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This is from Accounting Principles: A Business Perspective 10e......thank you! Chapter 2, problem 2-3 Clean-Sweep Janitorial, Inc., a company providing janitorial services, was organize July
This is from Accounting Principles: A Business Perspective 10e......thank you!
Chapter 2, problem 2-3
Clean-Sweep Janitorial, Inc., a company providing janitorial services, was organize July 1. 2018. The following account numbers and titles constitute the chart of accounts for the company: Acct. No. Account Title 100 Cash 103 Accounts Receivable 150 Trucks 160 Office Equipment 170 Equipment Accounts Payable 201 Notes Payable 300 Capital Stock Retained Eamings 320 Dividends Service Revenue Gas and Oil Expense 507 Salaries Expense Utilities Expense Insurance Expense 515 Rent Expense 518 Supplies Expense 200 310 400 511 July The company issued $750,000 of capital stock for cash. 5 Office space was rented for July, and $15,000 was paid for the rental 8 Desks and chairs were purchased for the office on account, S36,800. 10 Equipment was purchased for $60,000, a note was given, to be paid in 30 days. 15 Purchased trucks for $180,000, paying S130,000 cash and giving a 60-day note to the dealer for $50,000 18 Paid for supplies received and already used, $3,620. 23 Received S16,460 cash as service revenue. 27 Insurance expense for July was paid, S5,800. 30 Paid for gasoline and oil used by the truck in July 5686. 31 Billed customers for janitorial services rendered, S40,320 31 Paid salaries for July, $56,420. 31 Paid utilities bills for July, S6,160. 31 Paid cash dividends, 58,600. a. Prepare general ledger accounts for all of these accounts except Retained Pamings The Retained Earnings account has a beginning balance of zero and maintains this balance throughout the period. b. Journalize the transactions given for July 2018 in the general joumal. c. Post the journal entries to ledger accounts. d. Prepare a trial balance as of July 31, 2018 Step by Step Solution
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