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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.


a)Journalize and post the July transactions.Use J1 for the journal reference.
b)Prepare a trial balance at July 31 on a worksheet.
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.

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