Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please give complete answers in the format shown Jaden Li opened Marigold Window Washing Co. on July 1, 2020. During July, the following transactions were

Please give complete answers in the format shown image text in transcribed
image text in transcribed
Jaden Li opened Marigold Window Washing Co. on July 1, 2020. During July, the following transactions were completed. July 1 Shareholders invested NT\$11,280 cash in the business in exchange for ordinary shares. 1 Purchased used truck for NT\$7,520, paying NT\$1,880 cash and the balance on account. 3 Purchased cleaning supplies for NT\$846 on account. 5 Paid NT\$1,692 cash on a 1-year insurance policy effective July 1. 12 Billed customers NT\$3,478 for cleaning services performed. 18 Paid NT\$940 cash on amount owed on truck and NT $470 on amount owed on cleaning supplies. 20 Paid NT\$ 1,880 cash for employee salaries. 21 Collected NT\$1,504 cash from customers billed on July 12. 25 Billed customers NT\$2,350 for cleaning services performed. 31 Paid NT\$274 for maintenance of the truck ding month. 31 Declared and paid a NT\$564 cash dividend. The chart of accounts for Marigold Window Washing contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation-Equipment, Accounts Payable, Salaries and Wages Payable, Share CapitalOrdinary, Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense, Insurance Expense, and Salaries and Wages Expense. the amounts! Date Account Tities and Explanation Drebit Credit (Ta record cash invested in the busineia) (To record parchase of truck) (To record mairiterance of the trica) Fo second owTet withdrawsi

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: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

23rd Edition

978-0324662962

More Books

Students also viewed these Accounting questions

Question

Identify four principles of communication

Answered: 1 week ago