ACC 290 Week 4 Individual WileyPLUS Assignment - 0 views

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  #1 anonymous on 16 Aug 14

   

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  Problem P4-8A
  
  Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. During July the following transactions were completed.
  
  July 1 Issued 11,000 shares of common stock for $11,000 cash.
  July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance on account.
  July 3 Purchased cleaning supplies for $900 on account.
  July 5 Paid $1,800 cash on 1-year insurance policy effective July 1.
  July 12 Billed customers $3,200 for cleaning services.
  July 18 Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies.
  July 20 Paid $2,000 cash for employee salaries.
  July 21 Collected $1,400 cash from customers billed on July 12.
  July 25 Billed customers $2,500 for cleaning services.
  July 31 Paid $260 for gas and oil used in the truck during month.
  July 31 Declared and paid a $600 cash dividend.
  1.) Journalize the July transactions.
  
  2.) Journalize the following adjustments.
  
  1. Services provided but unbilled and uncollected at July 31 were $1,700.
  2. Depreciation on equipment for the month was $250.
  3. One-twelfth of the insurance expired.
  4. An inventory count shows $360 of cleaning supplies on hand at July 31.
  5. Accrued but unpaid employee salaries were $400.
  3.) Post the July transactions to the ledger accounts. (Use T accounts.) Post adjusting entries to the T accounts. Post closing entries and complete the closing process.
  
  4.) Complete the Trial Balance and Adjusted Trial Balance at July 31.
  
  5.) Complete the income statement and a retained earnings statement for July and a classified balance sheet at July 31
  
  6.) Journalize the post closing entries.
  
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  <div class="cArrow"> </div><div class="cContentInner">Click Below URL to Purchase Homework <br /> <br /> <a href="http://www.homeworkbasket.com/ACC-290/ACC-290-Week-4-Individual-WileyPLUS-Assignment" rel="nofollow" target="_blank">http://www.homeworkbasket.com/ACC-290/ACC-290-Week-4-Individual-WileyPLUS-Assignment</a> <br /> <br /> Problem P4-8A <br /> <br /> Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. During July the following transactions were completed. <br /> <br /> July 1 Issued 11,000 shares of common stock for $11,000 cash. <br /> July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance on account. <br /> July 3 Purchased cleaning supplies for $900 on account. <br /> July 5 Paid $1,800 cash on 1-year insurance policy effective July 1. <br /> July 12 Billed customers $3,200 for cleaning services. <br /> July 18 Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies. <br /> July 20 Paid $2,000 cash for employee salaries. <br /> July 21 Collected $1,400 cash from customers billed on July 12. <br /> July 25 Billed customers $2,500 for cleaning services. <br /> July 31 Paid $260 for gas and oil used in the truck during month. <br /> July 31 Declared and paid a $600 cash dividend. <br /> 1.) Journalize the July transactions. <br /> <br /> 2.) Journalize the following adjustments. <br /> <br /> 1. Services provided but unbilled and uncollected at July 31 were $1,700. <br /> 2. Depreciation on equipment for the month was $250. <br /> 3. One-twelfth of the insurance expired. <br /> 4. An inventory count shows $360 of cleaning supplies on hand at July 31. <br /> 5. Accrued but unpaid employee salaries were $400. <br /> 3.) Post the July transactions to the ledger accounts. (Use T accounts.) Post adjusting entries to the T accounts. Post closing entries and complete the closing process. <br /> <br /> 4.) Complete the Trial Balance and Adjusted Trial Balance at July 31. <br /> <br /> 5.) Complete the income statement and a retained earnings statement for July and a classified balance sheet at July 31 <br /> <br /> 6.) Journalize the post closing entries. <br /> <br /> For More Homework Goto <a href="http://www.homeworkbasket.com" rel="nofollow" target="_blank">http://www.homeworkbasket.com</a></div>

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