Ivanhoe Clark opened Ivanhoe's Cleaning Service on July 1, 2022. During July, the following transact July 1 1 3 5 18 20 21 25 31 31 Ivanhoe invested $20,000 cash in the business. Purchased used truck for $8.900, paying $4,000 cash and the balance on account. Purchased cleaning supplies for $2,300 on account. Paid $1,920 cash on a 1-year insurance policy effective July 1. Billed customers $4,500 for cleaning services. Paid $1,500 cash on amount owed on truck and $1,400 on amount owed on cleaning supp Paid $2,500 cash for employee salaries. Collected $3,300 cash from customers billed on July 12. Billed customers $5,900 for cleaning services. Paid $360 for the monthly gasoline bill for the truck. Withdraw $5,600 cash for personal use.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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(d1)
(d2)
Prepare the income statement for July. (Enter negative amounts using either a negative sign preceding the number eg. -45 or
parentheses eg. (45).)
e Textbook and Media
IVANHOE'S CLEANING SERVICE
Income Statement
$
Prepare the owner's equity statement for July. (List items that increase owner's equity first.)
IVANHOE'S CLEANING SERVICE
Owner's Equity Statement
$
$
$
$
S
Transcribed Image Text:(d1) (d2) Prepare the income statement for July. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45).) e Textbook and Media IVANHOE'S CLEANING SERVICE Income Statement $ Prepare the owner's equity statement for July. (List items that increase owner's equity first.) IVANHOE'S CLEANING SERVICE Owner's Equity Statement $ $ $ $ S
Ivanhoe Clark opened Ivanhoe's Cleaning Service on July 1, 2022. During July, the following transacti
July 1
5
Ivanhoe invested $20,000 cash in the business.
Purchased used truck for $8,900, paying $4,000 cash and the balance on account.
Purchased cleaning supplies for $2,300 on account.
Paid $1,920 cash on a 1-year insurance policy effective July 1.
Billed customers $4.500 for cleaning services.
Paid $1,500 cash on amount owed on truck and $1,400 on amount owed on cleaning suppl
Paid $2,500 cash for employee salaries.
Collected $3,300 cash from customers billed on July 12.
Billed customers $5,900 for cleaning services.
Paid $360 for the monthly gasoline bill for the truck.
Withdraw $5,600 cash for personal use.
Transcribed Image Text:Ivanhoe Clark opened Ivanhoe's Cleaning Service on July 1, 2022. During July, the following transacti July 1 5 Ivanhoe invested $20,000 cash in the business. Purchased used truck for $8,900, paying $4,000 cash and the balance on account. Purchased cleaning supplies for $2,300 on account. Paid $1,920 cash on a 1-year insurance policy effective July 1. Billed customers $4.500 for cleaning services. Paid $1,500 cash on amount owed on truck and $1,400 on amount owed on cleaning suppl Paid $2,500 cash for employee salaries. Collected $3,300 cash from customers billed on July 12. Billed customers $5,900 for cleaning services. Paid $360 for the monthly gasoline bill for the truck. Withdraw $5,600 cash for personal use.
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