ACC 111 Project

Julie Maloney opened Julie's Maids Cleaning Service on July 1, 2010. During July, the company completed the following transactions.
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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.

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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 Maloney, Capital; No. 306 Julie Maloney, 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
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(a)

Journalize and post the July transactions. Use page J1 for the journal.
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(b)

Prepare a trial balance at July 31 on a worksheet.
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(c)

Journalize the following adjusting entries (Use J2 for the journal), post them to the ledger, then enter them on the worksheet, and complete the worksheet.
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1.

Earned but unbilled fees at July 31 were $1,300.
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2.

Depreciation on equipment for the month was $200.
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3.

One-twelfth of the insurance expired.
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4.

An inventory count shows $100 of cleaning supplies on hand at July 31.
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5.

Accrued but unpaid employee salaries were $500.
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(d)

Prepare the income statement and statement of owner's equity for July, and a balance sheet at July 31, 2010.
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(e)

Journalize and post the closing entries, and complete the closing process. Use page J3 for the journal.
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(f)

Prepare a post-closing trial balance at July 31.

First thing you need to do is set up T-accounts for all of your accounts.

Next you need to journalize your transactions, then post the journal entries to your T-accounts.

After you post your T-accounts you will need to balancce your T-accounts, then you prepare a Trial Balance.

After the Trial balance you will journalize and post your adjusting entries.

Next you will prepare your adjusted Trial Balnce.

Then you will prepare your financial statements.

Next you will journalize and post your closing entries. This means closing out your temporary accounts i.e. revenue and expense acocunts.

Next you will prepare post-closing balance sheet.

Use a Worksheet to help you and your accounting text should have sample for you to follow.

This is a comprehensive problem that will take time. Also we are are not here to do your work for you. If you have a specific question or want us to review your work we can assist you with that.

Just an additional comment. This covers what would be at least 4 chapters of a typical textbook. No one can really "help" you with a problem like this, which covers so much material, without getting something from you. We don't know where you're lost or what confuses you. And we can't lecture on 4 chapters.

Could you please narrow it down, or turn in any work you've attempted. You can always turn in just the first set of journal entries and someone can check those first, then move on to the next part, etc. If you go into advanced, you'll also find you can attach files if you have work like in Excel or something.