Question

Comprehensive Problem 4 a-g Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2019. During July, the company completed the following transactions July 1 Stockholders invested $15,000 cash in the business in exchange for common stock. Purchased a used truck for $11,000, paying $3,200 cash and the balance on account. 1 Purchased cleaning supplies for $800 on account. Paid $1,608 on a 1-year insurance policy, effective July 1 Billed customers $3,900 for cleaning services. 12. Paid $1,000 of amount owed on truck, and $200 of amount owed on cleaning supplies. 18 Paid $1,600 for employee salaries 20 Collected $1,600 from customers billed on July 12. 21 Billed customers $1,500 for cleaning services. 25 Paid gasoline for the month on the truck, $300. 31 Declared and paid a $700 cash dividend. 31 The chart of accounts for Kristin's Maids Cleaning Service contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Suppl 158 Accumulated Depreciation-Equipment, No. 201 Accounts Payable, No. 212 Salaries and Wages Payable, No. 311 Common Stock, No. 320 Retaine No. 400 Service Revenue, No. 631 Supplies Expense, No. 633 Gasoline Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No.

Post the closing entries and closing process.

Answer 1

Kristin's Maids Cleaning Service Accounting Worksheet July 31
	Trial Balance		Adjustements		Adjusted Trial Balance		Income Statement		Balance Sheet
Account Titles	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	7,992				7,992				7,992
Accounts Receivable	3,800		1,500		5,300				5,300
Supplies	800			600	200				200
Prepaid Insurance	1,608			134	1,474				1,474
Equipment	11,000				11,000				11,000
Accumulated Depreciation : Equipment		0		220		220				220
Accounts Payable		7,400				7,400				7,400
Salaries and Wages Payable		0		400		400				400
Common Stock		15,000				15,000				15,000
Retained Earnings		0								2,946
Dividends	700				700
Service Revenue		5,400		1,500		6,900		6,900		0
Supplies Expense	0		600		600		600		0
Gasoline Expense	300				300		300		0
Depreciation Expense	0		220		220		220		0
Insurance Expense	0		134		134		134		0
Salaries and Wages Expense	1,600		400		2,000		2,000		0
Totals	27,800	27,800	2,854	2,854	29,920	29,920	3,254	6,900	25,966	25,966

Closing Process :

Income Summary
		Debit	Credit	Balance
July 31	Closing		6,900
July 31	Closing	3,254
July 31	Closing	3,646		0
Dividends
July 31	Declaration	700
July 31	Closing		700	0
Retained Earnings
July 31	Closing Income Summary		3,646
July 31	Closing Dividends	700
July 31	Balance			2,946