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Sandhill Clark opened Sandhill s Cleaning Service on July 1, 2022. During July, the following transactions were completed. July 1 Sandhill invested $ 20,000 cash

Sandhill Clark opened Sandhills Cleaning Service on July 1, 2022. During July, the following transactions were completed.

July 1

Sandhill invested $20,000 cash in the business.

1

Purchased used truck for $9,100, paying $4,200 cash and the balance on account.

3

Purchased cleaning supplies for $2,200 on account.

5

Paid $1,680 cash on a 1-year insurance policy effective July 1.

12

Billed customers $4,600 for cleaning services.

18

Paid $1,600 cash on amount owed on truck and $1,300 on amount owed on cleaning supplies.

20

Paid $2,600 cash for employee salaries.

21

Collected $3,300 cash from customers billed on July 12.

25

Billed customers $6,000 for cleaning services.

31

Paid $340 for the monthly gasoline bill for the truck.

31

Withdraw $5,500 cash for personal use.

Prepare a trial balance at July 31 on a worksheet. 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)

One-twelfth of the insurance expired.

(4)

An inventory count shows $700 of cleaning supplies on hand at July 31.

(5)

Accrued but unpaid employee salaries were $1,100.

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image text in transcribed
Sandhill Clark opened Sandhill's Cleaning Service on July 1, 2022. During July, the following transactions were completed. July 1 Sandhill invested $20,000 cash in the business: 1. Purchased used truck for $9,100, paying $4,200 cash and the balance on account. 3 Purchased cleaning supplies for $2,200 on account. 5 Paid $1,680 cash on a 1-year insurance policy effective July 1. 12 Billed customers $4,600 for cleaning services. 18 Paid \$1,600 cash on amount owed on truck and \$1,300 on amount owed on cleaning supplies. 20 Paid $2,600 cash for employee salaries. 21 Collected $3,300 cash from customers billed on July 12. 25 Billed customers $6,000 for cleaning services. 31 Paid $340 for the monthly gasoline bill for the truck. 31 Withdraw $5,500 cash for personal use. Prepare a trial balance at July 31 on a worksheet. 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) One-twelfth of the insurance expired. (4) An inventory count shows $700 of cleaning supplies on hand at July 31. (5) Accrued but unpaid employee salaries were $1,100. Sandhill Clark opened Sandhill's Cleaning Service on July 1, 2022. During July, the following transactions were completed. July 1 Sandhill invested $20,000 cash in the business: 1. Purchased used truck for $9,100, paying $4,200 cash and the balance on account. 3 Purchased cleaning supplies for $2,200 on account. 5 Paid $1,680 cash on a 1-year insurance policy effective July 1. 12 Billed customers $4,600 for cleaning services. 18 Paid \$1,600 cash on amount owed on truck and \$1,300 on amount owed on cleaning supplies. 20 Paid $2,600 cash for employee salaries. 21 Collected $3,300 cash from customers billed on July 12. 25 Billed customers $6,000 for cleaning services. 31 Paid $340 for the monthly gasoline bill for the truck. 31 Withdraw $5,500 cash for personal use. Prepare a trial balance at July 31 on a worksheet. 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) One-twelfth of the insurance expired. (4) An inventory count shows $700 of cleaning supplies on hand at July 31. (5) Accrued but unpaid employee salaries were $1,100

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