/ 20 NOVAK WINDOW WASHING INC. Trial Balance For the Months Ended July 31, 2022 Debit Credit Cash $ 11300 $ $ Accounts Receivable Supplies DONO Prepaid Insurance Equipment NODOTTI Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Common Stock Dividends Service Revenue Maintenance and Repairs Expense Supplies Expense Depreciation Expense Insurance Expense Salaries and Wages Expense $ $ Totals For the Month Ended July 31, 2022 Revenues Service Revenue Expenses Salaries and Wages Expense Maintenance and Repairs Expense Depreciation Expense TANTO Insurance Expense Supplies Expense Total Expenses Net Income /(Loss) Prepare a retained earnings statement for July. (List items that increase retained earnings first.) NOVAK WINDOW WASHING INC. Retained Earnings Statement For the Month Ended July 31, 2022 IN Add V: Net Income/(Loss) IN Less V: Dividends TA Balance Sheet July 31, 2022 Assets Current Assets Cash Supplies Prepaid Insurance Accounts Receivable I CON Liabilities and Stockholders' Equity $ NI UL Journalize and post closing entries and complete the closing process. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Date Account Titles and Explanation Debit Credit July 31 (To close revenue account) July 31 II DODO July 31 (To close net income to retained earnings) DI TO DO July 31 (To close dividends to retained earnings) Mike Greenberg opened Novak Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July 1 1 3 3 5 Issued 11,300 shares of common stock for $11.300 cash. Purchased used truck for $7.520, paying $1.880 cash and the balance on account. Purchased cleaning supplies for $850 on account. Paid $1,680 cash on a 1-year insurance policy effective July 1. Billed customers $3,480 for cleaning services performed. Paid $940 cash on amount owed on truck and $470 on amount owed on cleaning supplies. Paid $1.880 cash for employee salaries. 12 18 20 21 Collected $1,500 cash from customers billed on July 12. 25 31 Billed customers $2,350 for cleaning services performed Paid $270 for maintenance of the truck during month. Declared and paid $560 cash dividend. 31