Business, 08.05.2021 04:00 hervinlouis014

Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. During July, the following transactions were completed. July 1 Issued 15,899 shares of common stock for $15,899 cash.
1 Purchased used truck for $11,899, paying $2,105 cash and the balance on account.
3 Purchased cleaning supplies for $937 on account.
5 Paid $2,160 cash on a 1-year insurance policy effective July 1.
12 Billed customers $4,880 for cleaning services.
18 Paid $1,028 cash on amount owed on truck and $540 on amount owed on cleaning supplies.
20 Paid $2,191 cash for employee salaries.
21 Collected $1,634 cash from customers billed on July 12.
25 Billed customers $2,532 for cleaning services.
31 Paid $373 for maintenance of the truck during month.
31 Declared and paid $618 cash dividend.

Journalize the July transactions.

Post to the ledger accounts.

Prepare a trial balance at July 31.

Journalize the following adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

(1) Services performed but unbilled and uncollected at July 31 were $1,750.
(2) Depreciation on equipment for the month was $202.
(3) One-twelfth of the insurance expired.
(4) An inventory count shows $320 of cleaning supplies on hand at July 31.
(5) Accrued but unpaid employee salaries were $415.

Post adjusting entries to the T-accounts.

Cash

7/1
15,899

7/1
2,105

7/21
1,634

7/5
2,160

7/18
1,568

7/20
2,191

7/31
373

7/31
618

7/31 Bal.
8,518

Accounts Receivable

7/12
4,880

7/21
1,634

7/25
2,532

Supplies

7/3
937

Prepaid Insurance

7/5
2,160

Equipment

7/1
11,899

7/31 Bal.
11,899

Accumulated Depreciation-Equipment

Accounts Payable

7/18
1,568

7/1
9,794

7/3
937

7/31 Bal.
9,163

Salaries and Wages Payable

Common Stock

7/1
15,899

7/31 Bal.
15,899

Dividends

7/31
618

7/31 Bal.
618

Service Revenue

7/12
4,880

7/25
2,532

Maintenance and Repairs Expense

7/31
373

7/31 Bal.
373

Supplies Expense

Depreciation Expense

Insurance Expense

Salaries and Wages Expense

7/20
2,191

Problem 4-8A Mike Greenberg opened Clean Window WaPrepare an adjusted trial balance.
Problem 4-8A Mike Greenberg opened Clean Window WaPrepare the income statement for July.
Prepare a retained earnings statement for July. (List items that increase retained earnings first.)
Prepare a classified balance sheet at July 31. (List current assets in order of liquidity.)
Journalize closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 21:00

Management discovers that a supervisor at one of its restaurant locations removes excess cash and resets sales totals throughout the day on the point-of-sale (pos) system. at closing, the supervisor deposits cash equal to the recorded sales on the pos system and keeps the rest.the supervisor forwards the close-of-day pos reports from the pos system along with a copy of the bank deposit slip to the company’s revenue accounting department. the revenue accounting department records the sales and the cash for the location in the general ledger and verifies the deposit slip to the bank statement. any differences between sales and deposits are recorded in an over/short account and, if necessary, followed up with the location supervisor. the customer food order checks are serially numbered, and it is the supervisor’s responsibility to see that they are accounted for at the end of each day. customerchecks and the transaction journal tapes from the pos system are kept by the supervisor for 1 week at the location and then destroyed.what control allowed the fraud to occur?

Answers: 2

Answer

Business, 22.06.2019 00:40

Guardian inc. is trying to develop an asset-financing plan. the firm has $450,000 in temporary current assets and $350,000 in permanent current assets. guardian also has $550,000 in fixed assets. assume a tax rate of 40 percent. a. construct two alternative financing plans for guardian. one of the plans should be conservative, with 70 percent of assets financed by long-term sources, and the other should be aggressive, with only 56.25 percent of assets financed by long-term sources. the current interest rate is 12 percent on long-term funds and 7 percent on short-term financing. compute the annual interest payments under each plan.

Answers: 3

Answer

Business, 22.06.2019 03:00

How does having a flexible mind you become a better employee? a. it you become more honest toward work. b. it you become a team player. c. it you learn new things that will better your performance. d. it you to finish your work on time. e. it you reach work on time

Answers: 1

Answer

Business, 22.06.2019 15:40

Brandt enterprises is considering a new project that has a cost of $1,000,000, and the cfo set up the following simple decision tree to show its three most likely scenarios. the firm could arrange with its work force and suppliers to cease operations at the end of year 1 should it choose to do so, but to obtain this abandonment option, it would have to make a payment to those parties. how much is the option to abandon worth to the firm?

Answers: 1

Answer

You know the right answer?

Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. During July, the following transact...

Questions