View Policies Show Attempt History Current Attempt in Progress Lee Chang opened Blossom's Window Washing on July 1, 2021. In July, the following transactions were completed: July 1 Invested $22,000 cash in the business. 1 Purchased a used truck for $25,200, paying $5,200 cash and signing a note payable for the balance. 1 Paid $2,800 on a one-year insurance policy, effective July 1. 5 Billed customers $3,500 for cleaning services. 12 Purchased supplies for $2,100 on account. 18 Paid $3,000 for employee salaries. 25 Billed customers $9,000 for cleaning services. 28 Collected $3,500 from customers billed on July 5. 31 Paid $550 for repairs on the truck. 31 Withdrew $2,300 cash for personal use. Journalize and post the July transactions to the general ledger. (Credit account titles are automatically Indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record Journ entries In the order presented In the problem.) Date Account Titles and Explanation July 1 Cash July 1 July 1 L. Chang, Capital (To record cash invested in the business) Vehicles Cash Notes Payable (To record purchase of truck). Prepaid Insurance Debit 22,000 25,200 2.800 Credit 22,000 5,200 20,000 Cash (To record payment of insurance) July 5 Accounts Receivable Service Revenue July 12 v Supplies Accounts Payable July 18 Salaries Expense Cash 3,500 2,100 3,000 July 25 v Accounts Receivable 9,000 Service Revenue July 28 Cash 3.500 2,800 3,500 2,100 3,000 9,000 Date Explanation Ref. Debit July 1 J1 1 J1 J1 1 18 J1 22,000 Cash 3,500 28 J1 31 J1 31 J1 Accounts Receivable Credit Balance 22,000 5,200 16,800 14,000 2,800 3,000 11.000 14,500 550 13,950 2,300 11.650 Question 3 of 4 < Accounts Receivable Date Explanation Ref. Debit July 5 J1 3,500 9,000 J1 25 J1 28 Supplies Date Explanation Ref. Debit July 12 J1 2,100 Prepaid Insurance Date Explanation Ref. Debit July 1 J1 2,800 Vehicles Credit Balance 3,500 12,500 3,500 9,000 Credit Balance Credit Balance 2,100 2.800 Cash Accounts Receivable Supplies BLOSSOM'S WINDOW WASHING Trial Balance July 31, 2021 $ Debit 11,650 $ 9,000 2,100 Prepaid Insurance 2,800 Vehicles Accounts Payable Notes Payable 25,200 Credit 2,100 20,000 Vehicles Accounts Payable Notes Payable L. Chang, Capital 25,200 L. Chang, Drawings 2,300 Service Revenue Repairs Expense Salaries Expense Totals d Media 550 3.000 2,100 20,000 22,000 12,500 $ 56.600 $ 56.600 Journalize and post the following July 31 adjustments: (Credit account titles are automatically Indented not indent manually. If no entry Is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to O decimal places, eg. 5,276.) 1. Services of $1,700 were provided but remained unbilled and uncollected at July 31. 2. The truck has an estimated useful life of five years. 3. One twelfth of the insurance expired. 4. An inventory count shows $740 of supplies on hand at July 31. 5. Accrued but unpaid employee salaries were $1,000. 6. The note payable has a 6% annual interest rate. Date Account Titles and Explanation July 31 Accounts Receivable Service Revenue willed or collected) Debit 1.700 Credit 1,700 Date Account Titles and Explanation Debit July 31 Accounts Receivable Service Revenue (To accrue revenue earned but not billed or collected) July 31 Depreciation Expense Accumulated Depreciation - Vehicles v (To record depreciation) July 31 Insurance Expense Prepaid Insurance (To record insurance expired) 1,700 420 233.33 Credit 1,700 420 233.33 Cash Date Explanation Ref. Debit Credit Balance 22,000 July 1 J1 22,000 1 J1 5,200 16,800 1 J1 2,800 14,000 18 J1 3,000 11,000 