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PRINTER VERSION BACK Problem 4-5A Lee Chang opened Sunland's Window Washing on July 1, 2021. In July, the following transactions were completed: July 1 Invested $26,000 cash in the business, 1 Purchased a used truck for $25,800, paying $5,800 cash and signing a note payable for the balance. 1 Paid $2,800 on a one year insurance policy, effective July 1. 5 Billed customers $4,200 for deaning services. 12 Purchased supplies for $2,080 on account. 18 Paid $3,000 for employee salaries. 25 Billed customers $9,500 for cleaning services. 28 Collected $4,200 from customers billed on July 5. 31 Paid $550 for repairs on the truck. 31 Withdrew $2,500 cash for personal use. Journalize and post the July transactions to the general ledger. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record cash invested in the business) (To record purchase of truck) (To record payment of insurance) (To record payment of fuel) (Tnrarnrdrach withdrsural for norennalcol Cash Date Explanation Ref. ure Debit Credit Balance July 1 J1 J1 J1 18 J1 28 J1 31 Ji 31 J1 Accounts Receivable Date Explanation Ref. Debit Credit Balance July 5 J1 25 J1 28 1 Supplies Date Explanation Ref. Debit Credit Balance July 12 J1 Prepaid Insurance Date Explanation Ref. Debit Credit Balance July 1 J1 Vehicles Tre Date Explanation Ref. Debit Credit Balance July 1 Accounts Payable Date Explanation Ref. Debit Credit Balance July 12 J1 Notes Payable Date Explanation Ref. Debit Credit Balance July 1 J1 L Chang, Capital Date Explanation Ref. Debit Credit Balance July 1 J1 L Chang, Drawings Credit Date Explanation Ref. Debit Balance July 31 J1 Service Revenue Date Explanation Ref. Debit Credit Balance July 5 J1 25 J1 Repairs Expense Date Explanation Ref. Debit Credit Balance July 31 J1 Service Revenue Date Explanation Ref. Debit Credit Balance July 5 J1 25 J1 Repairs Expense Date Explanation Ref. Debit Credit Balance July 31 J1 Salaries Expense Date Explanation Ref. Debit Credit Balance July 18 J1 Prepare a trial balance at July 31. SUNLAND'S WINDOW WASHING Trial Balance Debit Credit $1 arch SUNLAND'S WINDOW WASHING Trial Balance Debit Credit Totals %$4 Journalize and post the following July 31 adjustments: (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to 0 decimal places, e.g. 5,276.) 1. Services of $2,000 were provided but remained unbilled and uncollected at July 31. The truck has an estimated useful life of five years. 2. One twelfth of the insurance expired. An inventory count shows $720 of supplies on hand at July 31. 5. 3. 4. Accrued but unpaid employee salaries were $1,800. The note payable has a 6.6% annual interest rate. 6. Date Account Titles and Explanation Debit Credit July 31 (To accrue revenue earmed but not billed or collected) July 31 (To record depreciation) July 31 (To record insurance expired) July 31 (To record supplies used) July 31 (To record supplies used) July 31 (To record accrued salaries) July 31 (To record accrued interest) Cash Date Explanation Ref. Debit Credit Balance July 1 J1 26,000 26,000 J1 5,800 20,200 J1 2,800 17,400 18 01 3,000 14,400 28 01 4,200 18,600 31 J1 550 18,050 31 J1 2,500 15,550 Accounts Receivable Date Explanation Ref. Debit Credit Balance July 5 J1 4,200 4,200 25 J1 9,500 13,700 28 J1 4,200 9,500 31 Adjusting J2 Sayddng Credit Date Explanation Ref. Debit Balance July 12 J1 2,080 2,080 31 Adjusting J2 Prepaid Insurance Date Explanation Ref. Debit Credit Balance July 1 2,800 2,800 31 Adjusting 12 Vehicles Date Explanation Ref. Debit Credit Balance July 1 J1 25,800 25,800 Accumulated Depreciation-Vehicles Date Explanation Ref. Debit Credit Balance July 31 Adjusting J2 Accounts Payable Date Explanation Ref. Debit Credit Balance July 12 J1 2,080 2,080 Salaries Payable Date Explanation Ref. Debit Credit Balance July 31 Adjusting J2 Interest Payable Date Explanation Ref. Debit Credit Balance July 31 Adjusting J2 Notes Payable Date Explanation Ref. Debit Credit Balance July 1 J1 20,000 20,000 L Chang, Capital Debit Credit Date Explanation Ref. July 1 Balance J1 26,000 26,000 L Chang, Drawings Date Explanation Ref. Debit Credit Balance July 31 J1 2,500 2,500 Service Revenue Date Explanation Ref. Debit Credit Balance July 5 4,200 4,200 25 01 9,500 13,700 31 Adjusting J2 Repairs Expense Date Explanation Ref. Debit Credit Balance July 31 J1 550 550 Salaries Expense