Mike Greenberg opened Novak Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. Purchased used truck for $7.520, paying $1,880 cash and the balance on account. July 1 Issued 11,300 shares of common stock for $11,300 cash. 1 3 5 12 12 18 Purchased cleaning supplies for $850 on account. Paid $1,680 cash on a 1-year insurance policy effective July 1. Billed customers $3,480 for cleaning services performed. Paid $940 cash on amount owed on truck and $470 on amount owed on cleaning supplies. Paid $1.880 cash for employee salaries. 20 21 Collected $1,500 cash from customers billed on July 12. 25 31 31 Billed customers $2,350 for cleaning services performed. Paid $270 for maintenance of the truck during month. Declared and paid $560 cash dividend. NOVAK WINDOW WASHING INC. Trial Balance For the Months Ended July 31, 2022 Debit Credit 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) (2) F2F5 (3) (4) (5) Services performed but unbilled and uncollected at July 31 were $1,600. Depreciation on equipment for the month was $170. One-twelfth of the insurance expired. A count shows $300 of cleaning supplies on hand at July 31. Accrued but unpaid employee salaries were $380. Sr. Date Account Titles and Explanation (1) 72 (2) Debit Credit Sr. Date Account Titles and Explanation Debit Credit (1) (2) (3) (4) (5) Post adjusting entries to the T-accounts. Cash 7/1 11,300 7/1 1,880 7/21 1,500 7/5 1,680 7/18 1,410 7/20 1.880 7/31 270 7/31 560 7/31 Bal. 5,120 Accounts Receivable 7/12 7/25 3,480 7/21 2.350 1.500 7/12 3,480 7/21 1,500 7/25 Supplies 7/3 v Prepaid Insurance 7/5 Equipment 2,350 850 1,680 Equipment 7/1 7/31 Bal. 7,520 7,520 Accumulated Depreciation-Equipment Accounts Payable 7/18 1,410 7/1 5,640 7/3 850 7/31 Bal. 5,080 Salaries and Wages Payable Salaries and Wages Payable Common Stock Dividends 7/31 Service Revenue 7/1 11,300 7/31 Bal. 11,300 560 7/12 3,480 7/25 2,350 Service Revenue v 3 Maintenance and Repairs Expense 7/31 Supplies Expense Depreciation Expense 270 7/12 3,480 7/25 2,350 Depreciation Expense v 3 Insurance Expense v Salaries and Wages Expense 7/20 1,880 Prepare an adjusted trial balance. NOVAK WINDOW WASHING INC. Trial Balance Debit Credit $ Prepare the income statement for July. NOVAK WINDOW WASHING INC. Income Statement Prepare a retained earnings statement for July. (List items that increase retained earnings first.) NOVAK WINDOW WASHING INC. Retained Earnings Statement Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity.) NOVAK WINDOW WASHING INC. Balance Sheet Assets Liabilities and Stockholders' Equity $ S $ 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 July 31 July 31 (To close revenue account) (To close expense accounts) Debit Credit July 31 (To close expense accounts) July 31 (To close net income to retained earnings) Cash (To close dividends to retained earnings) 7/1 11,300 7/1 1,880 7/21 1,500 7/5 1,680 7/18 1,410 7/20 1,880 7/31 270 Cash 7/1 11,300 7/1 1,880 7/21 1,500 7/5 1,680 7/18 1,410 7/20 1,880 7/31 270 7/31 560 7/31 Bal 5,120 Accounts Receivable 7/12 3,480 7/21 1,500. 7/25 2.350 7/31 1,600 7/31 Bal. 5,930 Supplies 7/3 850 7/31 550 Supplies 7/3 7/31 Bal. Prepaid Insurance 7/5 7/31 Bal. Equipment 7/1 7/31 Bal. 850 7/31 300 550 1,680 7/31 140 1,540 7,520 7,520 Accumulated Depreciation-Equipment Accounts Payable 7/18 7/31 170 7/31 Bal. 170 1,410 7/1 5,640 Accounts Payable 7/18 Salaries and Wages Payable Common Stock Retained Earnings 1,410 7/1 5,640 7/3 850 7/31 Bal. 5,080 7/31 380 7/31 Bal. 380 7/1 11,300 7/31 Bal. 11,300 Dividends 7/31 Income Summary 560 Service Revenue 7/12 3,480 7/25 2,350 7/31 1,600 Maintenance and Repairs Expense 7/31 Supplies Expense 7/31 Depreciation Expense 7/31 Insurance Expense 7/31 270 550 170 140 Insurance Expense 7/31 Salaries and Wages Expense 7/20 7/31 140 1,880 380