University of Hawaii at Manoa Cleaning Service Accounting Worksheet Please fill out the excel sheet that I attached. P4.5A (LO 1, 2, 3, 4) Heidi Jara o

University of Hawaii at Manoa Cleaning Service Accounting Worksheet Please fill out the excel sheet that I attached.

P4.5A (LO 1, 2, 3, 4) Heidi Jara opened Jara’s Cleaning Service on July 1, 2020. During July, the following transactions were completed.

July 1

Stockholders invested $20,000 cash in the business in exchange for common stock.

1

Purchased used truck for $9,000, paying $4,000 cash and the balance on account.

3

Purchased cleaning supplies for $2,100 on account.

5

Paid $1,800 cash on a 1-year insurance policy effective July 1.

12

Billed customers $4,500 for cleaning services.

18

Paid $1,500 cash on amount owed on truck and $1,400 on amount owed on cleaning supplies.

20

Paid $2,500 cash for employee salaries.

21

Collected $3,400 cash from customers billed on July 12.

25

Billed customers $6,000 for cleaning services.

31

Paid $350 for the monthly gasoline bill for the truck.

31

Paid a $5,600 cash dividend.

The chart of accounts for Jara’s 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. 311 Common Stock, No. 320 Retained Earnings, No. 332 Dividends, 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

b.Trial balance $34,700

c.Adjusted trial balance $38,900

d.Net income $7,200

Total assets $26,800

g.Post-closing trial balance $27,300

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 worksheet and complete the worksheet.

1.Unbilled and uncollected revenue for services 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 employee salaries were $1,000.

