New Era Cleaning Service, Inc. opened for business on July 1, 2010. During the month of July, the following transactions occurred: July 1: Issued $18,000 of common stock for $18,000 cash. July 1: Purchased a truck for $11,000. Paid $4,000 in cash and borrowed the remainder (long term) from the bank. July 3: Purchased cleaning supplies for $900 on account. July 5: Paid $1,800 on a one-year insurance policy, effective July 1. July 12: Billed customers $4,800 for cleaning services. July 18: Paid $1,500 of the amount owed on the truck. July 18: Paid $500 of the amount owed on cleaning services. July 20: Paid $1,700 for employee salaries. July 21: Collected $1,200 from customers billed on July 12. July 25: Billed customers $1,900 for cleaning services. July 31: Paid gas and oil for the month on the truck, $500. July 31: Paid a $800 dividend. Please complete the following tasks: Post the July transactions to the general journal and the general ledger "T" account Journal Entries Date Accounting titles & Explanations Debit Credit 1-Jul Cash 18,000 Common stock 18,000 1-Jul Truck 11,000 Cash 4,000 long term loan 7,000 3-Jul Supplies 900 Accounts payable 900 5-Jul prepaid insurance 1,800 cash 1,800 12-Jul Accounts receivable 4,800 Service revenue 4,800 18-Jul long term loan 1,500 Cash 1,500 julu 18 Accounts payable 500 Cash 500 20-Jul Salaries& wages expense 1,700 1,700 Cash 21-Jul Cash 1,200 Account receivable 1,200 25-Jul Accounts receivable 1,900 Service revenue 1,900 31-Jul Utilitiy expense 500 cash 500 31-Jul Dividend 800 cash 800 Cash Common stock 1-Jul 18,000 1-Jul 4,000 1 juy 18,000 21-Jul 1,200 5-Jul 1,800 end bal 18,000 18-Jul 1,500 18-Jul 500 Truck 20-Jul 1,700 1-Jul 11,000 31-Jul 500 end bal 11,000 31-Jul 800 End bal 8400 long term loan 18-Jul 1,500 1-Jul 7,000 end bal 5500 Supplies Accounts payable 3-Jul 900 18-Jul 500

 

Prepare an unadjusted trial balance; Post the following adjustments: (a) Earned but unbilled fees at July 31 were $1,400 (b) Depreciation for the month was $200 (c ) One-twelfth of the insurance expired (d) An inventory count showed $300 of cleaning supplies remaining on July 31 (e

 

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Status NEW Posted 14 Dec 2019 06:12 PM My Price 5.00

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