28 J1 3,500 4,500 31 J1 550 13,950 31 J1 2,300 11,650 Accounts Receivable Date Explanation Ref. Debit July 5 3.500 Credit Balance 3.500 July 1 J1 Accumulated Depreciation-Vehicles Date Explanation Ref. Debit July 31 Adjusting J2 Date Explanation Ref. July 12 J1 Accounts Payable Debit Credit Salaries Payable Date Explanation Ref. Debit Credit July 31 Adjusting J2 Interest Payable Date Explanation Ref. Debit Credit July 31 Adjusting J2 420 Balance 420 Credit Balance 2,100 2,100 1,000 100 Balance Balance 1,000 100 Cash Accounts Receivable Supplies Prepaid Insurance Vehicles BLOSSOM'S WINDOW WASHING Adjusted Trial Balance July 31, 2021 Accumulated Depreciation - Vehicles Accounts Payable $ Debit 11,650 10,700 740 2,567 25.200 Credit 420 2,100 Question 3 of 4 L. Chang, Capital L. Chang, Drawings Service Revenue 2,300 550 Repairs Expense Salaries Expense 4,000 420 Depreciation Expense 233 Insurance Expense Supplies Expense Interest Expense Totals 1,360 100 22,000 14,200 $ 59,820 $ 59,820 Prepare the income statement for July. Revenues Service Revenue Expenses BLOSSOM'S WINDOW WASHING Income Statement Month Ended July 31, 2021 Repairs Expense $ 550 i Salaries Expense Depreciation Expense Insurance Expense 4.000 i 420 233 $ 14,200 Salaries Expense Depreciation Expense Insurance Expense 4,000 i 420 i 233 i Supplies Expense 1,360 i Interest Expense 100 1 Total Expenses Profit/(Loss) eTextbook and Media $ 6,663 i 7,537 Atter Question 3 of 4 L. Chang, Capital, July 1 Add : Profit/(Loss) Investment Less Drawings Month Ended July 31, 2021 $ 7,537 22,000 0 $ $ L. Chang, Capital, July 31 29.537 29,537 2,300 i 27,237 Prepare a classified balance sheet at July 31, 2021. Of the note payable, $5,000 must be paid by July 30, 2022. (List Current Assets In order of liquidity. Round answers to O decimal places, e.g. 5,276.) BLOSSOM'S WINDOW WASHING Balance Sheet Assets $ Lee Chang opened Blossom's Window Washing on July 1, 2021. In July, the following transactions were completed: July 1 Invested $22,000 cash in the business. 1 Purchased a used truck for $25,200, paying $5,200 cash and signing a note payable for the balance. 1 Paid $2,800 on a one-year insurance policy, effective July 1. 5 Billed customers $3,500 for cleaning services. 12 Purchased supplies for $2,100 on account. 18 Paid $3,000 for employee salaries. 25 Billed customers $9,000 for cleaning services. 28 Collected $3,500 from customers billed on July 5. 31 Paid $550 for repairs on the truck. 31 Withdrew $2,300 cash for personal use. Journalize and post the July transactions to the general ledger. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record Journal entries in the order presented in the problem.) Date Account Titles and Explanation July 1 Cash July 1 L. Chang, Capital (To record cash invested in the business) Vehicles Cash Notes Payable (To record purchase of truck) July 1 V Prepaid Insurance Debit 22,000 25,200 2.800 Credit 22,000 5,200 20,000 July 1 July 5 (To record purchase of truck) Prepaid Insurance Cash (To record payment of insurance) Accounts Receivable Service Revenue July 12 Supplies Accounts Payable July 18 Salaries Expense Cash 2,800 3,500 2,100 3,000 July 25 Accounts Receivable 9,000 Service Revenue 2,800 3,500 2,100 3,000 9900 July 25 Accounts Receivable 9,000 Service Revenue July 28 Cash Accounts Receivable v July 31 Repairs Expense Cash (To record payment of fuel) July 31 v L. Chang, Drawings Cash (To record cash withdrawal for personal use) 3,500 550 2,300 9,000 3,500 550 2,300 Date Explanation Ref. Debit