d.Prepare an income statement and a retained earnings 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. Chart of Accounts
No. 101 Cash
No. 112 Accounts Receivable
No. 126 Supplies
No. 130 Prepaid Insurance
No. 157 Equipment
No. 158 Acc. Dep’n – Equip.
No. 201 Accounts Payable
No. 212 Salaries and Wages Payable
No. 311 Common Stock
No. 320 Retained Earnings
No. 332 Dividends
No. 350 Income Summary
No. 400 Service Revenue
No. 631 Supplies Expense
No. 633 Gasoline Expense
No. 771 Depreciation Expense
No. 722 Insurance Expense
No. 726 Salaries and Wages Expense
July 1st 2015
Debit
No. 101 Cash
20,000.00
No. 311 Common Stock
Issued common stock for cash
Credit
20,000.00
July 1st 2015
No. 157 Equipment
9,000.00
No. 101 Cash
4,000.00
No. 201 Accounts Payable
5,000.00
Purchase truck for $9,000 cash and $4,000 on account
July 3rd 2015
No. 631 Supplies Expense
2,100.00
No. 201 Accounts Payable
2,100.00
Purchased $2,100 of cleaning supplies on account
July 5th 2015
No. 130 Prepaid Insurance
1,800.00
No. 101 Cash
1,800.00
Purchased 12 months of insurance, effective July 1, for $1,800
July 12th 2015
No. 112 Accounts Receivable
4,500.00
No. 400 Service Revenue
4,500.00
Earned $4,500 for service revenues, billed customer
July 18th 2015
No. 201 Accounts Payable
2,900.00
No. 101 Cash
2,900.00
Made $1,500 payment on truck loan and $1,400 on cleaning
supplies payable balance
July 20th 2015
No. 726 Salaries and Wages Expense
2,500.00
No. 101 Cash
Paid $2,500 for employee salaries
2,500.00
July 21st 2015
No. 101 Cash
3,400.00
No. 112 Accounts Receivable
3,400.00
Record collections on accounts receivable
July 25th 2015
No. 112 Accounts Receivable
6,000.00
No. 400 Service Revenue
6,000.00
Record $6,000 in service revenue billed
July 31st 2015
No. 633 Gasoline Expense
350.00
No. 101 Cash
Record purchase of gasoline for truck
July 31st 2015
No. 332 Dividends
5,600.00
No. 101 Cash
Record payment of dividends
350.00
5,600.00
A July 31st 2015
Debit
Credit
No. 112 Accounts Receivable
2,700.00
No. 400 Service Revenue
2,700.00
Record revenue earned but not yet billed for
B July 31st 2015
No. 771 Depreciation Expense
500.00
No. 158 Acc. Dep’n – Equip.
500.00
Record one month of depreciation expense
C July 31st 2015
No. 722 Insurance Expense
150.00
No. 130 Prepaid Insurance
Record one month of insurance expense
D July 31st 2015
No. 126 Supplies
600.00
No. 631 Supplies Expense
Adjust supplies to actual amunt on hand
E July 31st 2015
No. 726 Salaries and Wages Expense 1,000.00
No. 212 Salaries and Wages Payable
Accrue salaries and wages expense
150.00
600.00
1,000.00
Unadjusted Balance
Account
Debit
Credit
No. 101 Cash
6,250.00
No. 112 Accounts Receivable
7,100.00
No. 126 Supplies
No. 130 Prepaid Insurance
1,800.00
No. 157 Equipment
9,000.00
No. 158 Acc. Dep’n – Equip.
No. 201 Accounts Payable
4,200.00
No. 212 Salaries and Wages Payable
No. 311 Common Stock
20,000.00
No. 320 Retained Earnings
No. 332 Dividends
5,600.00
No. 350 Income Summary
No. 400 Service Revenue
10,500.00
No. 631 Supplies Expense
2,100.00
No. 633 Gasoline Expense
350.00
No. 771 Depreciation Expense
No. 722 Insurance Expense
No. 726 Salaries and Wages Expense
2,500.00
Totals 34,700.00 34,700.00
Adjustments
Debit
Credit
A
D
2,700.00
600.00
C
150.00
B
500.00
Adjusted Balance
Debit
6,250.00
9,800.00
600.00
1,650.00
9,000.00
–
E
1,000.00
5,600.00
–
A
D
B
C
E
500.00
150.00
1,000.00
4,950.00
2,700.00
600.00
4,950.00
1,500.00
350.00
500.00
150.00
3,500.00
38,900.00
Adjusted Balance
Credit
500.00
4,200.00
1,000.00
20,000.00
13,200.00
38,900.00
A July 31st, 2015
Debit
No. 320 Retained Earnings
5,600.00
No. 332 Dividends
Close Dividends to Retained Earnings
Credit
5,600.00
B July 31st, 2015
No. 400 Service Revenue
13,200.00
No. 631 Supplies Expense
1,500.00
No. 633 Gasoline Expense
350.00
No. 771 Depreciation Expense
500.00
No. 722 Insurance Expense
150.00
No. 726 Salaries and Wages Expense
3,500.00
No. 350 Income Summary
7,200.00
Close all nominal accounts to income summary
C July 31st, 2015
No. 350 Income Summary
7,200.00
No. 320 Retained Earnings
7,200.00
Close income summary to retained earnings
Account
No. 101 Cash
No. 112 Accounts Receivable
No. 126 Supplies
No. 130 Prepaid Insurance
No. 157 Equipment
No. 158 Acc. Dep’n – Equip.
No. 201 Accounts Payable
No. 212 Salaries and Wages Payable
No. 311 Common Stock
No. 320 Retained Earnings
No. 332 Dividends
No. 350 Income Summary
No. 400 Service Revenue
No. 631 Supplies Expense
No. 633 Gasoline Expense
No. 771 Depreciation Expense
No. 722 Insurance Expense
No. 726 Salaries and Wages Expense
Totals
Adjusted Balance
Debit
Credit
6,250.00
9,800.00
600.00
1,650.00
9,000.00
500.00
4,200.00
1,000.00
20,000.00
A
5,600.00
C
13,200.00 B
1,500.00
350.00
500.00
150.00
3,500.00
38,900.00
38,900.00
Closing Entries
Debit
5,600.00 C
A
7,200.00 B
13,200.00
B
B
B
B
B
26,000.00
osing Entries
Credit
7,200.00
5,600.00
7,200.00
Post Closing Trial Balance
Debit
Credit
6,250.00
9,800.00
600.00
1,650.00
9,000.00
500.00
4,200.00
1,000.00
20,000.00
1,600.00
–
1,500.00
350.00
500.00
150.00
3,500.00
26,000.00
27,300.00
27,300.00
Jara’s Cleaning Services
Income Statement
For the Month Ended July 31st, 2015
Revenue
Expenses
Supplies Expense
Gasoline Expense
Depreciation Expense
Insurance Expense
Salaries and Wages Expense
Total Expenses
Net Income
$ 13,200.00
1,500.00
350.00
500.00
150.00
3,500.00
6,000.00
$ 7,200.00
Jara’s Cleaning Services
Balance Sheet
July 31st, 2015
Assets
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment (Net of Depreciation)
Total Assets
Liabilites and Equity
Liabilities
Accounts Payable
Salaries and Wages Payable
Total Liabilities
Equity
Retained Earnings
Common Stock
Total Equity
$ 6,250.00
9,800.00
600.00
1,650.00
8,500.00
26,800.00
4,200.00
1,000.00
5,200.00
1,600.00
20,000.00
$ 21,600.00
Jara’s Cleaning Services
Statement of Retained Earnings
For the Month Ended July31st, 2015
Retained Earnings, July 1st
$
Add: Net Income
7,200.00
Less: Cash Dividends
(5,600.00)
Reained Earnings, July 31st
$ 1,600.00
P4.5A (LO 1, 2, 3, 4) Heidi Jara opened Jara’s Cleaning Service on July 1, 2020. During
July, the following transactions were completed.
July 1 Stockholders invested $20,000 cash in the business in exchange for common
stock.
1
Purchased used truck for $9,000, paying $4,000 cash and the balance on
account.
3
Purchased cleaning supplies for $2,100 on account.
5
Paid $1,800 cash on a 1-year insurance policy effective July 1.
12
Billed customers $4,500 for cleaning services.
18
Paid $1,500 cash on amount owed on truck and $1,400 on amount owed on
cleaning supplies.
20
Paid $2,500 cash for employee salaries.
21
Collected $3,400 cash from customers billed on July 12.
25
Billed customers $6,000 for cleaning services.
31
Paid $350 for the monthly gasoline bill for the truck.
31
Paid a $5,600 cash dividend.
The chart of accounts for Jara’s 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. 311 Common Stock, No. 320
Retained Earnings, No. 332 Dividends, 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
b.Trial balance $34,700
c.Adjusted trial balance $38,900
d.Net income $7,200
Total assets $26,800
g.Post-closing trial balance $27,300
a.Journalize and post the July transactions. Use page J1 for the journal and the threecolumn form of account.
b.Prepare a trial balance at July 31 on a worksheet.
c.Enter the following adjustments on the worksheet and complete the worksheet.
1.Unbilled and uncollected revenue for services 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 employee salaries were $1,000.
d.Prepare an income statement and a retained earnings 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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