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Presentation/PPT
27/08/2022
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.
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