Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please only do part f of this question. 5 Aaya Clark opened Anya's Clearing Service on July 1, 2020. During joly. the follow ing icaosactions

Please only do part f of this question.image text in transcribed

5 Aaya Clark opened Anya's Clearing Service on July 1, 2020. During joly. the follow ing icaosactions were completed July Shareholders invested 20,000 cash is the business in exchange for ordinary shares Purchased used truck for 12,000, paying 4,000 cash and the balance on account. 3 Purchased cleaning supplies for 2,100 on account. Paid 1,800 cash on a l-year insurance policy effective July 1. 12 Billed customers 4,500 for cleaning services. 18 Paid 1,500 cash on amount owed on truck and 1,400 on amount owed on cleaning supplies. 20 Paid 2,800 cash for employee salaries 21 Collected 3,400 cash from customers billed on July 12. 25 Billed customers 6,000 for cleaning services. 31 Paid 350 for the monthly gasoline bill for the truck 31 Deciaced and paid a 5,600 cash dividend. The chare of accounts for Anya's Cleaning Service contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 130 Prepaid insurance, No. 157 Equipment, No. 158 Accumulated Depreciation-Equipment, No. 201 Accounts Payable, No. 212 Salaries and Wayes Payable, No. 311 Share Capital Ordinary, No. 320 Retained Earrings, No. 332 Dividends, No. 350 Income Summary, No. 400 Service Revenue, No. 631 Supplies Expense, No. 633 Gasoline Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries and Wages Expense. Instructions a Journalize and post the July transactions. Use page Jl for the journal and the three-column form of account. b. Prepare a trial balance at July 31 on a worksheet. c. Enter the following adjustments on the worksheet and complete the worksheet 1. Unbilled and uncollected revenue for services performed at July 31 were 2,700. 2. Depreciation on equipment for the month was 500. 3. Orenyelth of the insurance expired 4. An inventory Lour shows 600 of cleaning Supplies on hand at july 31. 5. Accrued but unpaid employee salaries were 1.000. d. Prepare the income statement and a retained earnings statement for July and a classified statement of fuancial position at July 31 e Sourealize and post adjusting entrics. Us page 12 for the joumai # Journalize and post closing entries and complete the closing process. Use page 33 to the journal 4. Prepare a post-closing cial balance ai july 31

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

Financial Accounting An Introduction

Authors: Pauline Weetman

7th Edition

1292086696, 978-1292086699

More Books

Students also viewed these Accounting questions

Question

Would you rather vacation in Hawaii or Alaska, and why?

Answered: 1 week ago