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. 3 Purchased cleaning supplies for $1,030 on account. 5 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 July transactions. (Credit account titles are automatically 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 titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit July 1 cash 13700 Common Stock 1370C July 1 Equipment 9120 cash 228C Accounts Payable 6840 July 3 Supplies 1030 Accounts Payable 1030 Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) Cash 7/1 13700 7/1 2280 7/21 1820 7/5 > 2040 7/18 > 1710 ( 7/20 2280 7/31 330 7/31 > 680 7/31 Bal. 6200 Prepare a trial balance at July 31. FLINT WINDOW WASHING INC. Trial Balance July 31, 2022 Debit Credit cash $ 6200 Accounts Receivable 5250 Supplies 1030 Prepaid Insurance 2040 Equipment 9120 Accounts Payable 6160 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 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. (3) One-twelfth of the insurance expired. (4) A count shows $360 of cleaning supplies on hand at July 31. (5) Accrued but unpaid employee salaries were $460. Sr. Date Account Titles and Explanation Debit Credit (1) July 31 Accounts Receivable 1940 Service Revenue 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 7/31 Bal. 6.200 Accounts Receivable 7/12 4,220 | 7/21 1,820 Prepare an adjusted trial balance. FLINT WINDOW WASHING INC. Trial Balance July 31, 2022 Debit Credit cash $ 6200 Accounts Receivable 7190 supplies 360 Prepaid Insurance 1870 Equipment 9120 Accumulated Depreciation Equipment 210 Prepare the income statement for July. FLINT WINDOW WASHING INC. Income Statement For the Month Ended July 31, 2022 Revenues Service Revenue $ 9010 Expenses Maintenance and Repairs Expense $ 330 Supplies Expense 2740 Depreciation Expense 670 Prepare a retained earnings statement for July. (List items that increase retained earnings first.) FLINT WINDOW WASHING INC. Retained Earnings Statement For the Month Ended July 31, 2022 Retained Earnings, July 1 0 Add : Net Income /(Loss) 5570 5570 Less : Dividends 680 Retained Earnings, July 31 $ 4890 Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity.) FLINT WINDOW WASHING INC. Balance Sheet July 31, 2022 V Assets Current Assets Cash $ 6200 Accounts Receivable 7190 Supplies 360 Prepaid Insurance 1870 Total Current Assets $ 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 Service Revenue 9010 Income Summary 9010 (To close revenue account) July 31 Income Summary 4120 Maintenance and Repairs Expense 330 Supplies Expense 670 Depreciation Expense 210 Prepare a post-closing trial balance at July 31. FLINT WINDOW WASHING INC. Post-Closing Trial Balance July 31, 2022 Debit Credit Cash $ 6200 $ Accounts Receivable 7190 Supplies 9120 Prepaid Insurance 360 Equipment 1870 Accumulated Depreciation Equipment 210
