Question

Comprehensive Accounting Cycle Review 4-1 (Part Level Submission) Mike Greenberg opened Monty Window Washing Inc. on July 1, 2017. During July, the following transactions were completed. July 1 Issued 11,000 shares of common stock for $11,000 cash. 1 Purchased used truck for $7,360, paying $1,840 cash and the balance on account. 3 Purchased cleaning supplies for $830 on account. 5 Paid $1,680 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,400 for cleaning services performed. 18 Paid $920 cash on amount owed on truck and $460 on amount owed on cleaning supplies 20 Paid $1,840 cash for employee salaries 21 Collected $1,470 cash from customers billed on July 12 25 Billed customers $2,300 for cleaning services performed. 31 Paid $270 for maintenance of the truck during month. 31 Declared and paid $550 cash dividend. The chart of accounts for Monty Window Washing contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation-Equipment, Accounts Payable, Salaries and Wages Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense, Insurance Expense, and Salaries and Wages Expense. 0

Answer 1

Cash
July 1	11,000	July 1	1,840
July 21	1,470	July 5	1,680
		July 18	1,380
		July 20	1,840
		July 31	270
		July 31	550
End. Balance	4,910
Account receivable
July 12	3,400	July 21	1,470
July 25	2,300
End. Balance	4,230
Supplies
July 3	830
End. Balance	830
Prepaid Insurance
July 5	1,680
End. Balance	1,680
Equipment
July 1	7,360
End. Balance	7,360

Account payable
July 18	1,380	July 1	5,520
		July 3	830
		End. Balance	4,970
Common stock
		July 1	11,000
		End. Balance	11,000
Dividends
July 31	550
End. Balance	550
Service revenue
		July 12	3,400
		July 25	2,300
		End. Balance	5,700
Maintenance and Repairs expense
July 31	270
End. Balance	270
Salaries and Wages expense
July 20	1,840
End. Balance	1,840