Question

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Mike Greenberg opened Riverbed Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July 1 Issued 12,200 shares of common stock for $12,200 cash. Purchased used truck for $8,160, paying $2,040 cash and the balance on account. 3 Purchased cleaning supplies for $920 on account. Paid $1,800 cash on a 1-year insurance policy effective July 1. Billed customers $3,770 for cleaning services performed. Paid $1,020 cash on amount owed on truck and $510 on amount owed on cleaning supplies. Paid $2,040 cash for employee salaries. Collected $1,630 cash from customers billed on July 12. Billed customers $2,550 for cleaning services performed. Paid $300 for maintenance of the truck during month. 31 Declared and paid $610 cash dividend. The chart of accounts for Riverbed 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.

Answer 1

40 Credit Date Account Title & Explanation 1-Jul Cash Common Stock Debit 12200 42 12200 8160 1-Jul Equipment Cash Accounts Payable 2040 6120 920 3-Jul Supplies Account Payable 920 1800 5-Jul Prepaid Insurance Cash 1800 3770 12-Jul Accounts Receivable Service Revenue 3770 1530 18-Jul Accounts Payable Cash 1530 60 2040 20-Jul Salaries & Wages Expense Cash 61 2040

21-Jul Cash 1630 Accounts Receivable 1630 2550 25-Jul Accounts Receivable Service Revenue 2550 300 31-Jul Maintenance and Repairs Expense Cash 300 610 31-Jul Dividends Cash 610 Adjusting Entries 1 Accounts Receivable Service Revenue 1730 1730 2 Depreciation Expense 180 Accumulated Depreciation - Equipment 150 3 Insurance expense Prepaid insurance 150 590 4 Supplies expense (920-330) Supplies 590

410 88 89 5 Salaries & Wages Expense Salaries & Wages Payable 410 T-Accounts Cash 12200 1630 1-Jul 21-Jul 1630 Accounts Receivable 12-Jul 3770 21-Jul 25-Jul 2550 31-Jul 1730 1-Jul 5-Jul 18-Jul 20-Jul 31-Jul 31-Jul 2040 1800 1530 2040 300 610 98 99 100 7/31 Bal. 5510 7/31 Bal 6420 102 103 Supplies 3-Jul 920 Prepaid Insurance 5-Jul 1800 31-Jul 31-Jul 590 150 105 206 7/31 Bal. 330 7/31 Bal 1,650 108 Equipment 1-Jul 8160 Accumulated Depreciation - Equipment 31-Jul 180 109 110 111 7/31 Bal. 8160 7/31 Bal. 180

112 Salaries and Wages Payable 31-Jul 410 Accounts Payable 18-Jul 1530 1-Jul 3-Jul 7/31 Bal. 6120 920 5510 7/31 Bal. 410 117 118 119 Common Stock Dividends 31-Jul 610 1-Jul 12200 7/31 Bal. 12200 7/31 Bal. 610 123 124 Service Revenue Maintenance and Repairs expense 125 126 127 31-Jul 300 12-Jul 25-Jul 31-Jul 7/31 Bal. 3770 2550 1730 8050 7/31 Bal. 300 131 132 Supplies expense 31-Jul 590 Depreciation expense 31-Jul 180 133 134 135 7/31 Bal. 590 7/31 Bal. 180 136

137 138 Insurance expense 31-Jul 150 Salaries & Wages expense 20-Jul 2040 31-Jul 410 7/31 Bal 2,450 139 7/31 Bal. 150 140 141

146 148 150 152 154 RIVERBED WINDOW WASHING INC. Adjusted Trial Balance For the month Ended July 31,2022 Account Title Debit Credit Cash 5510 Accounts Receivable 6420 Supplies 330 Prepaid Insurance 1,650 Equipment 8160 Accumulated Depreciation - Equipment 180 Accounts Payable 5510 Salaries & WagesPayable 410 Common Stock 12200 Retained Earnings Dividends 610 Income Summary Service Revenue 8050 Maintenance and Repairs expense 300 Supplies expense 590 Depreciation expense 180 Insurance expense 150 Salaries & Wages expense 2,450 Total 26350 26350 158 162 164 165

169 171 173 174 RIVERBED WINDOW WASHING INC. Post Closing Trial Balance For the month Ended July 31,2022 Account Title Debit Credit Cash 5510 Accounts Receivable 6420 Supplies 330 Prepaid Insurance Equipment 8160 Accumulated Depreciation - Equipment 180 Accounts Payable 5510 Salaries & WagesPayable 410 Common Stock 12200 Retained Earnings 3,770 Total 22070 22070 1,650 175 176 177 178 179 180 183