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Monica's Cleaning Service completed the following transactions during December 2022: Dec. Monica's Cleaning Service began operations by receiving $30,000 cash and 1 cleaning equipment
Monica's Cleaning Service completed the following transactions during December 2022: Dec. Monica's Cleaning Service began operations by receiving $30,000 cash and 1 cleaning equipment with a fair value of $10,000 from Monica. The business issued Monica capital in exchange for this contribution. 1 Paid $1,200 cash for a six-month insurance policy. The policy begins December 1. 4 Paid $1,000 cash for supplies. 12 Performed cleaning services for a customer and received $2,700 cash. 15 Completed a large cleaning job, billed the customer, $3,300, and received a promise to collect the $3,300 within one week. 18 Paid employee salary, $8,800. 20 Received $6,500 cash for performing cleaning services. 22 Collected $1,800 in advance for cleaning service to be performed later. 25 Collected $3,300 cash from customer on account. 27 Purchased soap for the cleaning equipment, paying $150 on account. (Debit Cleaning Expense) 28 Performed cleaning services on account, $2,900. 29 Paid office rent, $1,400, for the month of December. 30 Paid $150 on account. 31 Monica withdrew cash of $2,500. Requirements 1. Record each transaction in the journal using the following chart of accounts. Explanations are not required. Monica, Withdrawals Cash Accounts Receivable Income Summary Supplies Service Revenue Prepaid Insurance Cleaning Equipment Salaries Expense Depreciation Expense- Cleaning Equipment Accumulated Depreciation- Insurance Expense Cleaning Equipment Accounts Payable Salaries Payable Unearned Revenue Monica, Capital Cleaning Expense Rent Expense Supplies Expense
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