Question 1 of 1Mike Greenberg opened Sheffield Window Washing Inc. on July 1, 2022. During July, the following transactions were completed.July 1Issued 13,000 shares of common stock for $13,000 cash.Purchased used truck for $8,640, paying $2,160 cash and the balance on account.Purchased cleaning supplies for $970 on account.Paid $1,920 cash on a 1-year insurance policy effective July 1.12Billed customers $4,000 for cleaning services performed.18Paid $1.080 cash on amount owed on truck and $540 on amount owed on cleaning supplies.20Paid $2,160 cash for employee salaries.21Collected $1,730 cash from customers billed on July 12.25Billed customers $2,700 for cleaning services performed.31Paid $310 for maintenance of the truck during month.31Declared and paid $650 cash dividend.Question 1 of 1DateAccount Titles and ExplanationDebitCreditJuly 1Cash13,000Common Stock13,000July 1Equipment8,640Cash2.160Accounts Payable6,480July 3Supplies970Accounts Payable970July 5Prepaid Insurance1.920Cash1,920July 12Accounts Receiivable4,000Service Revenue4,000July 18Accounts Payable1,620Cash1.620July 20Salaries and Wages Expense2,160Cash2,160July 21Cash1,730Accounts Receivable1,730July 25Accounts Receivable2,700Service Revenue2.700July 31Maintenance and Repairs Expense310Cash31016Question 1 of 1Service Revenue2,700July 31Maintenance and Repairs Expense310Cash310July 31Dividends650Cash650eTextbook and Media Journalize the following adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indentmanually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts)(1)Services performed but unbilled and uncollected at July 31 were $1,840.(2)Depreciation on equipment for the month was $190.(3)One-twelfth of the insurance expired.(4)A count shows $350 ofcleaning supplies on hand at July 31.(5)Accrued but unpaid employee salaries were $430.Question 1 of 1DebitCreditSr.DateAccount Titles and Explanation(1)(2)(3)(4)(5)

The adjustment entries are prepared at end of period. These entries are prepared to adjust the…

(1) Services performed but unbilled and uncollected at July 31 were $1,840. (2) Depreciation on equipment for the month was $190. (3) One-twelfth of the insurance expired. (4) A count shows $350 ofcleaning supplies on hand at July 31. (5) Accrued but unpaid employee salaries were $430.

(1) Services performed but unbilled and uncollected at July 31 were $1,840. (2) Depreciation on equipment for the month was $190. (3) One-twelfth of the insurance expired. (4) A count shows $350 ofcleaning supplies on hand at July 31. (5) Accrued but unpaid employee salaries were $430.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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