Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mike Greenberg opened Novak Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July 1 Issued 11,300 shares of

image text in transcribed

Mike Greenberg opened Novak Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July 1 Issued 11,300 shares of common stock for $11,300 cash. 1 3 5 Purchased used truck for $7,520, paying $1,880 cash and the balance on account. Purchased cleaning supplies for $850 on account. Paid $1,680 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,480 for cleaning services performed. 18 20 Paid $940 cash on amount owed on truck and $470 on amount owed on cleaning supplies. Paid $1,880 cash for employee salaries. 21 Collected $1,500 cash from customers billed on July 12. 25 31 Billed customers $2.350 for cleaning services performed. Paid $270 for maintenance of the truck during month. Declared and paid $560 cash dividend. 31 The chart of accounts for Novak 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. 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 3,480 7/21 1,500 7/25 2,350 7/31 1,600

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

Using Excel & Access for Accounting 2010

Authors: Glenn Owen

3rd edition

1111532672, 978-1111532673

More Books

Students also viewed these Accounting questions

Question

Implement the method keys () for HashST.

Answered: 1 week ago