Mike Greenberg opened Swifty Window Washing Co. on July 1, 2020. During July, the following transactions were completed. July 1 Owner invested $14,200 cash in the company. 1 Purchased used truck for $9,440, paying $2,360 cash and the balance on account. 3 Purchased cleaning supplies for $1,060 on account. 5 Paid $2,160 cash on a 1-year insurance policy effective July 1. 12 Billed customers $4,370 for cleaning services performed. 18 Paid $1,180 cash on amount owed on truck and $590 on amount owed on cleaning supplies. 20 Paid $2,360 cash for employee salaries. 21 Collected $1,890 cash from customers billed on July 12. 25 Billed customers $2,950 for cleaning services performed. 31 Paid $340 for maintenance of the truck during month. 31 Owner withdrew $710 cash from the company. Journalize the following adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. Services performed but unbilled and uncollected at July 31 were $2,010. 2. Depreciation on equipment for the month was $210. 3. One-twelfth of the insurance expired. 4. A count shows $380 of cleaning supplies on hand at July 31. 5. Accrued but unpaid employee salaries were $470. Sr. Date Account Titles and Explanation Debit Credit 1. July 31 2. July 31 3. July 31 4. July 31 5. July 31 Post adjusting entries to the T-accounts. 7/1 7/21 Cash 14,2007/1 1,890775 7/18 7/20 2,360 2,160 1,770 2,360 340 710 7/31 7/31 Bal. 7/31 6,390 Accounts Receivable 4,3707/21 2,950 1,890 7/12 7/25 Supplies 1,060 Prepaid Insurance 2,160 7/5 7/1 Equipment 9,440 9,440 Accumulated Depreciation-Equipment 7/31 Bal. //18 Accounts Payable 1,1/07/1 7/3 7/31 Bal. Salaries and Wages Payable 7,080 1,060 6,370 14,200 7/31 Bal. Owner's Capital 7/1 7/31 Bal Owner's Drawings 710 710 Service Revenue 7/12 4,370 7/25 2,950 Maintenance and Repairs Expense 7/31 340 Supplies Expense Depreciation Expense Salaries and Wages Expense 7/20 2,360 Prepare an adjusted trial balance. SWIFTY WINDOW WASHING CO. Trial Balance Debit Credit Totals Prepare the income statement for July. SWIFTY WINDOW WASHING CO. Income Statement Prepare an owner's equity statement for July. (List items that increase owner's equity first.) SWIFTY WINDOW WASHING CO. Owner's Equity Statement Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity.) SWIFTY WINDOW WASHING CO. Balance sheet Assets Liabilities and Owner's Equity Journalize the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Tuly 31 (To close revenue account) July 31 (To cose expense accounts) July 31 (To close net income to capital) July 31 (To dose drawings to capital)
