Question

Please help im so lost i have been working on this for days Step 1 Journalize the July transactions. Use journal page 1. Step 2 Post the July transactions from page J1 to the general ledger. Step 3 Prepare a trial balance at July 31 using the running balance total for each account in the ledger. Step 4 Journalize the adjusting entries. Use journal page 2. Step 5 Post the July adjusting entries from page J2 to the general ledger. Step 6 Prepare an adjusted trial balance at July 31 using the updated running balance total for each account in the ledger. Step 7 Prepare the Income Statement for July. Step 8 Prepare the Statement of Owners Equity for July. Step 9 Prepare a classified Balance Sheet at July 31, 2019. Step 10 Journalize the necessary closing entries. Use journal page 3. Step 11 Post the July closing entries from page J3 to the general ledger. Step 12 Prepare a post-closing trial balance at July 31. Martin Johnson opened Seaside Cleaning Service on July 1, 2019. During July, the company completed the following transactions: July 1 Owner Martin Johnson invested $39,870 cash and $7,545 of cleaning equipment in the business. 1 Purchased a used truck for $10,500, paying $2,500 cash and the balance on account. 3 Purchased cleaning supplies for $1,794 on account. 5 Paid $1,800 on a one-year insurance policy, effective July 1. 12 Billed customers $4,813 for cleaning services. 15 Received $1,650 from customers for future cleaning services. 18 Paid $1,200 of amount owed on truck. 20 Paid $698 for employee salaries. 21 Collected $3,632 from customers billed on July 12. 25 Billed customers $6,275 for cleaning services. 31 Paid gasoline for the month on the truck, $297. 31 Owner Martin Johnson withdrew $1,000 for personal use. Adjustments: July 31 Earned but unbilled fees at July 31 were $2,476. Depreciation on truck for the month was $175. Earned $450 of payment received on July 15. One-twelfth of the insurance expired. An inventory count shows $521 of cleaning supplies on hand at July 31. Accrued but unpaid employee salaries were $287 .

Answer 1

Seaside Cleaning Service Journal Enteries Date Particulars 1.7.2019 Cash a/c Equipment a/c Dr. To Martin Johnson, Capital (Capital Invested) Debit in $ Credit in $ 39870 7545 47415 1.7.2019 10500 Truck a/c Dr. To Cash To Accounts Payable (Truck purchased) 2500 8000 1794 3.7.2019 Supplies a/c Dr. To Accounts Payable (Supplies on account) 1794 1800 5.7.2019 Prepaid Insurance a/c Dr. To Cash (Purchased 1 year insurance) 1800 4813 12.7.2019 Accounts Receivable a/c Dr. To Service Revenue (Revenue earned) 4813 1650 15.7.2019 Cash a/c Dr. To Unearned Service Revenue (Advance from client) 1650 Dr. 1200 18.7.2019 Accounts Payable a/c To Cash (Creditors paid) 1200 Dr. 698 20.7.2019 Salaries Expense a/c To Cash (Salaries paid) 698 3632 21.7.2019 Cash a/c Dr. To Accounts Receivable (Cash from debtors) 3632 Dr. 6275 25.7.2019 Accounts Receivable a/c To Service Revenue (Revenue earned) 6275 Dr. 297 31.7.2019 Fuel Expense a/c To Cash (Gasoline expense paid) 297 1000 31.7.2019 Martin Johnson, Withdrawals a/c Dr. To Cash (Drawings for personal use) 1000

Adjusting Enteries Date Particulars 31.7.2019 Accounts Receivable a/c Dr. To Service Revenue (Revenue earned) Debit in $ Credit in $ 2476 2476 Dr. 175 31.7.2019 Depreciation Expense a/c To Accum. Depre - Truck (To record depreciation) 175 Dr. 450 31.7.2019 Unearned Service Revenue a/c To Service Revenue (Revenue earned) 450 Dr. 150 31.7.2019 Insurance Expense a/c To Prepaid Insurance (Insurance expensed) 1800/12 150 1273 31.7.2019 Supplies Expense a/c Dr. To Supplies (Supplies expensed) 1794 -521 1273 Dr. 287 31.7.2019 Salaries Expense a/c To Salaries Payable (Salary expense accrued) 287 Closing Enteries Date Particulars 31.7.2019 Income Summary a/c Dr. To Salaries Expense To Fuel Expense To Depreciation Expense To Insurance Expense To Supplies Expense (Expense accounts closed) Debit in $ Credit in $ 2880 985 297 175 150 1273 Dr. 14014 31.7.2019 Service Revenue a/c To Income Summary (Revenue accounts closed) 14014 11134 31.7.2019 Income Summary a/c Dr. To Martin Johnson, Capital (Profits transferred) 11134 31.7.2019 Martin Johnson, Capital a/c Dr. To Martin Johnson, Withdrawals (Drawings charged) 1000

Worksheet For the period ending 31.7.2019 Particulars Cash Accounts Receivable Supplies Prepaid Insurance Equipment Truck Accum. Depre - Truck Accounts Payable Unearned Service Revenue Salaries Payable Martin Johnson, Capital Martin Johnson, Withdrawals Service Revenue Salaries Expense Fuel Expense Depreciation Expense Insurance Expense Supplies Expense Totals Unadjusted Adjustments Adjusted Post Closing Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ 37657 37657 37657 7456 2476 9932 9932 1794 1273 521 521 1800 150 1650 1650 7545 7545 7545 10500 10500 10500 175 175 175 8594 8594 8594 1650 450 1200 1200 287 287 47415 47415 57549 1000 1000 11088 2926 14014 698 287 985 297 297 175 175 150 150 1273 1273 68747 68747 4811 4811 71685 71685 67805 67805 287 14014 Statement of Income For the period ending 31.7.2019 Service Revenue Less: Salaries Expense Fuel Expense Depreciation Expense Insurance Expense Supplies Expense Net Income 985 297 175 150 1273 2880 11134 Statement of Owner's Equity For the period ending 31.7.2019 Martin Johnson, Capital Net Income 47415 11134 58549 -1000 57549 Martin Johnson, Withdrawals

Amounts in $ Amounts in $ Balance sheet As at 31.7.2019 Assets Current Assets Cash Accounts Receivable Supplies Prepaid Insurance Amounts in $ Amounts in $ Liabilities Current Liabilities 37657 Accounts Payable 9932 Unearned Service Revenue 521 Salaries Payable 1650 49760 8594 1200 287 10081 Non Current Assets Equipment Truck Accum. Depre - Truck Total Assets 10500 -175 7545 Owner's Equity 10325 Martin Johnson, Capital 67630 Total Liabilities & Equity 57549 67630