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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.) Date Account/Description Debit Credit July 1 DividendsCleaning SuppliesSalaries ExpenseCommon StockRetained EarningsAccounts ReceivableCashEquipmentPrepaid InsuranceDepreciation ExpenseAccounts PayableService RevenueCleaning Supplies ExpenseSalaries PayableGas & Oil ExpenseAccumulated DepreciationInsurance Expense Depreciation ExpenseRetained EarningsCleaning SuppliesDividendsCommon StockSalaries ExpenseCashEquipmentAccounts PayablePrepaid InsuranceAccumulated DepreciationAccounts ReceivableService RevenueInsurance ExpenseGas & Oil ExpenseCleaning Supplies ExpenseSalaries Payable (To record the issuance of stock) July 1 CashInsurance ExpenseSalaries PayableAccounts PayableCommon StockRetained EarningsAccounts ReceivableEquipmentSalaries ExpenseGas & Oil ExpensePrepaid InsuranceCleaning SuppliesService RevenueCleaning Supplies ExpenseAccumulated DepreciationDividendsDepreciation Expense Gas & Oil ExpenseDepreciation ExpenseCleaning Supplies ExpenseDividendsSalaries ExpenseAccounts ReceivableCleaning SuppliesInsurance ExpenseEquipmentCommon StockSalaries PayableService RevenuePrepaid InsuranceRetained EarningsAccounts PayableCashAccumulated Depreciation Common StockPrepaid InsuranceRetained EarningsSalaries ExpenseEquipmentAccounts ReceivableService RevenueGas & Oil ExpenseCleaning Supplies ExpenseDepreciation ExpenseAccumulated DepreciationSalaries PayableDividendsInsurance ExpenseCashAccounts PayableCleaning Supplies (To record the purchase of a truck) July 3 Salaries ExpenseEquipmentAccounts ReceivableService RevenueGas & Oil ExpenseCleaning Supplies ExpenseAccumulated DepreciationSalaries PayableDividendsPrepaid InsuranceDepreciation ExpenseAccounts PayableInsurance ExpenseRetained EarningsCleaning SuppliesCashCommon Stock Insurance ExpenseCleaning SuppliesAccounts PayableCashDepreciation ExpenseGas & Oil ExpenseAccounts ReceivableRetained EarningsCleaning Supplies ExpenseCommon StockEquipmentPrepaid InsuranceService RevenueAccumulated DepreciationSalaries ExpenseSalaries PayableDividends July 5 Gas & Oil ExpenseAccumulated DepreciationRetained EarningsCleaning Supplies ExpenseSalaries PayableDividendsDepreciation ExpenseInsurance ExpenseCleaning SuppliesEquipmentPrepaid InsuranceCashCommon StockAccounts PayableAccounts ReceivableService RevenueSalaries Expense Gas & Oil ExpenseCleaning SuppliesAccumulated DepreciationAccounts ReceivableCommon StockService RevenueCleaning Supplies ExpenseSalaries PayableDividendsDepreciation ExpenseInsurance ExpenseCashEquipmentRetained EarningsAccounts PayablePrepaid InsuranceSalaries Expense July 12 Accumulated DepreciationAccounts ReceivableEquipmentInsurance ExpenseDividendsCommon StockSalaries PayableCleaning SuppliesAccounts PayableDepreciation ExpenseCashSalaries ExpenseRetained EarningsPrepaid InsuranceService RevenueGas & Oil ExpenseCleaning Supplies Expense Retained EarningsCleaning SuppliesService RevenueAccounts ReceivableAccumulated DepreciationAccounts PayableCashCommon StockInsurance ExpenseEquipmentSalaries ExpenseGas & Oil ExpenseCleaning Supplies ExpenseDepreciation ExpenseSalaries PayableDividendsPrepaid Insurance July 18 EquipmentAccounts PayablePrepaid InsuranceAccumulated DepreciationCommon StockGas & Oil ExpenseSalaries ExpenseSalaries PayableCleaning SuppliesDividendsDepreciation ExpenseCleaning Supplies