Tuesday
October 21, 2014

Homework Help: math

Posted by JJ on Thursday, October 17, 2013 at 2:27pm.

How do i do this practice math problem?

Julie Molony opened Julie’s Maids Catering Service on July 1, 2010. During July the company completed the following transactions:

July 1 Invested $14,000 in common stocks in the business.
1 Purchased a delivery 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 catering 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 for customers billed on July 12.
25 Billed customers $1,500 for catering services.
31 Paid gas and oil for the month on the truck for $400.
31 Paid dividends $600 cash.

The chart of accounts for Julie’s Maid Catering Service contains the following accounts: No.101 Cash, No. 112 Account Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated Depreciation – Equipment, No. 201 Account Payable, No. 212 Salaries Payable, No. 301 Common Stocks, No. 306 Dividends, No. 400 Service Revenue, No. 633 Gas & Oil Expense, No. 634 Catering Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries Expense.

INSTRUCTIONS:

a)Journalize and post the July transactions.Use J1 for the journal reference.
b)Prepare a trial balance at July 31 on a worksheet.
ADJUSTMENTS:
1) Earned but unbilled fees at 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 catering supplies on hand at July 31.
5) Accrued but unpaid employee salaries were $500.
c) Journalize and post the adjusting entries. Use J2 for the journal reference.
d) Prepare the income statement and retained earnings statement for July and a balance sheet at July 31, 2010.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

Accounting - Julie Molony opened Julie's Maids Cleaning Service on July 1, 2010...
Accounting - Hawkeye Electric Company engaged in the following transactions ...
accounting - Question 2.) Hawkeye Electric Company engaged in the following ...
Business Maths - Leeann Company sold merchandise on credit to Janelle Company ...
math - Brianna works at a sunglass shop. She earns $9 per hour and a $1 ...
Statistics - Use the following dates to compute the ALOS and median LOS and ...
General Math - A company had 66 fewer employees in July 2005 than July 2004. If ...
Journal Entries - Hi can anyone help me, i tried but it is coming up incorrect. ...
accounting - I need help, do not want the answer just stuck on how to solve this...
Math accounting - The following selected transactions were completed by Pilgrim ...

Search
Members