Question

1 1 S 20 21 31 Mike Greenberg opened Kleene Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July Issued 12,000 shares of common stock for $12,000 cash. Purchased used truck for $8,000, paying $2,000 cash and the balance on account. 3 Purchased cleaning supplies for $900 on account. Paid $1,800 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,700 for cleaning services performed. 18 Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies. Paid $2,000 cash for employee salaries. Collected $1,600 cash from customers billed on July 12. 25 Billed customers $2,500 for cleaning services performed. Paid $290 for maintenance of the truck during month. 31 Declared and paid $600 cash dividend. The chart of accounts for Kleene 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. Instructions: a. Journalize the July transactions. b. Post to the ledger accounts. (Use T-accounts.) c. Prepare a trial balance at July 31. d. Journalize the following adjustments. 1. Services performed but unbilled and uncollected at July 31 were $1,700. 2. Depreciation on equipment for the month was $180. 3. One-twelfth of the insurance expired. 4. A count shows $320 of cleaning supplies on hand at July 31. 5. Accrued but unpaid employee salaries were $400. e. Post adjusting entries to the T-accounts. f. Prepare an adjusted trial balance. Cash $5,410 g. Prepare the income statement and a retained earnings statement for July and a classified balance sheet at July 31. Total Assets $21,500 h. Journalize and post closing entries and complete the closing process. i. Prepare a post-closing trial balance at July 31.

I really just need help solving part H and I. Thank you in advance!

Answer 1

Answer:

Date	Accounts title	Debit	Credit
July 31	Service revenue	7,900
	Income Summary		7,900
	(To record close sales revenue account to income statement.)
July 31	Income Summary	3,600
	Salaries and wages expense (2000+400)		2,400
	Maintainace and repair expense		290
	Depreciation expense		180
	Insurance expense		150
	Supplies expense		580
	(To record close Expense accounts to income statement.)
July 31	Income Summary	4,300
	Retained earnings		4,300
	(To record close income summary) (7900-3600)
July 31	Retained earnings	600
	Dividends		600
	(To record close dividends)

Company name
Closing Trial Balance
July 31, 2022
Account titles		Debit	Credit
Cash		5,410
Accounts receivable		6,300
Supplies		320
Prepaid insurance		1,650
Equipment		8,000
Accumulated depreciation—Equipment			180
Accounts payable			5,400
Salaries and wages payable			400
Common stock			12,000
Retained earnings (4300-600)			3,700
Total		21,680	21,680

Explanation:

XUS 2020-09(2) SEP.xlsx - Microsoft Excel X FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW DEVELOPER Sign in 027 Х fx А R S T 1 2 3 4 July 1 5 July 1 6 July 3 7 July 5 8 July 12 9 July 18 10 July 20 11 July 21 12 July 25 13 July 31 14 July 31 15 Unadj. Bal 16 17 Unadj. Bal 18 Adj 1 19 Adj 2 20 Adj 3 21 Adj 4 22 Adj 5 23 Total B с D E F H J K L M N o P Q Balance sheet Assets Liabilities Stockholder's equity Income statement Cash Accounts Supplies Prepaid i Equipmer Accumuld Accounts p Salaries & Commons Retained Dividend Revenue Expenses 12,000 12,000 (2,000) 8,000 6,000 900 900 (1,800) 1,800 3,700 3,700 (1,500)| (1,500) (2,000 (2,000) Salaries and wages expense 1,600 (1,600)| 2,500 2,500 (290) (290) Maintainace and repair expense (600) (600) 5,410 4,600 900 1,800 8,000 5,400 12,000 (600) 6,200 (2,290) - 5,410 900 1,800 8,000 5,400 12,000 (600) (2,290) 4,600 1,700 6,200 1,700 (180) (150) (580) (180) Depreciation expense (150) Insurance expense (1800/12) (580) Supplies expense (900-320) (400) Salaries and wages expense (3,600) 400 5,410 6,300 320 1,650 8,000 (180) 5,400 400 12,000 (600) 7,900 24 25 26 27 28 Date ccounts tit Debit Credit July 31 Service rel 7,900 Tincome Summary 7.900 Sheet89 Sheet90 Sheet91 Sheet92 CIRCULAR REFERENCES Company name Closing Trial Balance July 31, 2022 Sheet94 Sheet95 Sheet96 Activate Windows Go to Settings to activate Windows. Sheet93 Sheet97 + READY + + 100% i Search the web and Windows O ENG IN 07:22 19-09-20