PART A

Alamein opened Alamein Cleaning Services (ACS) on July 1, 2017. During July, the following transactions took place:

July 1 Alamein invested $20,000 in the business.

July 1 ACS purchased a used truck for $12,000, paying $4,000 cash, with the balance on account. The truck is expected to be used for 5 years and after which it will disposed off for $2,000.

July 3 ACS purchased cleaning supplies for $2,100 on account.

July 5 ACS paid $1,800 cash on 1-year insurance policy effective July 1^st.

July 12 ACS billed customers $4,500 for cleaning services.

July 18 ACS paid $1,500 cash on amount owed on truck and $1,400 on amount owed on cleaning supplies.

July 20 ACS paid $2,800 cash for employee salaries.

July 21 ACS collected $3,400 cash from customers billed on July 12.

July 25 ACS billed customers $6,000 for cleaning services.

July 31 ACS paid $350 for the monthly gasoline bill for the truck.

July 31 ACS withdrew $5,600 cash for personal use.

Required

1. Prepare journal entries for the above transactions.

2. Post the journal entries into the ledger.

3. Extract a trial balance as at July 31^st 2017.

PART B

ACS discovered the following data on July 31^st after preparing the trial balance in Part A above:

1. Unbilled and uncollected revenue for services performed at July 31^st were $2,700.

2. No provision has been made for depreciation.

3. No adjustment for insurance has been made.

4. Only $600 of cleaning supplies are on hand.

5. Employee salaries of $1,000 have not been paid.

Required:

1. Prepare journal entries for the above adjustments and post them to the ledger.

2. Prepare a worksheet and make the above adjustments in the worksheet.

3. Prepare the following financial statements:

a. The income statement for the period ended July 31^st 2017.

b. Statement of changes in owners equity for the period ended July 31^st 2017.

c. Statement of cash flows for the period ended July 31^st 2017.

d. Statement of financial position as at July 31^st 2017.

PARTAN Alamin paned Alumin Cleaning Services Sony 1, 2017, Durry the following transactions Juyt Alunan ested $20.000 in the best July Assurchased used to for $12,000, 54,000 cast when out. The truckspected to be for her which will for $2.000 W AC purchased cleaning Supplies for S2-100 ccount Y ACS paid $1.000 arrance licy efectively July 12 Abied customers for device Julys ACS 1.500 cash on moontrend on track $1.000 unted on deaning supplies July 20 ACS $2.500 cash for employees July 21 ACS collected from the 12 Jy25 ACS des 6.000 de July 1 ACS $350 for the monthly geline for the truck 1. Presere journal entries for the above transactions 2 Post the malestrieste edge Extract a trial balance may 2012 PARTINI ACS covered the following data on July 31" he preparing the time to 1. bed and collected for performed at $2.700 2. Na rin some for deprecation Noen for sure has been made Only 0 of cleaning polished Employees of $1,000 have ot been paid Required: Prepare the following collet The income statement to the period ended 32*2017 1. Sutement of changes in owners equity for the period ended 2017 Statement of cash flows for the period ended by 32017 Sweente in 1