Please explain the process for arriving at the solutions for the instructions mentioned below. THANK YOU! Julie Molony opened Julie’s Cleaning…

Please explain the process for arriving at the solutions for the instructions mentioned below. THANK YOU!Julie Molony opened Julie’s Cleaning Service Inc. on July 1, 2011. During July, the company completed the following transactions: July 1: Stockholders invested $14,000 cash in the business in exchange for common stock.July 1: Purchased used truck for $10,000, paying $3,000 cash and the balance on account.July 3: Purchased cleaning supplies for $800 on account.July 5: Paid $1,800 on a one-year insurance policy, effective July 1.July 12: Billed customers $3,800 for cleaning services.July 18: Paid $1000 cash on amount owed on truck and $400 on amount owed on cleaningsupplies.July 20: Paid $1,600 cash for employee salaries.July 21: Collected $1,400 cash from customers billed on July 12.July 25: Billed customers $1,500 for cleaning services.July 31: Paid gas and oil for the month on truck, $400.July 31: Declared and paid a $600 cash dividend.The chart of accounts for Julie’s Cleaning Service Inc. contains the following accounts: No. 101Cash, No. 112 Accounts Receivable,No. 128 Cleaning Supplies,No. 130 Prepaid Insurance,No. 157 Equipment, No. 158 Accumulated Depreciation—Equipment, No. 201 Accounts Payable, No. 212 Salaries Payable, No. 311 Common Stock, No. 320 Retained Earnings, No. 332 Dividends, No. 350 Income Summary,No. 400 Service Revenue,No. 633 Gas & Oil Expense,No. 634 Cleaning Supplies Expense,No. 711 Depreciation Expense,No. 722 Insurance Expense, and No. 726 Salaries Expense.— Instructions —(a) Journalize and post the July transactions. Use page J1 for the journal and the three-columnform 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) Services provided but unbilled and uncollected at 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 supplies on hand at July 31.(5) Accrued but unpaid employee salaries were $500.(d) Prepare the income statement and retained earnings statement for July and a classified balancesheet 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.

Show more

Calculate Your Essay Price
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Order your essay today and save 10% with the coupon code: best10