SPARKLE CLEANING SERVICE Problem Data For the Month Ended July 31, 2016 Fred Severini opened SPARKLE Cleaning Service on July 1, 2016. During July, the company completed the following transactions. July 1 Stockholders invested cash in the business in exchange for common stock. $15,000 1 Purchased a used cleaning truck on account. $12,000 3 Purchased cleaning supplies on account. $1,800 5 Paid on a one-year insurance policy, effective July 1. $2,100 12 Billed customers for cleaning services. $4,400 18 Paid on amount owed on truck. $4,000 20 Paid employee salaries. $2,000 21 Collected from customers billed on July 12. $2,400 25 Billed customers for cleaning services. $2,200 31 Paid gasoline for the month on the truck. $500 31 Declared and paid a cash dividend. $600 The chart of accounts for SPARKLE Cleaning Service contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated Depreciation Equipment, No. 201 Accounts Payable, No. 212 Salaries and Wages Payable, No. 311 Common Stock, No. 320 Retained Earnings, No. 332 Dividends, No. 350 Income Summary, No. 400 Service Revenue, No. 633 Gasoline Expense, No. 634 Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries and Wages Expense. (d)(3) Prepare a classified balance sheet for the month ended July 31, 2016. SPARKLE CLEANING SERVICE Balance Sheet July 31, 2016 Assets Liabilities and Stockholders' Equity