Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Question 1 of 1 View Policies Show Attempt History Current Attempt in Progress Mike Greenberg opened Pina Window Washing Co.on July 1, 2020. During July,

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Question 1 of 1 View Policies Show Attempt History Current Attempt in Progress Mike Greenberg opened Pina Window Washing Co.on July 1, 2020. During July, the following transactions w July 1 3 5 12 18 20 21 25 31 Owner invested $11,500 cash in the company. Purchased used truck for $7,680, paying $1,920 cash and the balance on account. Purchased cleaning supplies for $860 on account. Paid $1,680 cash on a 1-year insurance policy effective July 1. Billed customers $3,550 for cleaning services performed. Paid $960 cash on amount owed on truck and $480 on amount owed on cleaning supplies. Paid $1.920 cash for employee salaries. Collected $1,540 cash from customers billed on July 12. Billed customers $2.400 for cleaning services performed. Paid $280 for maintenance of the truck during month. Owner withdrew $580 cash from the company 31 4 Comprehensive Problem Question 1 of 1 8.86/100 Date Account Titles and Explanation Debit Credit v July 1 Cash $11,500 Stock Investments $11,500 (To record cash invested in the business) July 1 Equipment $7,680 Cash $1.920 Accounts Payable $5,760 (To record purchase of truck.) July 3 Supplies 5860 Accounts Payable $860 July 5 Prepaid Insurance $1.680 Cash $1,680 July 12 Accounts Receivable $3.550 NWPAW PA July 18 Accounts Payable $1,440 Cash $1,440 July 20 Salaries and Wages Expense $1,920 Cash $1,920 July 21 Cash $1,540 Accounts Receivable $1.540 July 25, Accounts Receivable $2.400 Service Revenue $2.400 July 31 Maintenance and Repairs Expense $280 $280 Cash (To record maintenance of the truck) July 31 5580 Cash $580 (To record owner withdraws) Post to the ledger accounts. (Post entries in the order of Journal entries presented in the previous part.) Cash Accounts Receivable > NWP A Pl. op 5 6 7 8 H C Accounts Receivable Supplies Prepaid Insurance Equipment Equipment Accounts Payable Owner's Capital Owner's Drawings Owner's Drawings Service Revenue Maintenance and Repairs Expense Salaries and Wages Expense

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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 Principles Volume 1

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

8th Canadian Edition

978-1119502425

Students also viewed these Accounting questions