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. |
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