Media List of Accounts Journalize and post closing entries and complete the closing process. (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 O for the amounts. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Date Account Titles and Explanation Debit Credit July 31 (To close revenue account) July 31 II LA UTILI DO (To close expense accounts) July 31 (To close net income to retained earnings) July 31 (To close dividends to retained earnings) Cash 7/1 9,800 7/1 1,640 7/21 1,310 7/5 1,440 7/18 1,230 7/20 1,640 7/31 240 7/31 490 7/31 Bal. 4,430 Accounts Receivable 7/12 3,030 7/21 1,310 7/25 2,050 7/31 1,390 7/31 Bal. 5,160 Supplies 7/3 740 7/31 480 7/31 Bal. 260 Prepaid Insurance 7/5 1,440 7/31 120 7/31 Bal. 1,320 Equipment 7/1 6,560 7/31 Bal. 6,560 Accumulated Depreciation-Equipment 7/31 150 7/31 Bal. 150 Accounts Payable 7/18 1,230 7/1 4,920 7/3 740 7/31 Bal. 4,430 Salaries and Wages Payable 7/31 330 7/31 Bal. 330 Common Stock 7/1 9,800 7/31 Bal. 9,800 Retained Earnings Dividends 7/31 490 Income Summary INIC un Service Revenue 7/12 3,030 .. 7/25 2,050 7/31 1,390 Maintenance and Repairs Expense 7/31 240 II DI Supplies Expense 7/31 480 Depreciation Expense 7/31 150 Insurance Expense 7/31 120 Salaries and Wages Expense II DO 7/20 1,640 7/31 330 Prepare a post-closing trial balance at July 31. CHEYENNE WINDOW WASHING INC. Post-Closing Trial Balance Debit Credit $ $ = | $ $
