Finance Accounting P4-5A

Get perfect grades by consistently using www.essayjunction.com. Place your order and get a quality paper today. Take advantage of our current 20% discount by using the coupon code GET20


Order a Similar Paper Order a Different Paper

Save your time - order a paper!

Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines

Order Paper Now

P4-5A

Heidi Jara opened Jara’s Cleaning Service on July 1,
2015.  During July, the following
transactions were completed:

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

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

3 Jul – Purchased cleaning supplies for $2,100 on account.

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

12 Jul – Billed customers $4,500 for cleaning services.

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

20 Jul – Paid $2,500 cash for employee salaries.

21 Jul – Collected $3,400 cash for customers billed on July
12

25 Jul – Billed customers $6,000 for cleaning services.

31 Jul – Paid $350 for the monthly gasoline bill for the
truck.

31 Jul – Paid $5,600 cash dividends.

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:

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 he 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 an 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

Writerbay.net

We offer the best essay writing services to students who value great quality at a fair price. Let us exceed your expectations if you need help with this or a different assignment. Get your paper completed by a writing expert today. Nice to meet you! Want 15% OFF your first order? Use Promo Code: FIRST15. Place your order in a few easy steps. It will take you less than 5 minutes. Click one of the buttons below.


Order a Similar Paper Order a Different Paper