Mike Greenberg opened Culver Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July 1 1 5 12 18 Issued 13,400 shares of common stock for $13,400 cash. Purchased used truck for $8,960, paying $2,240 cash and the balance on account. Purchased cleaning supplies for $1,010 on account. Paid $2,040 cash on a 1-year insurance policy effective July 1. Billed customers $4,140 for cleaning services performed. Paid $1,120 cash on amount owed on truck and $560 on amount owed on cleaning supplies. Paid $2,240 cash for employee salaries. Collected $1,790 cash from customers billed on July 12. Billed customers $2,800 for cleaning services performed. Paid $320 for maintenance of the truck during month. Declared and paid $670 cash dividend. 20 21 25 31 31 The chart of accounts for Culver 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. Date Account Titles and Explanation Debit Credit July 1 Cash 13400 Common Stock July 1 Equipment 8960 Cash Accounts Payable July 3 Supplies 1010 Accounts Payable July 5 Prepaid Insurance 2040 Cash July 12 Accounts Receivable 4140 Service Revenue July 18 Accounts Payable 1680 Cash July 20 Salaries and Wages Expense 2240 Cash July 21 Cash 1790 Accounts Receivable July 25 Accounts Receivable 2800 Service Revenue July 31 Maintenance and Repairs Expense 320 Cash July 31 Dividends 670 Cash Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) Cash 7/1 13400 7/1 2240 7/21 1790 775 2040 7/18 1680 7/20 2240 7/31 320 7/31 670 7/31 Bal. 6000 Accounts Receivable 7/12 4140 7/21 1790 7/25 2800 7/31 Bal. 5150 Supplies IL 7/3 1010 7/31 Bal. 1010 Prepaid Insurance 7/5 2040 7/31 Bal. 2040 Salaries and Wages Expense 7/20 2240 7/31 Bal. 2240 Prepare a trial balance at July 31 CULVER WINDOW WASHING INC. Trial Balance July 31, 2022 Debit Credit Cash 6000 Accounts Receivable 5150 Supplies 1010 Prepaid Insurance 2040 Equipment 8960 Accounts Payable 6050 Common Stock 13400 Dividends 670 Service Revenue 6940 Maintenance and Repairs Expense 320 Salaries and Wages Expense 2240 Totals $ 26390 26390 Credit Date Credit Date Credit Date Credit Debit Date Supplies 1,010 31-Jul Debit Date Accounts Receivable 4,140 21-Jul 2,800 1,900 Debit Date Prepaid Insurance 2,040 31-Jul 1,790 3-Jul 650 5-Jul Culver Window Washing Co. T Accounts Date Debit Date Cash 1-Jul 13,400 1-Jul 21-Jul 1,790 5-Jul 18-Jul 20-Jul 31-Jul 31-Jul 170 12-Jul 25-Jul 31-Jul 2,240 2,040 1,680 2,240 320 670 Bal. Bal. Bal. 6,000 Equipment 8,960 Bal. 7,050 Accumulated Depreciation Equipment 31-Jul 200 360 Accounts Payable 1,680 1-Jul 3-Jul 1,870 Salaries & Wages Payable 31-Jul 1-Jul 18-Jul 450 6,720 1,010 Bal. Bal. 200 6,050 450 8,960 Owner's Capital 1-Jul 670 31-Jul Bal. Owner's Drawings 670 31-Jul Bal. Income Summary 4,030 31-Jul 4,810 31-Jul 670 8,840 13,400 4,810 31-Jul 31-Jul 31-Jul 17,540 Bal. Bal. Service revenue 12-Jul 25-Jul 8,840 31-Jul Bal. Maintenance and repairs expense 31-Jul 320 Supplies expense 650 Bal. Depreciation expense 31-Jul 200 31-Jul 4,140 2,800 1,900 31-Jul 31-Jul 320 31-Jul 650 31-Jul 200 Bal. Bal. 31- Jul Bal. Insurance expense 170 31-Jul Bal. Salaries & Wages expense 20-Jul 2,240 31-Jul 450 31-Jul 31-Jul 170 2,690 Bal. Bal. CULVER WINDOW WASHING INC. Trial Balance July 31, 2022 Debit Credit Cash 6000 $ $ Accounts Receivable 7050 Supplies 360 Prepaid Insurance 1870 Equipment 8960 Accumulated Depreciation Equipment 200 Accounts Payable 6050 Salaries and Wages Payable 450 Common Stock 13400 Maintenance and Repairs Expense 320 Service Revenue 8840 Insurance Expense 170 Salaries and Wages Expense 2690 Dividends 670 Supplies Expense 650 Depreciation Expense 200 Totals $ 28940 $ 28940 CUIVER WINDOW WASHING INC. Balance sheet July 31, 2019 $ 6,000 7,050 360 1870 ASSETS Current Assets Cash Accounts receivable Supplies Prepaid insurance Total current aset Property, plant & Equipment Equipment Lex: Accumulated depreciation Total anets 15,986 8960 200 8.760 $24,040 LIABILITIES & SHAREHOLDER'S EQUITY Current liabilities Accounts payable $ 6,050 Salaries & wages payable Total liabilities $6,500 450_ SHAREHOLDER'S EQUITY Common stock 13,400 Retained earnings 4,140 Total shareholder's equity Total liabilities & shareholder's equity 17,540 24,000 Cash 7/1 13.400 7/1 2.240 7/21 1,790 7/5 2,040 7/18 1,680 7/20 2.240 7/31 320 7/31 670 7/31 Bal. 6,000 Accounts Receivable 7/12 4,140 7/21 1.790 7/25 2,800 7/31 1,900 7/31 Bal. 7,050 Supplies 7/3 1,010 7/31 650 7/31 Bal. 360 Prepaid Insurance 7/5 2,040 7/31 170 7/31 Bal. 1.870 Equipment 7/1 8,960 7/31 Bal. 8,960 Accumulated Depreciation-Equipment 7/31 200 7/31 Bal. 200 Service Revenue 7/12 4,140 7/25 2,800 7/31 1,900 Maintenance and Repairs Expense 7/31 320 Supplies Expense 7/31 650 Depreciation Expense 7/31 200 Insurance Expense 7/31 170