Date Explanation Ref. Debit Credit Balance July 18 J1 3,000 3,000 31 Adjusting J2 Supplies Expense Date Explanation Ref. Debit Credit Balance July 31 Adjusting 02 Depreciation Expense Date Explanation Ref. Debit Credit Balance July 31 Adjusting 12 Insurance Expense Date Explanation Ref. Debit Credit Balance July 31 Adjusting 12 Interest Expense Date Explanation Ref. Debit Credit Balance Prepare an adjusted trial balance. (Round answers to 0 decimal places, e.g. 5,276.) SUNLAND'S WINDOW WASHING Adjusted Trial Balance Debit Credit %$4 Prepare the income statement for July. SUNLAND'S WINDOW WASHING Income Statement Prepare the statement of owner's equity for July. (List items that increase owner's equity first. Round answers to PRINTER Prepare the statement of owner's equity for July. (List items that increase owner's equity first. Round answers to 0 decimal places, e.g. 5,276.) SUNLAND'S WINDOW WASHING Statement of Owner's Equity 8 Prepare a dassified balance sheet at July 31, 2021. of the note payable, $5,000 must be paid by July 30, 2022. (List Current Assets in order of liquidity. Round answers to 0 decimal places, e.g. 5,276.) SUNLAND'S WINDOW WASHING Balance Sheet Assets Liabilities and Owner's Equity to search 1928 d0 ENG 28-01-2020 Liabilities and Owner's Equity Journalize and post the dosing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,276.) Date Account Titles and Explanation Debit Credit July 31 (To close revenue account) July 31 (To close expense accounts) July 31 (To close profit to capital) July 31 1929 P Help | System Announcements (To dlose drawings account) (If the ending balance is 0 enter it in the Balance column. All boxes in the Balance column must have an answer.) Cash Date Explanation Ref. Debit Credit Balance July 1 J1 26,000 26,000 J1 5,800 20,200 J1 2,800 17,400 18 J1 3,000 14,400 28 1 4,200 18,600 31 J1 550 18,050 31 D1 2,500 15,550 Accounts Receivable Date Explanation Ref. Debit Credit Balance July 5 1 4,200 4,200 25 J1 9,500 13,700 28 J1 4,200 9,500 31 Adjusting 12 2,000 11,500 Supplies Date Explanation Ref. Debit Credit Balance July 12 2,080 2,080 31 Adjusting 12 1,360 720 Prepaid Insurance Explanation Ref. Debit Credit Balance Date July 1 J1 2,800 2,800 31 Adjusting 12 233 2,567 Buncnfou Supplies Date Explanation Ref. Debit Credit Balance July 12 11 2,080 2,080 31 Adjusting J2 1,360 720 Prepaid Insurance Date Explanation Ref. Debit Credit Balance July 1 J1 2,800 2,800 31 Adjusting J2 233 2,567 Vehicles Date Explanation Ref. Debit Credit Balance July 1 J1 25,800 25,800 Accumulated Depreciation-Vehicles Credit Balance Date Explanation Ref. July 31 Adjusting Debit J2 430 430 Accounts Payable Date Explanation Ref. Debit Credit Balance July 12 J1 2,080 2,080 Salaries Payable Debit Credit Balance Date Explanation Ref. July 31 Adjusting J2 1,800 1,800 Interest Payable Debit Credit Balance Date Explanation Ref. July 31 Adjusting J2 110 110 Notes Payable Debit Credit Balance Date Explanation Ref. 20,000 20,000 July 1 J1 L. Chang, Capital Date Explanation Ref. Debit Credit Balance July 1 J1 26,000 26,000 31 Closing 03 31 Closing 03 L. Chang, Drawings Date Explanation Ref. Debit Credit Balance July 31 J1 2,500 2,500 31 Closing J3 Income Summary Date Explanation Ref. Debit Credit Balance July 31 Closing J3 31 Closing J3 31 Closing J3 Service Revenue Date Explanation Ref. Debit Credit Balance Duly 5 J1 4,200 4,200 25 D1 9,500 13,700 31 Adjusting 2,000 15,700 02 31 Closing 03 Repairs Expense Date Explanation Ref. Debit Credit Balance July 31 J1 550 550 31 Closing 03 Salaries Expense Date Explanation Ref. Debit Credit Balance July 18 3,000 3,000 31 Adjusting J2 1,800 4,800 31 Closing 03 Supplies Expense Date Explanation Ref. Debit Credit Balance July 31 Adjusting 02 1,360 1,360 31 Closing 13 Depreciation Expense Date Explanation Ref. Debit Credit Balance July 31 Adjusting J2 430 430 31 Closing 13 Insurance Expense Date Explanation Ref. Debit Credit Balance July 31 Adjusting 02 233 233 31 Closing 03 Interest Expense Date Explanation Ref. Debit Credit Balance July 31 Adjusting 12 110 110 TILpRy L Cdiiduian ERIon, volume Help I System Announcements PRINTER VERSION Prepare a post-dosing trial balance at July 31. (Do not list those accounts that have zero ending balance. Round answers to 0 decimal places, e.g. 5,276.) SUNLAND'S WINDOW WASHING Post-Closing Trial Balance Debit Credit Totals
