Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Mike Greenberg opened Flint Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July 1 Issued 13,700 shares of common
Mike Greenberg opened Flint Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July 1 Issued 13,700 shares of common stock for $13,700 cash. 1 Purchased used truck for $9,120, paying $2,280 cash and the balance on account. Purchased cleaning supplies for $1,030 on account. 3 5 un Paid $2,040 cash on a 1-year insurance policy effective July 1. 12 Billed customers $4,220 for cleaning services performed. 18 Paid $1,140 cash on amount owed on truck and $570 on amount owed on cleaning supplies. 20 Paid $2,280 cash for employee salaries. 21 Collected $1,820 cash from customers billed on July 12. 25 Billed customers $2,850 for cleaning services performed. 31 Paid $330 for maintenance of the truck during month. 31 Declared and paid $680 cash dividend. 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 O for the amounts.) (1) Services performed but unbilled and uncollected at July 31 were $1,940. (2) Depreciation on equipment for the month was $210. One-twelfth of the insurance expired. (3) ( (4) A count shows $360 of cleaning supplies on hand July 31. (5) Accrued but unpaid employee salaries were $460. Post adjusting entries to the T-accounts. Cash 7/1 13,700 7/1 2,280 7/21 1,820 7/5 2,040 7/18 1,710 7/20 2,280 7/31 330 7/31 680
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started