Question & Answer: GLS Complete all steps in accounting cycle (LO 4, 5, 6, 7, 8), AP Mike Greenberg opened Clean Window Washing Inc. on Ju…..

GLS Complete all steps in accounting cycle (LO 4, 5, 6, 7, 8), AP Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. During July, the following transactions were completed July1 Issued 12,000 shares of common stock for $12,000 cash 1 Purchased used truck for $8,000, paying $2,000 cash and the balance on account. 3 Purchased cleaning supplies for $900 on account 5 Paid S1,800 cash on a 1-year insurance policy effective July 1 12 Billed customers $3,700 for cleaning services 18 Paid S1,000 cash on amount owed on truck and S500 on amount owed on cleaning supplies 20 Paid S2,000 cash for employee salaries. 21 Collected S1,600 cash from customers billed on July 12. 25 Billed customers $2,500 for cleaning services 31 Paid S290 for maintenance of the truck during month. 31 Declared and paid $600 cash dividend. The chart of accounts for Clean Window Washing contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation Equipment, Accounts Payable, Salaries and Wages Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense, Insurance Expense, 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. An inventory count shows S320 of cleaning supplies on hand at July 3 5. Accrued but unpaid employee salaries were $400 (e) Post adjusting entries to the T-accounts. () Prepare an adjusted trial balance (f) Cash S5,410 (g) Prepare the income statement and a retained earnings statement for July and a classified balance sheet at July 3 (g) Tot. assets $21,500 (h) Journalize and post closing entries and complete the closing process (i) Prepare a post-closing trial balance at July 31

GLS Complete all steps in accounting cycle (LO 4, 5, 6, 7, 8), AP Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. During July, the following transactions were completed July1 Issued 12,000 shares of common stock for $12,000 cash 1 Purchased used truck for $8,000, paying $2,000 cash and the balance on account. 3 Purchased cleaning supplies for $900 on account 5 Paid S1,800 cash on a 1-year insurance policy effective July 1 12 Billed customers $3,700 for cleaning services 18 Paid S1,000 cash on amount owed on truck and S500 on amount owed on cleaning supplies 20 Paid S2,000 cash for employee salaries. 21 Collected S1,600 cash from customers billed on July 12. 25 Billed customers $2,500 for cleaning services 31 Paid S290 for maintenance of the truck during month. 31 Declared and paid $600 cash dividend. The chart of accounts for Clean Window Washing contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation Equipment, Accounts Payable, Salaries and Wages Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense, Insurance Expense, 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. An inventory count shows S320 of cleaning supplies on hand at July 3 5. Accrued but unpaid employee salaries were $400 (e) Post adjusting entries to the T-accounts. () Prepare an adjusted trial balance (f) Cash S5,410 (g) Prepare the income statement and a retained earnings statement for July and a classified balance sheet at July 3 (g) Tot. assets $21,500 (h) Journalize and post closing entries and complete the closing process (i) Prepare a post-closing trial balance at July 31

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Solution:

a) Journal Entries for July Transactions

Date Account Titles Debit Credit
July.1 Cash $12,000
Common Stock $12,000
(to record issue of common stock)
July.1 Equipment $8,000
Cash $2,000
Accounts Payable $6,000
(to record purchase of truck)
July.3 Supplies $900
Accounts Payable $900
(To record purchase of supplies)
July.5 Prepaid insurance $1,800
Cash $1,800
(One year insurance policy purchase)
July.12 Accounts Receivable $3,700
Service Revenue $3,700
(to record revenue)
July.18 Accounts payable (1000+500) $1,500
Cash $1,500
(To record payment)
July.20 Salaries and Wages Expense $2,000
Cash $2,000
July.21 Cash $1,600
Accounts Receivable $1,600
July.25 Accounts Receivable $2,500
Service Revenue $2,500
July.31 Maintenance and Repairs Expense $290
Cash $290
July.31 Dividends $600
Cash $600

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