July 1 J1 1 J1 1 J1 18 J1 22,000 28 J1 3,500 31 J1 31 J1 Cash Accounts Receivable Credit Balance 22,000 5,200 16,800 2,800 14,000 3,000 11,000 14,500 550 13,950 2,300 11,650 Accounts Receivable Date Explanation Ref. Debit July 5 J1 3,500 25 J1 9,000 28 J1 Credit Balance 3,500 12,500 3,500 9,000 Supplies Date Explanation Ref. Debit Credit Balance July 12 J1 2,100 Prepaid Insurance Date Explanation Ref. Debit July 1 J1 2,800 Credit Balance Vehicles Date Explanation Ref. Debit Credit Balance 2,100 2,800 Date Explanation Ref. Debit July 1 J1 Date Explanation Ref. Debit July 12 J1 Vehicles 25,200 Accounts Payable Credit Balance Credit Notes Payable Date Explanation Ref. Debit Credit July 1 J1 L. Chang, Capital Date Explanation Ref. Debit Credit July 1 J1 2,100 20,000 22,000 Balance Balance Balance 25,200 2,100 20,000 22,000 July 1 J1 L. Chang, Drawings Date Explanation Ref. Debit July 31 J1 Date Explanation Ref. Debit July 5 J1 25 25 J1 2,300 Service Revenue Credit Credit Repairs Expense Date Explanation Ref. Debit Credit July 31 J1 550 22,000 3.500 9,000 Balance Balance Balance Salaries Expense Date Explanation Ref. Debit Credit Balance 2,300 3,500 12,500 550 Cash Trial Balance July 31, 2021 Debit 11,650 Accounts Receivable v 9,000 Supplies Prepaid Insurance Vehicles Accounts Payable Notes Payable 2,100 2,800 25,200 Credit 2,100 20,000 Accounts Payable Notes Payable L. Chang, Capital L. Chang, Drawings 2,300 Service Revenue Repairs Expense Salaries Expense Totals eTextbook and Media. 550 3,000 2,100 20,000 22,000 12,500 $ 56,600 $ 56,600 Atte Journalize and post the following July 31 adjustments: (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, e.g. 5,276.) 1. Services of $1,700 were provided but remained unbilled and uncollected at July 31. 2. The truck has an estimated useful life of five years. 3. One twelfth of the insurance expired. 4. An inventory count shows $740 of supplies on hand at July 31. 5. Accrued but unpaid employee salaries were $1,000. 6. The note payable has a 6% annual interest rate. Date Account Titles and Explanation July 31 Accounts Receivable Service Revenue (To accrue rov Debit 1,700 Credit 1.700 Service Revenue (To accrue revenue earned but not billed or collected) July 31 Depreciation Expense Accumulated Depreciation - Vehicles (To record depreciation) July 31 Insurance Expense Prepaid Insurance (To record insurance expired) July 31 Supplies Expense Supplies (To record supplies used) Calor 420 233.33 1,360 1.000 1,700 420 233.33 1,360 July 31 July 31 July 31 Supplies Expense Supplies (To record supplies used) Salaries Expense Salaries Payable (To record accrued salaries) Interest Expense Interest Payable (To record accrued interest) 1,360 1,000 100 Cash Date Explanation Ref.. Debit Credit Balar July 1 Cash Date Explanation Ref. Debit Credit Balance July 1 J1 22,000 22,000 1 J1 5,200 16,800 1 J1 2,800 14,000 18. J1 3,000 11,000 28 J1 3,500 14,500 31 J1 550 13,950 31 J1 2,300 11,650 Accounts Receivable Date Explanation Ref. Debit Credit July 5 J1 3,500 Balance 3,500 Accounts Receivable Date Explanation Ref. Debit July 5 J1 3,500 25 J1 9,000 28 J1 Credit Balance 3,500 12,500 3,500 9,000 31 Adjusting J2 1,700 Supplies Date Explanation Ref. Debit Credit July 12 J1 2,100 31 Adjusting J2 Prepaid Insurance Date Explanation Ref. Debit July 1 J1 2,800 Credit 1.360 10,700 Balance 2,100 740 Balance 2,800 Prepaid Insurance Date Explanation Ref. Debit July 1 J1 2,800 31 Adjusting J2 Date Explanation Ref. July 1 J1 Credit 233 Balance 2,800 2,567 Vehicles Debit Credit