Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. During July, the following transactions were completed. July 1 Issued 15,899 shares of common stock for $15,899 cash.
1 Purchased used truck for $11,899, paying $2,105 cash and the balance on account.
3 Purchased cleaning supplies for $937 on account.
5 Paid $2,160 cash on a 1-year insurance policy effective July 1.
12 Billed customers $4,880 for cleaning services.
18 Paid $1,028 cash on amount owed on truck and $540 on amount owed on cleaning supplies.
20 Paid $2,191 cash for employee salaries.
21 Collected $1,634 cash from customers billed on July 12.
25 Billed customers $2,532 for cleaning services.
31 Paid $373 for maintenance of the truck during month.
31 Declared and paid $618 cash dividend.

Journalize the July transactions.

Post to the ledger accounts.

Prepare a trial balance at July 31.

Journalize the following adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

(1) Services performed but unbilled and uncollected at July 31 were $1,750.
(2) Depreciation on equipment for the month was $202.
(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 $415.

Post adjusting entries to the T-accounts.

Cash

7/1
15,899

7/1
2,105

7/21
1,634

7/5
2,160

7/18
1,568

7/20
2,191

7/31
373

7/31
618

7/31 Bal.
8,518

Accounts Receivable

7/12
4,880

7/21
1,634

7/25
2,532

Supplies

7/3
937

Prepaid Insurance

7/5
2,160

Equipment

7/1
11,899

7/31 Bal.
11,899

Accumulated Depreciation-Equipment

Accounts Payable

7/18
1,568

7/1
9,794

7/3
937

7/31 Bal.
9,163

Salaries and Wages Payable

Common Stock

7/1
15,899

7/31 Bal.
15,899

Dividends

7/31
618

7/31 Bal.
618

Service Revenue

7/12
4,880

7/25
2,532

Maintenance and Repairs Expense

7/31
373

7/31 Bal.
373

Supplies Expense

Depreciation Expense

Insurance Expense

Salaries and Wages Expense

7/20
2,191

Problem 4-8A Mike Greenberg opened Clean Window WaPrepare an adjusted trial balance.
Problem 4-8A Mike Greenberg opened Clean Window WaPrepare the income statement for July.
Prepare a retained earnings statement for July. (List items that increase retained earnings first.)
Prepare a classified balance sheet at July 31. (List current assets in order of liquidity.)
Journalize closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)