ExpenseAccounts ReceivableInsurance ExpenseRetained EarningsCashService Revenue Depreciation ExpenseCashCommon StockInsurance ExpenseEquipmentRetained EarningsAccounts PayablePrepaid InsuranceAccounts ReceivableDividendsService RevenueCleaning SuppliesSalaries ExpenseGas & Oil ExpenseCleaning Supplies ExpenseSalaries PayableAccumulated Depreciation July 20 Depreciation ExpenseInsurance ExpenseCleaning SuppliesCleaning Supplies ExpenseEquipmentAccounts PayableGas & Oil ExpenseRetained EarningsDividendsSalaries ExpenseCashAccumulated DepreciationService RevenueCommon StockPrepaid InsuranceAccounts ReceivableSalaries Payable Service RevenueCommon StockPrepaid InsuranceEquipmentSalaries ExpenseCleaning Supplies ExpenseCleaning SuppliesCashAccumulated DepreciationAccounts ReceivableDividendsGas & Oil ExpenseAccounts PayableDepreciation ExpenseSalaries PayableInsurance ExpenseRetained Earnings July 21 Common StockAccounts ReceivableSalaries ExpenseAccumulated DepreciationCashEquipmentSalaries PayableInsurance ExpenseDepreciation ExpenseService RevenueGas & Oil ExpenseDividendsRetained EarningsCleaning SuppliesAccounts PayablePrepaid InsuranceCleaning Supplies Expense Accounts ReceivableInsurance ExpenseRetained EarningsAccounts PayableCleaning SuppliesCashCommon StockEquipmentGas & Oil ExpensePrepaid InsuranceService RevenueCleaning Supplies ExpenseSalaries ExpenseAccumulated DepreciationDepreciation ExpenseSalaries PayableDividends July 25 Prepaid InsuranceAccounts PayableAccumulated DepreciationService RevenueInsurance ExpenseCommon StockAccounts ReceivableSalaries ExpenseGas & Oil ExpenseCleaning Supplies ExpenseSalaries PayableDividendsDepreciation ExpenseRetained EarningsCleaning SuppliesCashEquipment Accounts ReceivableInsurance ExpenseGas & Oil ExpenseRetained EarningsCleaning Supplies ExpenseService RevenueCleaning SuppliesDepreciation ExpenseSalaries PayableDividendsSalaries ExpenseAccounts PayableAccumulated DepreciationCashEquipmentPrepaid InsuranceCommon Stock July 31 Insurance ExpensePrepaid InsuranceAccounts PayableGas & Oil ExpenseCommon StockAccumulated DepreciationDepreciation ExpenseRetained EarningsService RevenueSalaries ExpenseAccounts ReceivableCleaning Supplies ExpenseEquipmentSalaries PayableDividendsCleaning SuppliesCash Service RevenueDepreciation ExpenseAccounts PayableAccumulated DepreciationInsurance ExpenseEquipmentCommon StockAccounts ReceivableSalaries PayableRetained EarningsSalaries ExpenseGas & Oil ExpenseCleaning Supplies ExpenseDividendsCashCleaning SuppliesPrepaid Insurance (Paid for gas and oil) July 31 Salaries PayablePrepaid InsuranceRetained EarningsSalaries ExpenseService RevenueCommon StockGas & Oil ExpenseCleaning Supplies ExpenseDepreciation ExpenseInsurance ExpenseAccumulated DepreciationDividendsCleaning SuppliesCashEquipmentAccounts PayableAccounts Receivable Cleaning SuppliesCashInsurance ExpensePrepaid InsuranceAccumulated DepreciationGas & Oil ExpenseAccounts PayableCommon StockEquipmentAccounts ReceivableDepreciation ExpenseRetained EarningsService RevenueSalaries ExpenseCleaning Supplies ExpenseSalaries PayableDividends (Declared and paid a dividend) 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 1. July 31 Cleaning SuppliesInsurance ExpenseAccounts ReceivablePrepaid InsuranceGas & Oil ExpenseCashService RevenueSalaries PayableRetained EarningsCommon StockAccounts PayableEquipmentSalaries ExpenseCleaning Supplies ExpenseAccumulated