Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pharoah Clark opened Pharoah's Cleaning Service on July 1, 2022. During July, the following transactions were completed. July 1 1 3 5 12 18 20

Pharoah Clark opened Pharoah's Cleaning Service on July 1, 2022. During July, the following transactions were completed. July 1 1 3 5 12 18 20 21 25 31 31 Pharoah invested $20,200 cash in the business. Purchased used truck for $9,100, paying $3,800 cash and the balance on account. Purchased cleaning supplies for $1,900 on account. Paid $1,680 cash on a 1-year insurance policy effective July 1. Billed customers $4,500 for cleaning services. Faid $1,600 cash on amount owed on truck and $1,400 on amount ow on cleaning supplies. Paid $2,600 cash for employee salaries. Collected $3,500 cash from customers billed on July 12. Billed customers $5,900 for cleaning services. Paid $360 for the monthly gasoline bill for the truck. Withdraw $5,600 cash for personal use. CO
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Pharoah Clark opened Pharoah's Cleaning Service on July 1, 2022. During July, the following transactions were completed. July 1 Pharoah invested $20,200 cash in the business. 1 Purchased used truck for $9,100, paying $3,800 cash and the balance on account. 3. Purchased cleaning supplies for $1,900 on account. 5 Paid $1,680 cash on a 1 -year insurance policy effective July 1. 12 Billed customers $4,500 for cleaning services. 18 Fid $1.600 cash on amount owed on truck and $1,400 on amount owed on cieaning supplies. 20 Paid \$2,600 cash for employee salaries. 21 Collected $3,500 cash from customers billed on July 12. 25 Billed customers $5,900 for cleaning services. 31 Paid $360 for the monthly gasoline bil for the truck. 31 Withdraw $5,600 cash for personal use. Journalize adjusting entries. (Credit account titles are outomatically indented when amount is entered. Do not indent manually, if no entry is required, select "No Entry" for the account titles and enter O for the amounts) Prepare a trial balance at July 31 on a worksheet. Enter the following adjustments on the worksheet and complete the worksheet. (1) Unbilled and uncollected revenue for services performed at July 31 were $2,600. (2) Depreciation on equipment for the month was $400. (3) One-twelfth of the insurance expired. (4) An inventory count shows $700 of cleaning supplies on hand at July 31 . (5) Accrued but unpaid employee salaries were $1.050. (To record supplies used) (To record salaries payable) Pharoah Clark opened Pharoah's Cleaning Service on July 1, 2022. During July, the following transactions were completed. July 1 Pharoah invested $20,200 cash in the business. 1 Purchased used truck for $9,100, paying $3,800 cash and the balance on account. 3. Purchased cleaning supplies for $1,900 on account. 5 Paid $1,680 cash on a 1 -year insurance policy effective July 1. 12 Billed customers $4,500 for cleaning services. 18 Fid $1.600 cash on amount owed on truck and $1,400 on amount owed on cieaning supplies. 20 Paid \$2,600 cash for employee salaries. 21 Collected $3,500 cash from customers billed on July 12. 25 Billed customers $5,900 for cleaning services. 31 Paid $360 for the monthly gasoline bil for the truck. 31 Withdraw $5,600 cash for personal use. Journalize adjusting entries. (Credit account titles are outomatically indented when amount is entered. Do not indent manually, if no entry is required, select "No Entry" for the account titles and enter O for the amounts) Prepare a trial balance at July 31 on a worksheet. Enter the following adjustments on the worksheet and complete the worksheet. (1) Unbilled and uncollected revenue for services performed at July 31 were $2,600. (2) Depreciation on equipment for the month was $400. (3) One-twelfth of the insurance expired. (4) An inventory count shows $700 of cleaning supplies on hand at July 31 . (5) Accrued but unpaid employee salaries were $1.050. (To record supplies used) (To record salaries payable)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: John Hoggett, Lew Edwards, John Medlin

6th Edition

0470806583, 978-0470806586

More Books

Students also viewed these Accounting questions