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Elementary,Middle School,High School,College,University,PHD
| Teaching Since: | May 2017 |
| Last Sign in: | 401 Weeks Ago, 3 Days Ago |
| Questions Answered: | 66690 |
| Tutorials Posted: | 66688 |
MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Julie Molony opened Julie's Maids Cleaning Service on July 1, 2010. During July, the company completed the transactions. July 1 Invested $14,000 cash in the business 1 Purchased a used truck for $10,000 paying $3,000 cash and the balance on account. 3 Purchased cleaning supplies for $800 on account 5 Paid $1,800 on a one-year insurance policy, effective July 1 12 Billed customers $3,800 for cleaning services 18 Paid $1,000 of amount owed on truck, and $400 of amount owed on cleaning supplies 20 Paid $1,600 for employee salaries 21 Collected $1,400 from customers billed on July 12 25 Billed customers $1,500 for cleaning services 31 Paid gas and oil for the month on the truck $400 31 Withdrew $600 cash for personal use a) Journalize and post the July transactions. b) Prepare a trial balance at July 31 on a worksheet c) Enter the adjustments 1) Earned but unbilled fees as July 31 were $1,300 2) Depreciation on equipment for the month was $200 3) one-twelfth of the insurance expired 4) An inventory count shows $100 of cleaning on hand July 31 5) Accrued but unpaid employee salaries were $500 d) prepare the income statement and statement of owner's equity for July, and a classified balance sheet at July 31, 2010 e) Journalize and post the adjusting entries f) Journalize and post the closing entries and complete the closing process g) Prepare a post-closing trial balance at July 31
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