Question
Mike Greenberg opened Indigo Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July 1 Issued 13,900 shares of common
Mike Greenberg opened Indigo Window Washing Inc. on July 1, 2022. During July, the following transactions were completed.
July 1 | Issued 13,900 shares of common stock for $13,900 cash. | ||
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1 | Purchased used truck for $9,280, paying $2,320 cash and the balance on account. | ||
3 | Purchased cleaning supplies for $1,040 on account. | ||
5 | Paid $2,040 cash on a 1-year insurance policy effective July 1. | ||
12 | Billed customers $4,290 for cleaning services performed. | ||
18 | Paid $1,160 cash on amount owed on truck and $580 on amount owed on cleaning supplies. | ||
20 | Paid $2,320 cash for employee salaries. | ||
21 | Collected $1,860 cash from customers billed on July 12. | ||
25 | Billed customers $2,900 for cleaning services performed. | ||
31 | Paid $340 for maintenance of the truck during month. | ||
31 | Declared and paid $700 cash dividend. |
The chart of accounts for Indigo Window Washing contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated DepreciationEquipment, 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 0 for the amounts.)
(1) | Services performed but unbilled and uncollected at July 31 were $1,970. | ||
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(2) | Depreciation on equipment for the month was $210. | ||
(3) | One-twelfth of the insurance expired. | ||
(4) | A count shows $370 of cleaning supplies on hand at July 31. | ||
(5) | Accrued but unpaid employee salaries were $460. |
Retained Earnings | |||
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choose a transaction date 7/17/37/57/127/187/207/217/257/317/31 Bal. | enter a debit amount | choose a transaction date 7/17/37/57/127/187/207/217/257/317/31 Bal. | enter a credit amount |
choose the end date of the accounting period 7/17/37/57/127/187/207/217/257/317/31 Bal. | enter a debit balance | choose the end date of the accounting period 7/17/37/57/127/187/207/217/257/317/31 Bal. | enter a credit balance |
Dividends | |||
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7/31 | 700 | choose a transaction date 7/17/37/57/127/187/207/217/257/317/31 Bal. | enter a credit amount |
choose the end date of the accounting period 7/17/37/57/127/187/207/217/257/317/31 Bal. | enter a debit balance | choose the end date of the accounting period 7/17/37/57/127/187/207/217/257/317/31 Bal. | enter a credit balance |
Income Summary | |||
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choose a transaction date 7/17/37/57/127/187/207/217/257/317/31 Bal. | enter a debit amount | choose a transaction date 7/17/37/57/127/187/207/217/257/317/31 Bal. | enter a credit amount |
choose a transaction date 7/17/37/57/127/187/207/217/257/317/31 Bal. | enter a debit amount | choose a transaction date 7/17/37/57/127/187/207/217/257/317/31 Bal. | enter a credit amount |
choose the end date of the accounting period 7/17/37/57/127/187/207/217/257/317/31 Bal. | enter a debit balance | choose the end date of the accounting period 7/17/37/57/127/187/207/217/257/317/31 Bal. | enter a credit balance |
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