Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mike Greenberg opened Monty Window Washing Inc. on July 1, 2022 During July the following transactions were completed. July 1 1 5 12 18 20

image text in transcribed
image text in transcribed
image text in transcribed
Mike Greenberg opened Monty Window Washing Inc. on July 1, 2022 During July the following transactions were completed. July 1 1 5 12 18 20 Issued 11,000 shares of common stock for $11,000 cash. Purchased used truck for $7,360, paying $1,840 cash and the balance on account. Purchased cleaning supplies for $830 on account. Paid $1,680 cash on a 1-year insurance policy effective July 1. Billed customers $3,400 for cleaning services performed. Paid $920 cash on amount owed on truck and $460 on amount owed on cleaning supplies. Paid $1,840 cash for employee salaries. Collected $1,470 cash from customers billed on July 12. Billed customers $2,300 for cleaning services performed. Paid $270 for maintenance of the truck during month. Declared and paid $550 cash dividend. 21 25 31 31 The chart of accounts for Monty 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. te Univers NULL NO Chapter 4 Homewo Post adjusting entries to the T-accounts. Cash 7/1 7/21 11,000 7/1 1,470775 7/18 7/20 7/31 7/31 4.910 1,840 1,680 1,380 1,840 270 550 7/31 Bal. Accounts Receivable 7/12 7/25 1.470 3,400 7/21 2.300 Supplies 7/3 830 Prepaid Insurance 7/5 1.680 : Equipment 7/1 7/31 Bal. 7.360 7.360 Accumulated Depreciation-Equipment Accounts Payable 7/18 1,3807/1 7/3 7/31 Bal. 5,520 830 4,970 Salaries and Wages Payable Salaries and Wages Payable Common Stock 7/1 7/31 Bal 11,000 11,000 Dividends 7/31 550 Service Revenue 7/12 3,400 7/25 2.300 Maintenance and Repairs Expense 7/31 270 Supplies Expense 42 Depreciation Expense Insurance Expense Salaries and Wages Expense 1.840 7/20

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

Night Audit Shenanigans With Winston No Longer Working At The Hotel Luna Is Dealing Without Days Off

Authors: Kentucky Elayne NightHawk

1st Edition

B0BYLVMSV7, 979-8361945702

More Books

Students also viewed these Accounting questions

Question

Which form of proof do you find least persuasive? Why?

Answered: 1 week ago