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Question 1;Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. During July, the following transactions were completed.;July 1;Issued 13,740...

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Question 1;Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. During July, the following transactions were completed.;July 1;Issued 13,740 shares of common stock for $13,740 cash.;1;Purchased used truck for $9,740, paying $2,069 cash and the balance on account.;3;Purchased cleaning supplies for $932 on account.;5;Paid $2,040 cash on a 1-year insurance policy effective July 1.;12;Billed customers $4,870 for cleaning services.;18;Paid $1,100 cash on amount owed on truck and $535 on amount owed on cleaning supplies.;20;Paid $2,064 cash for employee salaries.;21;Collected $1,674 cash from customers billed on July 12.;25;Billed customers $2,602 for cleaning services.;31;Paid $369 for maintenance of the truck during month.;31;Declared and paid $635 cash dividend.;Journalize the July transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.);Date;Account Titles and Explanation;Debit;Credit;Show List of Accounts;Link to Text;Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous question.);Cash;Accounts Receivable;Supplies;Prepaid Insurance;Equipment;Accounts Payable;Common Stock;Dividends;Service Revenue;Maintenance and Repairs Expense;Salaries and Wages Expense;Show List of Accounts;Link to Text;Prepare a trial balance at July 31.;CLEAN WINDOW WASHING INC.;Trial Balance;July 31, 2014;Debit;Credit;$;$;$;$;Show List of Accounts;Link to Text;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 $1,755.;(2);Depreciation on equipment for the month was $208.;(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 $447.;No.;Account Titles and Explanation;Debit;Credit;1.;2.;3.;4.;5.;Show List of Accounts;Link to Text;Post adjusting entries to the T-accounts.;Cash;7/1;13,740;7/1;2,069;7/21;1,674;7/5;2,040;7/18;1,635;7/20;2,064;7/31;369;7/31;635;7/31 Bal.;6,602;Accounts Receivable;7/12;4,870;7/21;1,674;7/25;2,602;Supplies;7/3;932;Prepaid Insurance;7/5;2,040;Equipment;7/1;9,740;7/31 Bal.;9,740;Accumulated Depreciation-Equipment;Accounts Payable;7/18;1,635;7/1;7,671;7/3;932;7/31 Bal.;6,968;Salaries and Wages Payable;Common Stock;7/1;13,740;7/31 Bal.;13,740;Dividends;7/31;635;7/31 Bal.;635;Service Revenue;7/12;4,870;7/25;2,602;Maintenance and Repairs Expense;7/31;369;7/31 Bal.;369;Supplies Expense;Depreciation Expense;Insurance Expense;Salaries and Wages Expense;7/20;2,064;Show List of Accounts;Link to Text;Prepare an adjusted trial balance.;CLEAN WINDOW WASHING INC.;Trial Balance;July 31, 2014;Debit;Credit;$;$;$;$;Show List of Accounts;Link to Text;Prepare the income statement for July.;CLEAN WINDOW WASHING INC.;Income Statement;For the Month Ended July 31, 2014;$;$;$;Show List of Accounts;Link to Text;Prepare a retained earnings statement for July. (List items that increase retained earnings first.);CLEAN WINDOW WASHING INC.;Retained Earnings Statement;For the Month Ended July 31, 2014;$;$;Show List of Accounts;Link to Text;Prepare a classified balance sheet at July 31. (List current assets in order of liquidity.);CLEAN WINDOW WASHING INC.;Balance Sheet;July 31, 2014;Assets;$;$;$;Liabilities and Stockholders' Equity;$;$;$;Show List of Accounts;Link to Text;Journalize closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.);Account Titles and Explanation;Debit;Credit;(To close revenue account);(To close expense accounts);(To close net income / (loss));(To close dividends);Show List of Accounts;Link to Text;Post closing entries and complete the closing process.;Cash;7/1;13,740;7/1;2,069;7/21;1,674;7/5;2,040;7/18;1,635;7/20;2,064;7/31;369;7/31;635;7/31 Bal.;6,602;Accounts Receivable;7/12;4,870;7/21;1,674;7/25;2,602;7/31;1,755;7/31 Bal.;7,553;Supplies;7/3;932;7/31;612;7/31 Bal.;320;Prepaid Insurance;7/5;2,040;7/31;170;7/31 Bal.;1,870;Equipment;7/1;9,740;7/31 Bal.;9,740;Accumulated Depreciation-Equipment;7/31;208;7/31 Bal.;208;Accounts Payable;7/18;1,635;7/1;7,671;7/3;932;7/31 Bal.;6,968;Salaries and Wages Payable;7/31;447;7/31 Bal.;447;Common Stock;7/1;13,740;7/31 Bal.;13,740;Retained Earnings;Dividends;7/31;635;Income Summary;Service Revenue;7/12;4,870;7/25;2,602;7/31;1,755;Maintenance and Repairs Expense;7/31;369;Supplies Expense;7/31;612;Depreciation Expense;7/31;208;Insurance Expense;7/31;170;Salaries and Wages Expense;7/20;2,064;7/31;447;Show List of Accounts;Link to Text;Prepare a post-closing trial balance at July 31.;CLEAN WINDOW WASHING INC.;Post-Closing Trial Balance;July 31, 2014;Debit;Credit;$;$;$;$;Show List of Accounts;Link to Text;By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor.;Question Attempts: 0 of 3 used;Save for later;Submit Answer;Copyright ? 2000-2014 by John Wiley & Sons, Inc. or related companies. 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Paper#75592 | Written in 18-Jul-2015

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