ACC 290 Week 4 Individual WileyPLUS
Assignment
ACC 290 Week 4 Individual WileyPLUS Assignment
Problem P4-8A
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. |
1.) Journalize the July transactions.
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. |
3.) 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.
4.) Complete the Trial Balance and Adjusted Trial Balance at July 31.
5.) Complete the income statement and a retained earnings statement for July and a classified balance sheet at July 31
6.) Journalize the post closing entries.
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