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July 1 1 3 5 12 18 20 21 25 31 31 Clark opened Pharoah's Cleaning Service on July 1, 2022. During July, the following transactions were completed. Pharoah invested $20,200 cash in the business. Purchased used truck for $9,100, paying $3,800 cash and the balance on account. Purchased cleaning supplies for $1,900 on account. Paid $1,680 cash on a 1-year insurance policy effective July 1. Billed customers $4,500 for cleaning services. Poid $1,600 cash on amount owed on truck and $1,400 on amount owed on cleaning supplies. Paid $2,600 cash for employee salaries. Collected $3,500 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.

July 1 1 3 5 12 18 20 21 25 31 31 Clark opened Pharoah's Cleaning Service on July 1, 2022. During July, the following transactions were completed. Pharoah invested $20,200 cash in the business. Purchased used truck for $9,100, paying $3,800 cash and the balance on account. Purchased cleaning supplies for $1,900 on account. Paid $1,680 cash on a 1-year insurance policy effective July 1. Billed customers $4,500 for cleaning services. Poid $1,600 cash on amount owed on truck and $1,400 on amount owed on cleaning supplies. Paid $2,600 cash for employee salaries. Collected $3,500 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
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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Closing entry? Please don't give image format
Pharoah Clark opened Pharoah's Cleaning Service on July 1, 2022. During July, the following transactions were completed. Pharoah invested $20,200 cash in the business. Purchased used truck for $9,100, paying $3,800 cash and the balance on account. Purchased cleaning supplies for $1,900 on account. Paid $1,680 cash on a 1-year insurance policy effective July 1. Billed customers $4,500 for cleaning services. Phid $1,600 cash on amount owed on truck and $1,400 on amount owed on cleaning supplies. Paid $2,600 cash for employee salaries. Collected $3,500 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. July 1 1 3 5 12 18 222 20 21 25 31 31
Transcribed Image Text:Pharoah Clark opened Pharoah's Cleaning Service on July 1, 2022. During July, the following transactions were completed. Pharoah invested $20,200 cash in the business. Purchased used truck for $9,100, paying $3,800 cash and the balance on account. Purchased cleaning supplies for $1,900 on account. Paid $1,680 cash on a 1-year insurance policy effective July 1. Billed customers $4,500 for cleaning services. Phid $1,600 cash on amount owed on truck and $1,400 on amount owed on cleaning supplies. Paid $2,600 cash for employee salaries. Collected $3,500 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. July 1 1 3 5 12 18 222 20 21 25 31 31
Journalize closing entries and complete the closing process. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. Record Journal entries in the order displayed in the problem.) Show Transcribed Text Date Account Titles and Explanation V (To close revenue account) Show Transcribed Text (To close expense accounts) (To close net income / (loss)). (To close drawings) 3 Debit Credit
Transcribed Image Text:Journalize closing entries and complete the closing process. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. Record Journal entries in the order displayed in the problem.) Show Transcribed Text Date Account Titles and Explanation V (To close revenue account) Show Transcribed Text (To close expense accounts) (To close net income / (loss)). (To close drawings) 3 Debit Credit
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