accounting 461198

Linda Blye opened Cardinal Window Washing Inc on July 1st2010. During July the following transactions werecompleted.

July

1. Issued 11,000 shares of common stock for $11,000cash.

1. Purchased used truck for $9,000, paying $2,000 cash and thebalance on account.

3. Purchased cleaning supplies for $900 on account

5. Paid $1,800 cash on 1-yr insurance policy effective July1st

12. Billed customers $3,200 for cleaning services

18. Paid $1,000 cash on amount owed on truck and $500 onamount owed on cleaning supplies

20. Paid $2,000 cash for employee salaries

21. Collected $1,400 cash from customers billed on July12th

25. Billed customers $2,500 for cleaning services

31. Paid $260 for gas and oil used in the truck duringmonth

31. Declared and paid $600 cash dividend

Chart of Accounts:Cash, Accounts Receviable,cleaningsupplies,prepaid insurance,equpiment,accumulateddepreciation-equpiment, accounts payable,salaries payabe,commonstock,retained earnings,dividends,income summary,service revenue,gas&oil expense, cleaning supplies expense,depreciationexpense,insurance expense,salaries expense.

INSTRUCTIONS.

1) Journalize the july transactions

2) Post to the ledger accounts ( Use T Accounts)

3)Prepare trial balance at July 31st

4)Journalize 1)services provided but unbilled and uncollectedat July 31st were $1,700

2)depreciationon equipment for the month was $250

3) one-twelfth of the insurance expired

4)an inventory count shows $360 of cleaning supplies on hand atJuly 31st

5)accrued but unpaid employee salaries were $400

5) Post adjusting entries to the T Account

6) Prepare an adjusted trial balance

7) Prepare the income statement and a retained earningsstatement for July and a classified balance sheet at july31st

8) journalize and post closing entries and complete theclosing process

9) Prepare a post-closing trial balance at July 31st