Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

use the given information about the company to solve a, b,c,d,e,f,g,h,I ACR4.1 Mike Greenberg opened Kleene Window Washing Co. on July 1 , 2022. During

image text in transcribeduse the given information about the company to solve a, b,c,d,e,f,g,h,I

ACR4.1 Mike Greenberg opened Kleene Window Washing Co. on July 1 , 2022. During July, the following transactions were completed. July 1 Owner invested $12,000 cash in the company. Purchased used truck for $8,000, paying $2,000 cash and the balance on account. Purchased cleaning supplies for $900 on account. Paid $1,800 cash on a 1-year insurance policy effective July 1 . Billed customers $3,700 for cleaning services performed. Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies. Paid $2,000 cash for employee salaries. Collected $1,600 cash from customers billed on July 12 . Billed customers $2,500 for cleaning services performed. Paid $290 for maintenance of the truck during month. Owner withdrew $600 cash from the company. The chart of accounts for Kleene Window Washing contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation-Equipment, Accounts Payable, Salaries and Wages Payable, Owner's Capital, Owner's Drawings, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense, Insurance Expense, and Salaries and Wages Expense. Instructions a. Journalize the July transactions. b. Post to the ledger accounts. (Use T-accounts.) c. Prepare a trial balance at July 31 . d. Journalize the following adjustments. 1. Services performed but unbilled and uncollected at July 31 were $1,700. 2. Depreciation on equipment for the month was $180. 3. One-twelfth of the insurance expired. 4. A count shows $320 of cleaning supplies on hand at July 31 . 5. Accrued but unpaid employee salaries were $400. e. Post adjusting entries to the T-accounts. f. Prepare an adjusted trial balance. f. Cash $5,410 g. Prepare the income statement and an owner's equity statement for July and a classified balance g. Tot. assets $21,500 sheet at July 31. h. Journalize and post closing entries and complete the closing process. i. Prepare a post-closing trial balance at July 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Libbey Phillips Whitecotton

2nd Edition

1259240908, 978-1259240904

More Books

Students also viewed these Accounting questions

Question

6. The cost of the training creates a need to show that it works.

Answered: 1 week ago