DepreciationDividendsDepreciation Expense Salaries PayableAccumulated DepreciationCashAccounts PayableRetained EarningsDividendsGas & Oil ExpenseDepreciation ExpenseService RevenueCleaning SuppliesCommon StockInsurance ExpenseEquipmentSalaries ExpensePrepaid InsuranceAccounts ReceivableCleaning Supplies Expense 2. July 31 DividendsCleaning Supplies ExpenseAccumulated DepreciationSalaries PayableAccounts PayableRetained EarningsInsurance ExpenseCommon StockDepreciation ExpenseSalaries ExpenseEquipmentCashCleaning SuppliesGas & Oil ExpensePrepaid InsuranceAccounts ReceivableService Revenue EquipmentCleaning Supplies ExpenseSalaries PayableAccounts ReceivableCleaning SuppliesService RevenueRetained EarningsPrepaid InsuranceDividendsDepreciation ExpenseInsurance ExpenseCashGas & Oil ExpenseSalaries ExpenseAccumulated DepreciationAccounts PayableCommon Stock 3. July 31 Accounts ReceivableDividendsGas & Oil ExpenseCleaning SuppliesSalaries PayablePrepaid InsuranceService RevenueAccumulated DepreciationSalaries ExpenseCashDepreciation ExpenseCleaning Supplies ExpenseRetained EarningsInsurance ExpenseAccounts PayableCommon StockEquipment Cleaning SuppliesAccounts ReceivableAccounts PayableCashPrepaid InsuranceCommon StockService RevenueGas & Oil ExpenseEquipmentCleaning Supplies ExpenseSalaries ExpenseAccumulated DepreciationSalaries PayableRetained EarningsDividendsDepreciation ExpenseInsurance Expense 4. July 31 Salaries ExpenseGas & Oil ExpenseRetained EarningsDividendsAccumulated DepreciationAccounts ReceivableService RevenueInsurance ExpenseCleaning SuppliesAccounts PayableCleaning Supplies ExpenseCashSalaries PayableCommon StockEquipmentPrepaid InsuranceDepreciation Expense Accumulated DepreciationService RevenueSalaries PayableSalaries ExpensePrepaid InsuranceAccounts ReceivableDividendsGas & Oil ExpenseCleaning Supplies ExpenseInsurance ExpenseDepreciation ExpenseRetained EarningsCleaning SuppliesAccounts PayableCommon StockCashEquipment 5. July 31 DividendsAccumulated DepreciationCleaning SuppliesCashSalaries PayableDepreciation ExpenseInsurance ExpenseCommon StockEquipmentAccounts PayablePrepaid InsuranceRetained EarningsSalaries ExpenseCleaning Supplies ExpenseAccounts ReceivableService RevenueGas & Oil Expense CashAccumulated DepreciationAccounts PayableSalaries ExpenseCleaning SuppliesService RevenueCommon StockRetained EarningsSalaries PayableEquipmentDepreciation ExpenseGas & Oil ExpensePrepaid InsuranceInsurance ExpenseAccounts ReceivableCleaning Supplies ExpenseDividends 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.) Cash Accounts Payable 7/1 7/1 7/18 7/1 7/21 7/5 7/3 7/18 7/31 Bal. 7/20 7/31 Salaries Payable 7/31 7/31 7/31 Bal. 7/31 Bal. Accounts Receivable Common Stock 7/12 7/21 7/1 7/25 7/31 Bal. 7/31 7/31 Bal. Retained Earnings 7/31 7/31 Cleaning Supplies 7/31 Bal. 7/3 7/31 7/31 Bal. Dividends 7/31 7/31 7/31 Bal Prepaid Insurance 7/5 7/31 Income Summary 7/31 Bal. 7/31 7/31 7/31 Equipment 7/31 Bal. 7/1 7/31 Bal. Service Revenue 7/31 7/12 Accumulated Depreciation - Equipment 7/25 7/31 7/31 7/31 Bal. 7/31 Bal. Gas and Oil Expense Insurance Expense 7/31 7/31 7/31 7/31 7/31 Bal. 7/31 Bal. Cleaning Supplies Expense Salaries Expense 7/31 7/31 7/20 7/31 7/31 Bal. 7/31 7/31 Bal. Depreciation Expense 7/31 7/31 7/31 Bal. |
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Originally Posted by paraclete
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