Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mike Greenberg opened Marigold Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July 1 Issued 10,600 shares of common

image text in transcribed
image text in transcribed
image text in transcribed
Mike Greenberg opened Marigold Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July 1 Issued 10,600 shares of common stock for $10.600 cash. 1 Purchased used truck for $7.040, paying $1.760 cash and the balance on account. Purchased cleaning supplies for $790 on account. Paid $1,560 cash on a 1-year insurance policy effective July 1. Billed customers $3,260 for cleaning services performed, Paid $8B0 cash on amount owed on truck and $440 on amount owed on cleaning supplies. Paid $1,760 cash for employee salaries. 21 Collected $1.410 cash from customers billed on July 12. Billed customers $2,200 for cleaning services performed. 31 Paid $260 for maintenance of the truck during month. 31 Declared and paid $530 cash dividend. 3 5 12 18 20 25 The chart of accounts for Marigold Window Washing contains the following accounts: Cash, Accounts Receivable Toplies, Prepaid Insurance, Equipment. Accumulated Depreciation --Equipment Accounts Payable, Salaries and Wages Payable, Conthon Stock Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense, Insurance Experise, and Salaries and Wages Expense. (a) Your answer is correct Journalize the July transaction. (Credit account titles are automatically Indented when the amount is entered. Do not Indient 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 for the amounts) Date Account Titles and Explanation Debit Credit ly 1 Cash 10600 Common Stock 10 V1 Equipment 70-40 Cash Accounts Payable 5: 3 Supplies 700 Accounts Payable 15 Prepaid murance 1560 Casti Prepaid murance 1560 1127 Accounts Receivable 3260 Service Revenue 18 Accounts Payable 1320 -Cash 1: 20 V Sales and Wind Expense 1760 Cash 1 217 Cash 1410 Accounts Receivable 257 Accounts Receivable 2200 Service VV Maintenance and repairs on 200 C ly 31 V Dividers 530 Cash e Textbook and Media List of Accounts Attempts: 1 of 3 used Adem Receive V V >>> >> Prepare En Accountabile Common Stack > >> >> >> Dividends V Service Revenge v >>

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

18th Edition

1119790972, 9781119790976

More Books

Students also viewed these Accounting questions

Question

=+b) What are the upper and lower 3s control limits?

Answered: 1 week ago

Question

discuss the reliability of the data you have gathered;

Answered: 1 week ago

Question

undertake an initial analysis of your data;

Answered: 1 week ago