Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help - there are 3 questions in this post, thanks! Current Attempt in Progress Blossom Clark opened Blossom's Cleaning Service on July 1, 2022.

Please help - there are 3 questions in this post, thanks!image text in transcribed

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Current Attempt in Progress Blossom Clark opened Blossom's Cleaning Service on July 1, 2022. During July, the following transactions were completed. July 1 Blossom invested $20,000 cash in the business. 1 Purchased used truck for $9,000, paying $4,000 cash and the balance on account. 3 Purchased cleaning supplies for $1,900 on account. 5 Paid $1,800 cash on a 1-year insurance policy effective July 1. 12 Billed customers $4,500 for cleaning services. 18 Paid $1,400 cash on amount owed on truck and $1,300 on amount owed on cleaning supplies. 20 Paid $2,400 cash for employee salaries. 21 Collected $3,500 cash from customers billed on July 12. 25 Billed customers $6,000 for cleaning services. 31 Paid $340 for the monthly gasoline bill for the truck. 31 Withdraw $5,700 cash for personal use. 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 reverue for services performed at July 31 were $2,800. (2) Depreciation on equipment for the month was $500. (3) One-twelfthof the insurante expired. (4) An irventory count shows $500 of cleaning supplies on hand at July 31 . (5) Accrued but unpaid employee salaries were $1,070. Accounts Payable Owner's Capital Owner's Drawings Service Revenue Gasoline Expense Salaries and Wages Expense Tolals $ $ Depreciation Expense Accum, Depr,-Equipment Insurance Expense Supplies Expense 5alaries and Wages Payable Totals Net Income Totals eTextbook and Media (d1) Prepare the income statement for July. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) BLOSSOM'S CLEANING SERVICE Income Statement $ $ eTextbook and Media Prepare the owner's equity statement for July. (List items that increase owner'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

Financial Reporting The Theoretical And Regulatory Framework

Authors: D A V I D Alexander

2nd Edition

0412357909, 978-0412357909

More Books

Students also viewed these Accounting questions