January 31, 2015

Homework Help: Accounting

Posted by Nichole on Monday, April 12, 2010 at 8:34pm.

Julie Molony opened Julie's Maids Cleaning Service on July 1, 2010. During July, the company completed the transactions.

July 1 Invested $14,000 cash in the business
1 Purchased a used truck for $10,000 paying $3,000 cash and the balance on account.
3 Purchased cleaning supplies for $800 on account
5 Paid $1,800 on a one-year insurance policy, effective July 1
12 Billed customers $3,800 for cleaning services
18 Paid $1,000 of amount owed on truck, and $400 of amount owed on cleaning supplies
20 Paid $1,600 for employee salaries
21 Collected $1,400 from customers billed on July 12
25 Billed customers $1,500 for cleaning services
31 Paid gas and oil for the month on the truck $400
31 Withdrew $600 cash for personal use

a) Journalize and post the July transactions.
b) Prepare a trial balance at July 31 on a worksheet
c) Enter the adjustments
1) Earned but unbilled fees as July 31 were $1,300
2) Depreciation on equipment for the month was $200
3) one-twelfth of the insurance expired
4) An inventory count shows $100 of cleaning on hand July 31
5) Accrued but unpaid employee salaries were $500

d) prepare the income statement and statement of owner's equity for July, and a classified balance sheet at July 31, 2010
e) Journalize and post the adjusting entries
f) Journalize and post the closing entries and complete the closing process
g) Prepare a post-closing trial balance at July 31

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