Prepare a retained earnings statement for July. (List items that increase retained earnings first.) No. Date Account Titles and Explanation Debit Credit 1. July 31 2. 31 3. July 31 4. 31 5. July31 Journalize the following adjustments. (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. List all debit entries before credit entries.) 1. Services performed but unbilled and uncollected at July 31 were NT $1,870. 2. Depreciation on equipment for the month was NT\$204. 3. One-twelfth of the insurance expired. 4. A count shows NT\$346 of cleaning supplies on hand at July 31 . 5. Accrued but unpaid employee salaries were NT $440. SHEFFIELD WINDOW WASHING Statement of Financial Position Assets NT\$ NT\$ Post-Closing Trial Balance Debit Credit NT\$ NT\$ Totals NT\$ NT\$ Prepare the income statement for July. (Enter negative amounts using either a negative sign preceding the number e.g. -4 Equity and Liabilities NT\$ NT\$ NT\$ Post adjusting entries to the T-accounts. \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Accounts Payable } \\ \hline \multirow[t]{3}{*}{7/18} & 1,650 & 7/1 & 6,600 \\ \hline & & 7/3 & 990 \\ \hline & & 7/31 Bal. & 5,940 \\ \hline \end{tabular} \begin{tabular}{l|lr} \multicolumn{4}{c}{ Share Capital-Ordinary } \\ \hline & 7/1 & 13,200 \\ \hline & 7/31 Bal. & 13,200 \end{tabular} \begin{tabular}{ll|l} \multicolumn{2}{c}{ Dividends } \\ \hline 7/31 & 660 & \\ \hline Bal. & 660 & \end{tabular} July 1 Shareholders invested NT\$13,200 cash in the business in exchange for ordinary shares. 1 Purchased used truck for NT\$8,800, paying NT\$2,200 cash and the balance on account. 3 Purchased cleaning supplies for NT\$990 on account. 5 Paid NT\$1,980 cash on a 1-year insurance policy effective July 1. 12 Billed customers NT \$4,070 for cleaning services performed. 18 Paid NT\$1,100 cash on amount owed on truck and NT\$550 on amount owed on cleaning supplies. 20 Paid NT\$2,200 cash for employee salaries. 21 Collected NT\$1,760 cash from customers billed on July 12. 25 Billed customers NT\$2,750 for cleaning services performed. 31 Paid NT\$322 for maintenance of the truck during month. 31 Declared and paid a NT\$660 cash dividend. The chart of accounts for Sheffield 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. \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Accounts Payable } \\ \hline \multirow[t]{3}{*}{ 7/18 } & 1,650 & 7/1 & 6,600 \\ \hline & & 7/3 & 990 \\ \hline & & 7/31 Bal. & 5,940 \\ \hline \end{tabular} \begin{tabular}{l|lc} \multicolumn{4}{c}{ Salaries and Wages Payable } \\ \hline & 7/31 & 440 \\ \hline & 7/31 Bal. & 440 \end{tabular} \begin{tabular}{l|lr} \multicolumn{4}{c}{ Share Capital-Ordinary } \\ \hline & 7/1 & 13,200 \\ \hline & 7/31 Bal. & 13,200 \end{tabular} Prepare an adjusted trial balance. Post closing entries and complete the closing process. (For accounts that have zero ending balance, the entry should be the balance date and zero (0) for the amounts. Post entries in the order of journal entries presented above.) \begin{tabular}{ll|l} \multicolumn{2}{c}{ Equipment } \\ \hline 7/1 & 8,800 & \\ \hline 7/31 Bal. & 8,800 & \end{tabular} Journalize the closing 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. List all debit entries before credit entries.) July 31 (To close net income to retained earnings) July 31 (To close dividends to retained earnings) Insurance Expense \begin{tabular}{ll|ll} \multicolumn{3}{c}{ Supplies } \\ \hline 7/3 & 990 & 7/31 & 644 \\ \hline 7/31 Bal. & 346 & & \end{tabular} \begin{tabular}{lr|lc} \multicolumn{4}{c}{ Prepaid Insurance } \\ \hline 7/5 & 1,980 & 7/31 & 165 \\ \hline 7/31 Bal. & 1,815 & & \\ & & \end{tabular} \begin{tabular}{ll|l} \multicolumn{3}{c}{ Equipment } \\ \hline 7/1 & 8,800 & \\ \hline 7/31 Bal. & 8,800 & \end{tabular} \begin{tabular}{l|lc} \multicolumn{4}{c}{ Accumulated Depreciation-Equipment } \\ \hline & 7/31 & 204 \\ \hline & 7/31 Bal. & 204 \end{tabular}