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Posted: August 20th, 2024
Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. During July, thefollowing transactions were completed.The chart of accounts for Clean Window Washing contains the following accounts:Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, AccumulatedDepreciationâEquipment, Accounts Payable, Salaries and Wages Payable, CommonStock, Retained Earnings, Dividends, Income Summary, Service Revenue,Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense,Insurance Expense, Salaries and Wages Expense.Instructions(a) Journalize the July transactions.(b) Post to the ledger accounts. (Use T-accounts.)(c) Prepare a trial balance at July 31.(d) Journalize the following adjustments.(1) Services performed but unbilled and uncollected at July 31 were $1,700.(2) Depreciation on equipment for the month was $180.(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 $400.(e) Post adjusting entries to the T-accounts.(f) Prepare an adjusted trial balance.(g) Prepare the income statement and a retained earnings statement for July and aclassified balance sheet at July 31.(h) Journalize and post closing entries and complete the closing process.(i) Prepare a post-closing trial balance at July 31.
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