ACC 290 Week 4 Individual WileyPLUS Assignment / Assignmentcloud.com

Question 1

ACC 290 Week 4 Individual WileyPLUS Assignment

http://www.assignmentcloud.com/ACC-290/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.

Answer 1

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