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 Pharoah invested $20,200 cash in the

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 Paid $1,600 cash on amount owed on truck and $1,400 on amount owed on cleaning 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 Pati $360 for the monthly gasoline bill for the truck. 31 Withdraw $5.600 cash for personal use. Prepare the owner's equity statement for July. (Ust items that Increase owmer's equity first.)

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_2

Step: 3

blur-text-image_3

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

Auditing Employee Management

Authors: Kelli W. Vito, SPHR, CCP

1st Edition

0894137190, 9780894137198

More Books

Students also viewed these Accounting questions