Pharoah Clark opened Pharoah's Cleaning Service on July 1, 2022. During July, the following transactions were completed. July 1 Pharoah invested $20,000 cash in the business. 1 Purchased used truck for $9.000, paying $4,100 cash and the balance on account 3 5 Purchased cleaning supplies for $2,000 on account. Paid $1,600 cash on a 1-year insurance policy effective July 1. Billed customers $4.400 for cleaning services. Paid S1,400 cash on amount owed on truck and $1,300 on amount owed on cleaning supplies. 12 18 20 Paid $2,600 cash for employee salaries 21 Collected $3,400 cash from customers billed on July 12 25 Billed customers 56,000 for cleaning services. Paid S340 for the monthly gasoline bill for the truck 31 31 Withdraw $5,700 cash for personal use. (21) (a2) ) (b) and (c) Prepare a trial balance at July 31 on a workshest Enter the following adjustments on the workshest and complete the worlshest. (1) (2) Unbilled and uncollected revenue for services performed at July 31 were $2,600. Depreciation on equipment for the month was $400. One-twelfth of the insurance expired. An inventory count shows $500 of cleaning supplies on hand at July 31. (5) Accrued but unpaid employee salaries were $1,010. (d1) Prepare the income statement for July. (Enter negative amounts using either a negative sign preceding the numbereg.-45 or parenthesese.g. (450 PHAROAH'S CLEANING SERVICE Income Statement un $ $ $ S (d2) Prepare the owner's equity statement for July (List items that increase owner's equity first.) PHAROAH'S CLEANING SERVICE Owner's Equity Statement $ S V $ PHAROAH'S CLEANING SERVICE Balance Sheet Assets S S Liabilities and Owner's Equity S Post adjusting entries. (Post entries in the order of journal entries posted above) Cash No. 101 Date Explanation Debit Credit Balance July 1 20,000 20.000 4,100 15,900 July 1 July 5 1,690 14,220 July 19 2,700 11,520 July 20 2,600 2,920 July 21 2,400 12,320 July 31 340 11.990 July 31 5,700 6,290 Accounts Receivable No. 112 Date Explanation Debit Credit Balance July 14 4,400 4,400 July 21 3,400 1,000 July 25 4,000 7,000 Adjusting No. 125 Supplies Debit Date Explanation Credit Balance July 3 2,000 2,000 Adjusting Prepaid Insurance No. 130 Date Explanation Debit Credit Balance July 5 1,690 1,600 Adjusting Date Explanation Debit Credit Balance July 1 9,000 9,000 No. 158 Accumulated Depreciation Equipment Explanation Debit Date Credit Balance Adjusting Accounts Payable No. 201 Date Explanation Debit Credit Balance July 1 4,900 4,900 July 3 2,000 6,900 July 19 2.700 4,200 Salaries and Wages Payable No. 212 Date Explanation Debit Credit Balance Adjusting No. 301 Owner's Capital Debit Date Explanation Credit Balance July 1 20,000 20,000 Owner's Drawings No. 306 Date Explanation Debit Credit Balance July 31 5,700 5,700 No. 400 Service Revenue Debit Date Explanation Credit Balance July 14 4.400 4,400 July 25 6,000 10,400 Adjusting Gasoline Expense No. 633 Date Explanation Debit Credit Balance July 31 340 340 Supplies Expense No. 631 Date Explanation Debit Credit Balance Adjusting No. 711 Depreciation Experise Debit Date Explanation Credit Balance Adjusting Insurance Expense No. 722 Date Explanation Debit Credit Balance Adjusting Salaries and Wages Expense No. 726 Date Explanation Debit Credit Balance July 20 2,600 2,600 Adjusting (11) Journalize closing entries and complete the closing process. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order displayed in the problem.) Date Account Titles and Explanation Debit Credit (To close revenue account) (To close expense accounts) (To close net income / (loss)) (To close drawings) (f2) Post closing entries (Post entries in the order of journal entries posted above.) Cash No. 101 Date Explanation Debit Credit Balance July 1 20,000 20,000 July 1 4,100 15,900 July 5 1,690 14,220 July 18 2.700 11,520 July 20 2,600 2,920 July 21 2,400 12,320 July 31 340 11,990 July 31 5,700 6,290 Accounts Receivable No. 112 Date Explanation Debit Credit Balance July 12 4,400 4,400 July 21 3,400 1,000 6,000 7.000 July 25 July 31 Adjusting 2,600 9,600 No. 126 Supplies Debit Date Explanation Credit Balance July 3 2,000 2,000 July 31 Adjusting 1,500 500 Prepaid Insurance No. 130 Date Explanation Debit Credit Balance July 5 1,690 1,600 July 31 Adjusting 140 1,540 No. 158 Accumulated Depreciation Equipment Explanation Debit Date Credit Balance July 31 Adjusting 400 400 No. 201 Accounts Payable Debit Date Explanation Credit Balance July 1 4,900 4,900 July 3 2,000 6.900 July 18 4,200 No. 212 Date 2,700 Salaries and Wages Payable Explanation Debit Adjusting Owner's Capital Credit Balance July 31 1,010 1,010 No. 301 Date Explanation Debit Credit Balance July 1 20,000 20,000 Closing
