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Julie Molony opened Julie's Maids Cleaning Service...




Julie Molony opened Julie's Maids Cleaning Service on July 1, 2010. During July, the company completed the following transactions. July 1 Invested $14,000 cash in the business. 1 Purchased a used 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 cleaning 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 from customers billed on July 12. 25 Billed customers $1,500 for cleaning services. 31 Paid gas and oil for the month on the truck, $400. 31 Withdrew $600 cash for personal use. The chart of accounts for Julie's Maids Cleaning Service contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated Depreciation?Equipment, No. 201 Accounts Payable, No. 212 Salaries Payable, No. 301, Julie Molony, Capital; No. 306 Julie Molony, Drawing; No. 350 Income Summary, No. 400 Service Revenue, No. 633 Gas & Oil Expense, No. 634 Cleaning Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries Expense. Instructions (a) Journalize and post the July transactions. Use page J1 for the journal. (b) Prepare a trial balance at July 31 on a worksheet. Trial balance totals $25,700 (c) Enter the following adjustments on the worksheet, and complete the 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 cleaning supplies on hand at July 31. 5. Accrued but unpaid employee salaries were $500. (d) Prepare the income statement and statement of owner's equity for July, and a classified balance sheet at July 31, 2010. Net income $3,050 Total assets $23,350 (e) Journalize and post the adjusting entries. Use page J2 for the journal. (f) Journalize and post the closing entries, and complete the closing process. Use page J3 for the journal. (g) Prepare a post-closing trial balance at July 31. Trial balance totals $23,550 I have started the assignment but am totally lost now. I have spent 4 days trying to do this.,Thank you so very much!!!!!!!


Paper#3675 | Written in 18-Jul-2015

Price : $25