Show Attempt History Current Attempt in Progress Ivanhoe Clark opened Ivanhoe's Cleaning Service on July 1, 2022. During July, the following transactions were completed. July 1 Ivanhoe invested $20,000 cash in the business. 1 Purchased used truck for $8,900, paying $4,000 cash and the balance on account. 3 Purchased cleaning supplies for $2,300 on account. 5 Paid $1,920 cash on a 1-year insurance policy effective July 1. 12 Billed customers $4,500 for cleaning services. 18 Paid $1,500 cash on amount owed on truck and $1,400 on amount owed on cleaning supplies. 20 Paid $2,500 cash for employee salaries. 21 Collected $3,300 cash from customers billed on July 12. 25 Billed customers $5,900 for cleaning services. 31 Paid $360 for the monthly gasoline bill for the truck. 31 Withdraw $5,600 cash for personal use. Post closing entries. (Post entries in the order of journal entries posted above.) Cash No. 101 Date Explanation Debit Credit Balance July 1 20,000 20,000 16,000 July 1 4,000 July 5 1.920 14,080 July 18 2.900 11,180 July 20 2.500 8,680 July 21 3,300 11,980 July 31 360 11,620 July 31 5.600 6,020 No. 112 Accounts Receivable Explanation Debit Date Credit Balance July 12 4,500 4,500 July 21 3.300 1,200 July 25 5.900 7.100 July 31 Adjusting 2,600 9,700 Supplies No. 126 Date Explanation Debit Credit Balance July 3 2,300 2,300 July 31 Adjusting 1,800 500 Prepaid Insurance No. 130 Date Explanation Debit Credit Balance July 5 1,920 1.920 July 31 Adjusting 160 1,760 Equipment No. 157 Date Explanation Debit Credit Balance July 1 8,900 8.900 No. 158 Accumulated Depreciation Equipment Explanation Debit Date Credit Balance July 31 Adjusting 400 400 Accounts Payable No. 201 Date Explanation Debit Credit Balance July 1 4.900 4,900 July 3 2,300 7,200 July 18 2.900 4,300 Salaries and Wages Payable No. 212 Date Explanation Debit Credit Balance July 31 Adjusting 1,010 1.010 Owner's Capital No. 301 Date Explanation Debit Credit Balance July 1 20,000 20,000 Closing V Closing Owner's Drawings No. 306 Date Explanation Debit Credit Balance July 31 5,600 5,600 V Closing Income Summary No. 350 Date Explanation Debit Credit Balance Question 1 of 1 0.61 / 20 July 18 2,900 4,300 No. 212 Salaries and Wages Payable Explanation Debit Date Credit Balance July 31 Adjusting 1,010 1,010 Owner's Capital No. 301 Date Explanation Debit Credit Balance July 1 20,000 20,000 Closing Closing Owner's Drawings No. 306 Date Explanation Debit Credit Balance July 31 5,600 5,600 Closing Income Summary No. 350 Date Explanation Debit Credit Balance Closing Closing Closing Service Revenue No. 400 Date Explanation Debit Credit Balance July 12 4.500 4,500 July 25 5.900 10,400 July 31 Adjusting 2.600 13,000 Closing Gasoline Expense No. 633 Date Explanation Debit Credit Balance July 31 360 360 Closing Supplies Expense No. 631 Date Explanation Debit Credit Balance July 31 1,800 1,800 Closing Depreciation Expense No. 711 Date Debit Credit Balance Explanation Adjusting July 31 400 400 Closing No. 722 Insurance Expense Debit Date Explanation Credit Balance July 31 Adjusting 160 160 Closing Salaries and Wages Expense No. 726 Date Explanation Debit Credit Balance July 20 2,500 2,500 July 31 Adjusting 1,010 3,510 V Closing e Textbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit