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Posted by: Homeworkhelp
Price Quoted by Student: $22
Posted On: 2016-08-10 02:02:05
 
Question
Julie Molony opened Julie’s Maids Cleaning Service Inc.

on July 1, 2008. During July, the company completed the following transactions.
July 1 Issued $14,000 of common stock for $14,000 cash.
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 Paid a $600 cash dividend.

The chart of accounts for Julie’s Maids Cleaning Service contains the following accounts: No. 101
Cash, 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.
(b) Prepare a trial balance at July 31 on a worksheet.
(c) Enter the following adjustments on the worksheet, and complete the worksheet.
 
(1) Earned but unbilled fees 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 a retained earnings statement for July, and a classified balance sheet at July 31, 2008.
(e) Journalize and post the adjusting entries. Use page J2 for the journal.
(f) Journalize and post the closing entries, and complete the closing process. Use page J3 for the journal.
(g) Prepare a post-closing trial balance at July 31.

Solutions
SOLUTION PREVIEWAppendix GComprehensive ProblemJou
Price $22
Attachment 1: XACC280 Week 6 Appendix G.xls
Solution Posted By: Homeworkhelp    Posted on: 10-08-2016