Mike Greenberg opened Novak Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July 1 1 3 5 12 18 20 21 25 31 31 Issued 11,300 shares of common stock for $11,300 cash. 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. 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. Collected $1,500 cash from customers billed on July 12. Billed customers $2,350 for cleaning services performed. Paid $270 for maintenance of the truck during month. Declared and paid $560 cash dividend. 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. NOVAK WINDOW WASHING INC. Trial Balance Debit Credit Totals 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 for the amounts.) (1) Services performed but unbilled and uncollected at July 31 were $1,600. (2) Depreciation on equipment for the month was $170. (3) One-twelfth of the insurance expired. (4) A count shows $300 of cleaning supplies on hand at July 31. (5) Accrued but unpaid employee salaries were $380. Sr. Date Account Titles and Explanation Debit Credit (1) (2) (3) (4) (5) e Textbook and Media List of Accounts Post adjusting entries to the T-accounts. Cash 7/1 7/21 11.300 7/1 1.500 7/5 7/18 7/20 7/31 7/31 5,120 1.880 1,680 1.410 1,880 270 560 7/31 Bal. Accounts Receivable 7/12 3,4807/21 1.500 7/25 2,350 Supplies 7/3 850 Prepaid Insurance 775 1,680 Equipment 7/1 7/31 Bal. 7,520 7,520 Accumulated Depreciation Equipment Accounts Payable 7/18 1.410 7/1 5,640 850 7/3 7/31 Bal. 5,080 Salaries and Wages Payable Common Stock 7/1 7/31 Bal. 11,300 11,300 Dividends 7/31 560 Service Revenue 7/12 3.480 7/25 2,350 > Maintenance and Repairs Expense 7/31 270 Supplies Expense Depreciation Expense Insurance Expense Salaries and Wages Expense 7/20 1,880 NOVAK WINDOW WASHING INC. Trial Balance Debit Credit $ $ $ Totals $ $ e Textbook and Media List of Accounts Prepare the income statement for July NOVAK WINDOW WASHING INC. Income Statement 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 (To close dividends to retained earnings) Cash 11,3007/1 7/1 7/21 1,5007/5 7/18 7/20 7/31 7/31 1.880 1,680 1,410 1,880 270 560 7/31 Bal. 5,120 1,500 Accounts Receivable 7/12 7/25 7/31 7/31 Bal. 3,480 7/21 2,350 1,600 5,930 Supplies 7/3 7/31 Bal. 8507/31 550 300 Prepaid Insurance 7/5 7/31 Bal. 140 1,6807/31 1,540 Equipment 7/1 7/31 Bal. 7.520 7,520 Accumulated Depreciation Equipment 170 7/31 7/31 Bal. 170 Accounts Payable 7/18 1,410 7/1 7/3 7/31 Bal. 5,640 850 5.080 Salaries and Wages Payable 7/31 380 7/31 Bal. 380 Common Stock 7/1 7/31 Bal. 11,300 11,300 Retained Earnings Dividends 7/31 560 Income Summary Service Revenue 7/12 3,480 7/25 2,350 7/31 1,600 Maintenance and Repairs Expense 7/31 270 > Supplies Expense 7/31 550 Depreciation Expense 7/31 170 Insurance Expense 7/31 140 Salaries and Wages Expense 7/20 1,880 e Textbook and Media List of Accounts Prepare a post-closing trial balance at July 31. NOVAK WINDOW WASHING INC. Post-Closing Trial Balance Debit Credit Prepare a post-closing trial balance at July 31. NOVAK WINDOW WASHING INC. Post-Closing Trial Balance Debit Credit $