Balance 25,200 25,200 Accumulated Depreciation-Vehicles Date Explanation Ref. Debit July 31 Adjusting J2 Credit 420 Balance 420 Accounts Payable Date Explanation Ref. Debit Credit Balance July 12 01 2,100 2,100 Accounts Payable Date Explanation Ref. Debit Credit Balance July 12 J1 2,100 2,100 Salaries Payable Date Explanation Ref. Debit Credit July 31 Adjusting J2 Interest Payable Date Explanation Ref. Debit Credit July 31 Adjusting J2 1,000 100 Balance Balance 1,000 100 Notes Payable Date Explanation Ref. Debit Credit Balance July 1 J1 20,000 20,000 L. Chang, Capital Date Explanation Ref. Debit Credit Balance 20,000 20,000 July 1 J1 L. Chang, Capital Date Explanation Ref. Debit Credit Balance July 1 J1 22,000 22,000 L. Chang, Drawings Date Explanation Ref. Debit Credit Balance July 31 J1 2.300 2,300 Service Revenue Date Explanation Ref. Debit Credit Balance July 5. J1 3,500 3,500 25 J1 9,000 12,500 31 Adjusting J2 1,700. 14,200 Repairs Expense Date Explanation Ref. Debit Credit Balance Date Explanation Ref. July 31 J1 Repairs Expense Debit 550 Salaries Expense Date Explanation Ref. Debit July 18 J1 3,000 31 Adjusting J2 1.000 Date Explanation Ref. Debit July 31 Adjusting J2 Supplies Expense 1,360 Depreciation Expense Date Explanation Ref. Debit July 31 Adjusting J2 420 Credit Balance 550 Credit Balance 3,000 Credit Balance Credit Balance 4,000 1,360 20 Question 3 of 4 July 31 Adjusting J2 1,360 Depreciation Expense Date Explanation Ref. Debit July 31 Adjusting J2 420 Insurance Expense Date Explanation Ref. Debit July 31 Adjusting J2 Date Explanation Ref. Debit July 31 Adjusting J2 eTextbook and Media 233 Interest Expense 100 Credit Balance Credit Balance Credit Balance 1,360 420 233 100 Prepare an adjusted trial balance. (Round answers to O decimal places, e.g. 5,276.) Cash Accounts Receivable Supplies Prepaid Insurance Vehicles Accumulated Depreciation - Vehicles BLOSSOM'S WINDOW WASHING Adjusted Trial Balance July 31, 2021 Debit $ Credit 11,650 $ 10,700 740 2,567 25,200 420 Vehicles Accumulated Depreciation - Vehicles v Accounts Payable Salaries Payable Interest Payable Notes Payable L. Chang, Capital L. Chang, Drawings Service Revenue Repairs Expense < 25.200 2,300 550 420 2,100 1,000 100 20,000 22,000 14.200 L. Chang, Drawings Service Revenue Repairs Expense Salaries Expense 2,300 550 4,000 Depreciation Expense 420 Insurance Expense Supplies Expense Interest Expense Totals eTextbook and Media $ +A 233 1,360 100 59,820 14,200 $ 59,820 Question 3 of 4 < > Revenues Service Revenue Expenses Repairs Expense Salaries Expense Depreciation Expense Insurance Expense BLOSSOM'S WINDOW WASHING Income Statement Month Ended July 31, 2021 9 550 i 4,000 i 420 i 233 i Supplies Expense 1,360 1 $ 14,200 30 Question 3 of 4 Salaries Expense < 4,000 i Depreciation Expense v 420 i Insurance Expense Supplies Expense Interest Expense Total Expenses Profit/(Loss) eTextbook and Media 233 i 1,360 i 100 $ 6,663 7,537 Atte L. Chang, Capital, July 1 Add Profit/(Loss) Investment Less : Drawings BLOSSOM'S WINDOW WASHING Statement of Owner's Equity Month Ended July 31, 2021 $ 7,537 22,000 L. Chang, Capital, July 31 v $ $ 0 29,537 29,537 2,300 i 27.237 Prepare a classified balance sheet at July 31, 2021. Of the note payable, $5,000 must be paid by July 30, 2022. (List Current Asset In order of liquidity. Round answers to 0 decimal places, e.g. 5,276.) BLOSSOM'S WINDOW WASHING Balance Sheet Assets $ Question 3 of 4 < > $ Liabilities and Owner's Equity $ Question 3 of 4 < > Liabilities and Owner's Equity $ J