Business, 24.03.2021 17:50 Mathmatician22

Blossom invested $20,000 cash in the business. 1 Purchased used truck for $9,000, paying $4,000 cash and the balance on account. 3 Purchased cleaning supplies for $1,900 on account. 5 Paid $1,800 cash on 1-year insurance policy effective July 1. 12 Billed customers $4,500 for cleaning services. 18 Paid $1,400 cash on amount owed on truck and $1,300 on amount owed on cleaning supplies. 20 Paid $2,400 cash for employee salaries. 21 Collected $3,500 cash from customers billed on July 12. 25 Billed customers $6,000 for cleaning services. 31 Paid $340 for the monthly gasoline bill for the truck. 31 Withdraw $5,700 cash for personal use.
The chart of accounts for Anyaâs Cleaning Service contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated Depreciation-Equipment, No. 201 Accounts Payable, No. 212 Salaries and Wages Payable, no. 301 Ownerâs Capital, No. 306 Ownerâs Drawings, No. 350 Income Summary, No. 400 Service Revenue, No. 631 Supplies Expense, no. 633 Gasoline Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries and Wages Expense.
Instructions:
a. Journalize and post the July transactions, Use page J1 for the journal and the three column form of account.
b. Prepare a trial balance at July 31 on a worksheet.
c. Enter the following adjustments on the worksheets and complete the worksheet.
1. Unbilled and uncollected revenue for service performed at July 31 were $2,700.
2. Depreciation on equipment for the month was $500.
3. One-twelfth of the insurance expired.
4. An inventory count shows $600 of cleaning supplies on hand at July 31.
5. Accrued but unpaid employees salaries were $1,000.
d. Prepare the income statement and ownerâs equity statement for July and a classified balance sheet at July 31.
e. Journalize and post adjusting entries. Use page J2 for the journal.
f. Journalize and post closing entries and complete the closing process. Use page J3 for the journal.
g. Prepare a post-closing trial balance at July 31.

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Blossom invested $20,000 cash in the business. 1 Purchased used truck for $9,000, paying $4,000 cas...

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