Details of this Paper

Problem 4-8A Linda Blye opened Cardinal Window Washing Inc.

Description

solution


Question

Question;Problem 4-8A;Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. During July the following transactions were completed.July 1 Issued 11,000 shares of common stock for $11,000 cash.July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance on account.July 3 Purchased cleaning supplies for $900 on account.July 5 Paid $1,800 cash on 1-year insurance policy effective July 1.July 12 Billed customers $3,200 for cleaning services.July 18 Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies.July 20 Paid $2,000 cash for employee salaries.July 21 Collected $1,400 cash from customers billed on July 12.July 25 Billed customers $2,500 for cleaning services. July 31 Paid $260 for gas and oil used in the truck during month.July 31 Declared and paid a $600 cash dividend.Journalize the July transactions. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.);Journalize the following adjustments.1. Services provided but unbilled and uncollected at July 31 were $1,700.2. Depreciation on equipment for the month was $250.3. One-twelfth of the insurance expired. 4. An inventory count shows $360 of cleaning supplies on hand at July 31.5. Accrued but unpaid employee salaries were $400.Date Account/Description Debit Credit;Post the July transactions to the ledger accounts. (Use T accounts.) Post adjusting entries to the T accounts. Post closing entries and complete the closing process. (If answer is zero, please enter 0, do not leave any fields blank.);Complete the Trial Balance and Adjusted Trial Balance at July 31. (If an answer is zero, please enter 0, do not leave any fields blank.);Complete the income statement and a retained earnings statement for July and a classified balance sheet at July 31 (List expenses from largest to smallest amount, e.g. 10, 5, 2. List assets in order of liquidity and liabilities from largest to smallest amount, e.g. 10, 5, 2.);Journalize the post closing entries. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.);Complete the post closing Trial Balance below. (If answer is zero please enter 0, do not leave any fields blank.)

 

Paper#43225 | Written in 18-Jul-2015

Price : $25
SiteLock