Question

Mike Greenberg opened Grouper Window Washing Co. on July 1, 2020. During July, the following transactions were completed.
It is wanting the entire accounting cycle.

Accounting Cycle Review 4-01 a-i Mike Greenberg opened Grouper Window Washing Co. on July 1, 2020. During July, the following transactions were completed. July 1 Owner invested $10,300 cash in the company. 1 Purchased used truck for $6,880, paying $1,720 cash and the balance on account. 3 Purchased cleaning supplies for $770 on account. 5 Paid $1,560 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,180 for cleaning services performed. 18 Paid $860 cash on amount owed on truck and $430 on amount owed on cleaning supplies. 20 Paid $1,720 cash for employee salaries. 21 Collected $1,380 cash from customers billed on July 12. 25 Billed customers $2,150 for cleaning services performed. 31 Paid $250 for maintenance of the truck during month. 31 Owner withdrew $520 cash from the company. Journalize the July transactions. (Credit account titles are automatically indented when the amount is entered. Do not in order presented in the problem.) Date Account Titles and Explanation Debit Credit July 1 (To record cash invested in the business) July 1

Answer 1

SOLUTION:

Date	Particulars	Debit	Credit
Jul-01	Cash	10,300
	Common stock		10,300
Jul-01	Equipment	6,880
	Cash		1,720
	Accounts payable		5,160
Jul-03	Supplies	770
	Accounts payable		770
Jul-05	Prepaid insurance	1,560
	Cash		1,560
Jul-12	Accounts receivable	3,180
	Service revenue		3,180
Jul-18	Accounts payable	1,290
	Cash		1,290
Jul-20	Salaries and Wages expense	1,720
	Cash		1,720
Jul-21	Cash	1,380
	Accounts receivable		1,380
Jul-25	Accounts receivable	2,150
	Service revenue		2,150
Jul-31	Maintenance and Repairs expense	250
	Cash		250
	Dividends	520
	Cash		520