d. Journalize the closing entries. e. Prepare a post-closing trial balance. P4.5 (LO 1, 2, 4) Anya Clark opened Anya's Cleaning Service on July 1, 2020. During July, the follow- le. ing transactions were completed. Purchased used truck for €12,000, paying €4,000 cash and the balance on account Purchased cleaning supplies for €2,100 on account. 3. July 1 Shareholders invested €20.000 cash in the business in exchange for ordinary shares Paid €1,800 cash on a 1-year insurance policy effective July 1. 12 Billed customers €4,500 for cleaning services. Paid €1,500 cash on amount owed on truck and €1,400 on amount owed on cleaning supplies. 18 alad bas onilisobnu bas i 20 Paid €2,800 cash for employee salaries. 21 Collected €3,400 cash from customers billed on July 12. onlad Inim 25 Billed customers €6,000 for cleaning services. 31 Paid €350 for the monthly gasoline bill for the truck. 31 Declared and paid a €5,600 cash dividend. The chart of accounts for Anya's Cleaning Service contains the following accounts: No. 101 Cash No. 112 Accounts Receivable, No. 126 Supplies, No. 130 Prepaid Insurance, No. 157 Equipment No 158 Accumulated Depreciation-Equipment, No. 201 Accounts Payable, No. 212 Salaries and Waoee Payable, No. 311 Share Capital- Ordinary, No. 320 Retained Earnings, No. 332 Dividends, No. 350 Income Summary, No. 400 Service Revenue, No. 631 Supplies Expense, No. 633 Gasoline Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries and Wages Expense. Instructions a. Journalize and post the July transactions. Use page J1 for the journal and the three-column form of account. b. Prepare a trial balance at July 31 on a worksheet. c. Enter the following adjustments on the worksheet and complete the worksheet. visost ainuonh 1. Unbilled and uncollected revenue for services performed at July 31 were €2,700.Rn bisga 2. Depreciation on equipment for the month was €500. 104,900 10490m/
d. Journalize the closing entries. e. Prepare a post-closing trial balance. P4.5 (LO 1, 2, 4) Anya Clark opened Anya's Cleaning Service on July 1, 2020. During July, the follow- le. ing transactions were completed. Purchased used truck for €12,000, paying €4,000 cash and the balance on account Purchased cleaning supplies for €2,100 on account. 3. July 1 Shareholders invested €20.000 cash in the business in exchange for ordinary shares Paid €1,800 cash on a 1-year insurance policy effective July 1. 12 Billed customers €4,500 for cleaning services. Paid €1,500 cash on amount owed on truck and €1,400 on amount owed on cleaning supplies. 18 alad bas onilisobnu bas i 20 Paid €2,800 cash for employee salaries. 21 Collected €3,400 cash from customers billed on July 12. onlad Inim 25 Billed customers €6,000 for cleaning services. 31 Paid €350 for the monthly gasoline bill for the truck. 31 Declared and paid a €5,600 cash dividend. The chart of accounts for Anya's Cleaning Service contains the following accounts: No. 101 Cash No. 112 Accounts Receivable, No. 126 Supplies, No. 130 Prepaid Insurance, No. 157 Equipment No 158 Accumulated Depreciation-Equipment, No. 201 Accounts Payable, No. 212 Salaries and Waoee Payable, No. 311 Share Capital- Ordinary, No. 320 Retained Earnings, No. 332 Dividends, No. 350 Income Summary, No. 400 Service Revenue, No. 631 Supplies Expense, No. 633 Gasoline Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries and Wages Expense. Instructions a. Journalize and post the July transactions. Use page J1 for the journal and the three-column form of account. b. Prepare a trial balance at July 31 on a worksheet. c. Enter the following adjustments on the worksheet and complete the worksheet. visost ainuonh 1. Unbilled and uncollected revenue for services performed at July 31 were €2,700.Rn bisga 2. Depreciation on equipment for the month was €500. 104,900 10490m/
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
What is the solution of question P4.5 (part a to g)?
Transcribed Image Text:c. Journalize the adjustif
d. Journalize the closing entries.
e. Prepare a post-closing trial balance.
cycle.
omoont to
Shareholders invested €20.000 cash in the business in exchange for ordinary shares
Purchased used truck for €12.000, paying €4,000 cash and the balance on account
3.
ing transactions were completed.
Purchased cleaning supplies for €2,100 on account.
Paid €1,800 cash on a 1-year insurance policy effective July 1.
12
Paid €1,500 cash on amount owed on truck and €1,400 on amount owed on cleaning supplies
20
Billed customers €4,500 for cleaning services.
18
lad bas onihobnu bas
Paid €2,800 cash for employee salaries.
21
Collected €3,400 cash from customers billed on July 12.
Billed customers €6,000 for cleaning services.
Paid €350 for the monthly gasoline bill for the truck.
Declared and paid a €5,600 cash dividend.
ponslad Isin gric
LA 12
25
31
31
The chart of accounts for Anya's Cleaning Service contains the following accounts: No. 101 Cash.
No. 112 Accounts Receivable, No. 126 Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No
158 Accumulated Depreciation-Equipment, No. 201 Accounts Payable, No. 212 Salaries and Waoes
Payable, No. 311 Share Capital-Ordinary, No. 320 Retained Earnings, No. 332 Dividends, No. 350
Income Summary, No. 400 Service Revenue, No. 631 Supplies Expense, No. 633 Gasoline Expense.
No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries and Wages Expense.
Instructions
a. Journalize and post the July transactions. Use page J1 for the journal and the three-column form of
account.
b. Prepare a trial balance at July 31 on a worksheet.
c. Enter the following adjustments on the worksheet and complete the worksheet.visost ainuon
dao
1. Unbilled and uncollected revenue for services performed at July 31 were €2,700.Rnl bisg
2. Depreciation on equipment for the month was €500.
104,900
basl
104.900
Transcribed Image Text:3. One-twelfth of the insurance expired.
4. An inventory count shows €600 of cleaning supplies on hand at July 31.
5. Accrued but unpaid employee salaries were €1,000.
laso 008,12T
d. Prepare the income statement and a retained earnings statement for July and a classified statement
of financial position at July 31.
e. Journalize and post adjusting entries. Use page J2 for the journal.
f. Journalize and post closing entries and complete the closing process. Use page J3 for the journal.
daso
g. Prepare a post-closing trial balance at July 31.
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