question 5

14 19-Jul Purchased $17,000 of supplies, which will be consumed over the next 12 mon 15 20-Jul Collected $30,000 cash from service performed on June 28th. 16 21-Jul Paid employees $5,750 for work performed during the 3rd week of July. 17 23-Jul Receive advanced $48,000 payment from a government project The payment 18 25-Jul Completed plumbing work for customer C. The total price is $3,900. The custo 19 27-Jul Completed a job for customer D. Customer paid $225 cash. 20 27-Jul Paid $50 for the supplies purchased on 7/15 21 28-Jul Pay the employees $6300 for work performed during the 4th week of july. 22 31-Jul invoice customer E $33,000 for service completed -- customer will pay in 20 c 23 31-Jul pay the cash dividend which was declared on 7/5. Additional Information: 1 The depreciation expense for the month is estimated to be $2,400. 2 At the end of July, there are $15,550 supplies on hand. 3 For the last 3 days (29,30, 31) of work on July, the employees earned $3,200 4 On 2/1/2018, BestPlumbing received advanced payment from the governmen Bestplumbing can recognize $8,000 of the advanced payment as revenue in Ju 5 The bank informs Bestplumbing that the interest on the loan for July is $115. Instructions: 1. Prepare journal entries for each event (show work on worksheet "JE"). Prepare the general ledger accounts (T-accounts) on a piece of paper or on your comput 2. Prepare adjusting entries (show work on worksheet "ADJ. JE"). 3. Prepare adjusted trial balance (show work on worksheet "ADJ. TB"). 4. Prepare Income Statement, Retained Earnings Statement, Balance Sheet, and Stateme 5. Prepare closing entries (show work on "closing JE"). Format Painter Alignment Number Clipboard Font x for D B E G H J K L Date Transactions and explanations 31-Jul 31-Jul 31-Jul D E F G H 38,250 33,500 4,375 76,125 48,000 (18,000) A B C 3 4 ASSETS 5 Current assets 6 cash 7 Accounts Receivable 8 Supplies 9 Total current assets 10 PPE 11 Equipment 12 Accumulated Depreciation 13 Equipment, net 14 Total assets 15 LIABILITIES 16 Current liabilities 17 Unearned revenue 18 Total liabilities 19 STOCKHOLDERS' EQUITY 20 Common stock 21 Retained earnings 22 Total stockholders' Equity 23 24 25 26 27 30,000 106,125 8,000 8,000 50,000 48,125 98,125 28 29 30 31 D Date Transactions and explanations xample: 1-Jul Cash 35,000 Notes payable 35,000 Key bank 24-month note with a 4% annual interest rate. 1.Jul Continue with journal entries below Cash 58000 Common Stock Issued Common Stock 58000 1-Jul 84000 Equipment X Cash X Purchase Equipment for Cash 84000 1 - Jul 500 Rental Expense Cash Pay Cash for July Truck Rental 500 3-Jul Accounts Receivable 900 Service Revenue Invoice Customer for service completed 900 5-Jul Dividends 11000 Dividends Payable Board of Directors Declare Cash Dividend 11000 7-Jul Wages Expense Cash 6000 6000 DJ. JE ADJ. TB FSS Closing JES o ELE . N A S PT RE ME 10-Jul 500 Cash 500 Service Revenue Customer Pays Cash for Job Cash 3500 Accounts Receivable Collect Cash for Job Completed in June 12-Jul 3500 14-Jul 4800 Wages Expense Cash Pay Wages for Second Week of July 4800 15-Jul 50 Supplies Expense 50 Accounts Payable Purchase Supplies on Account Cash 900 Accounts Receivable Collect Cash for Job completed on July 3rd 15-Jul 900 17-Jul 430 430 19-Jul Mower Repair Expense Accounts Payable Repair equipment on Account Supplies Cash Supplies in cash 17000 17000 20-Jul 30000 Cash Accounts Receivable Advanced Payment 30000 21-Jul Wages expense 5750 21-Jul 5750 Wages expense Cash Pay Wages for third week of July 5750 23-Jul 48000 Cash Unearned revenue Advanced Payment 48000 25-Jul 2900 1000 Accounts Receivable Cash Service Revenue Service in cash 3900 27-Jul 225 225 27-Jul Cash Service Revenue Customer Pays Cash for Job Accounts Payable Cash Payment for supplies on 7/15 50 50 28-Jul 6300 6300 28-Jul Wages expense cash Accounts Receivable Service Revenue Service Provided 33000 33000 31-Jul Dividend Payable Cash 11000 11000 ES