Julie Molony opened Julie’s Maids Cleaning Service Inc. on July 1, 2008. During July, the company
completed the following transactions.
July 1 Issued $14,000 of common stock for $14,000 cash.
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 Paid a $600 cash dividend.
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. 311 Common Stock,No. 320 Retained Earnings,No. 332 Dividends,
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.
(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 a retained earnings statement for July, and a classified
balance sheet at July 31, 2008.
(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.
Copyright © 2024 1QUIZZ.COM - All rights reserved.
Answers & Comments
Verified answer
I hope you will find this illustration useful:
http://www.cliffsnotes.com/study_guide/The-Work-Sh...
All I know is that, by the answers I see posted by the person in question, I would say that I don't really think the point is to get Best Answer or TC status. I believe that the whole point in answering any question, by any means, is just a soap-box for him to spout whatever "message" is his point of the day. All the answers I have ever seen are not open to discussion or rebuttal because he, in his own mind, is always right and is the only one with the "truth" which must be "shared" whether or not you are listening. Methinks it is someone in love with the sound of his own voice but, here, it must be written. Having said that I just pass him by, as I would any long-winded bore at a party. I don't bother to gang up on him. He is not of any concern to me, and I do not wish any harm to him at all. It keeps him busy! *smile* Peace all.