Business, 16.10.2020 14:01 2021sherodisabella

Mike Greenberg opened Pina Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July 1 Issued 11,500 shares of common stock for $11,500 cash.
1 Purchased used truck for $7,680, paying $1,920 cash and the balance on account.
3 Purchased cleaning supplies for $860 on account.
5 Paid $1,680 cash on a 1-year insurance policy effective July 1.
12 Billed customers $3,550 for cleaning services performed.
18 Paid $960 cash on amount owed on truck and $480 on amount owed on cleaning supplies.
20 Paid $1,920 cash for employee salaries.
21 Collected $1,540 cash from customers billed on July 12.
25 Billed customers $2,400 for cleaning services performed.
31 Paid $280 for maintenance of the truck during month.
31 Declared and paid $580 cash dividend.

Required:
Prepare a trial balance, adjusting entries, adjustede trial balance.

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Answer from: remyboy1938

July 1 Issued 11,500 shares of common stock for $11,500 cash.

Dr Cash 11,500

Cr Common stock 11,500

July 1 Purchased used truck for $7,680, paying $1,920 cash and the balance on account.

Dr Vehicles 7,680

Cr Cash 1,920

Cr Accounts payable 5,760

July 3 Purchased cleaning supplies for $860 on account.

Dr Supplies 860

Cr Accounts payable 860

July 5 Paid $1,680 cash on a 1-year insurance policy effective July 1.

Dr Prepaid insurance 1,680

Cr Cash 1,680

July 12 Billed customers $3,550 for cleaning services performed.

Dr Accounts receivable 3,550

Cr Service revenue 3,550

July 18 Paid $960 cash on amount owed on truck and $480 on amount owed on cleaning supplies.

Dr Accounts payable 1,440

Cr Cash 1,440

July 20 Paid $1,920 cash for employee salaries.

Dr Wages expense 1,920

Cr Cash 1,920

July 21 Collected $1,540 cash from customers billed on July 12.

Dr Cash 1,540

Cr Accounts receivable 1,540

July 25 Billed customers $2,400 for cleaning services performed.

Dr Accounts receivable 2,400

Cr Service revenue 2,400

July 31 Paid $280 for maintenance of the truck during month.

Dr Truck maintenance expenses 280

Cr Cash 280

July 31 Declared and paid $580 cash dividend.

Dr Dividends 580

Cr Cash 580

trial balance

Dr Cash $5,220

Dr Accounts receivable $4,410

Dr Supplies $860

Dr Prepaid insurance $1,680

Dr Vehicles $7,680

Cr Common stock $11,500

Cr Accounts payable $5,180

Cr Service revenue $5,950

Dr Wages expense $1,920

Dr Truck maintenance expenses $280

Dr Dividends $580

totals $22,630 $22,630

adjusting entries

The only adjusting entry that we can record appropriately is insurance expense:

Dr Insurance expense 140

Cr prepaid insurance 140

We should also record adjusting entries for

wages expense (after January 20th)depreciation expense (truck)supplies expense

but we are not given any amounts.

adjusted trial balance

Dr Cash $5,220

Dr Accounts receivable $4,410

Dr Supplies $860

Dr Prepaid insurance $1,540

Dr Vehicles $7,680

Cr Common stock $11,500

Cr Accounts payable $5,180

Cr Service revenue $5,950

Dr Wages expense $1,920

Dr Truck maintenance expenses $280

Dr Insurance expense $140

Dr Dividends $580

totals $22,630 $22,630

Answer from: Quest

This statement is true.

Answer from: Quest

i think it is sales-oriented, but i am not sure

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Mike Greenberg opened Pina Window Washing Inc. on July 1, 2022. During July, the following transacti...

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