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Bestplumbing service Co. started its operation on 1/1, 2018. The balance sheet as of 6/30/2018 is shown in worksheets. The company had the following transactions during July of 2018. 1 Jul Borrowed $35,000 from key bank by signing a 24-month note with a 4% annual interest rate. 1. Jul Received $58.000 cash from new investors and issued $58.000 no-par value common stock to them. 1-lul Purchase $84,000 of new equipment and paid cash 1-Jul Pay 500 for July truck rental 3-Jul invoke customer A $900 for service completed customer will pay in 10 days. 5-ul the board of directors declared a cash diviend of $11,000, to be paid on 7/31. 7-Jul Paid employee $6,000 for works performed during the first week of July. 10-lul Performed a job for a new customer Customer B. Customer paid $500 in cash. 9 12-Jul Collected $3,500 for service performed on June 26th of 2018. 14-Jul Paid employee $4,800 for works perfomed during the first week of July. 15-Jul Purchased $50 of supplies on account. Supplies are consumed immediately 15-Jul Colected $900 for service performed on 7/3. 13 17-Jul incurred $4.30 cost for repairing am equipment. Bestplumbing will pay in 30 days. 14 19-Jul Purchased $17,000 of supplies, which will be consumed over the next 12 months. 20 Jul Collected $10,000 cash from service performed on June 28th 21-Jul Paid employees $5,750 for work performed during the 3rd week of July 23-Jul Receive advanced $48.000 payment from a government project The payment is for 6 months of work which will be performed from August 1 of 2018 to January 31 of 2019. 25-lul completed plumbing work for customer C. The total price is $3.900. The customer paid $1,000 cash and will pay the remaining on august 25. 19 2 7-Jul completed a job for customer D. Customer paid $225 cash 20 27-Jul Paid $50 for the supplies purchased on 7/15 21 21-ul Pay the employees 56300 for work performed during the 4th week of july 31-Jul invoke customer $33,000 for service completed customer will pay in 20 days. 2) pay the cash dividend which was declared on 7. Additional information: 1 The depreciation expense for the month is estimated to be $2.400 2 At the end of lly, there are $1,550 supplies on hand. 3 For the last 3 days 29., 31) of work on the employees earned $3,200 of wapes, which have not been paid yet. 4 on 2/1/2015,BestPlumbing received advanced payment from the government office for works to be performed from Febrary to July. Per the contract with the goverment. Bestplumbing can rec e $8.000 of the advanced payment as revenue in July, 5 The bark info Best plumbing that the interest on the loan for July is $115. Instructions: Prepare ouma entries for each event show work on worksheet"IE" Prepare the prefer accounts accounts on a piece of paper or on your computer. But you do not need to show your work for this 2. Prepare adjustingente (how work on worksheet "ADI." 3. Prepare a t tral balance show work on worksheet "ADITH'). Prepare Income Statement, Retained tames Statement, lance Sheet, and Statement of Cash Flows (show work on FSs). 5. Prepare closingentes (show work on "closing )
