July 1July 1July 3July 5July 12July 18CashAccounts ReceivableSuppliesPrepaid InsuranceEquipmentAccumulated Depreciation-EquipmentAccounts PayableSalaries and Wages PayableCommon StockRetained EarningsMaintenance and Repairs ExpenseSupplies ExpenseDepreciation Expense14,400552010802160960035024006480744C1440C Mike Greenberg opened Ayayai Window Washing Inc. on July 1, 2025. During July, the following transactions were completed.July 113512182021253131Issued 14,400 shares of common stock for $14,400 cash.Purchased used truck for $9,600, paying $2,400 cash and the balance on account.Purchased cleaning supplies for $1,080 on account.Paid $2,160 cash on a 1-year insurance policy effective July 1.Billed customers $4,440 for cleaning services performed.Paid $1,200 cash on amount owed on truck and $600 on amount owed on cleaning supplies.Paid $2,400 cash for employee salaries.Collected $1,920 cash from customers billed on July 12.Billed customers $3,000 for cleaning services performed.Paid $350 for maintenance of the truck during month.Declared and paid $720 cash dividend.The chart of accounts for Ayayai Window Washing contains the following accounts: Cash, Accounts Receivable, Supplies, PrepaidInsurance, Equipment, Accumulated Depreciation-Equipment, Accounts Payable, Salaries and Wages Payable, Common Stock,

Name: July 1July 1July 3July 5July 12July 18CashAccounts ReceivableSupplies
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: July 1July 1July 3July 5July 12July 18CashAccounts ReceivableSuppliesPrepaid InsuranceEquipmentAccumulated Depreciation-EquipmentAccounts PayableSalaries and Wages PayableCommon StockRetained EarningsMaintenance and Repairs ExpenseSupplies ExpenseDe

Journal entry is a primary entry that records the financial transactions initially. The transactions…

Answered: Mike Greenberg opened Ayayai Window…

Business

Accounting

Mike Greenberg opened Ayayai Window Washing Inc. on July 1, 2025. During July, the following transactions were completed.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

For the following independent cases, in the space provided, calculate the amount of revenue that should be recorded in 2019 under the revenue recognition principle (point of sale). 1. Company A rents office space to tenants. On October 1, 2019 they collected $18,000 from a tenant which represents 12 month's rent paid in advance. 2. Company B sells heavy equipment. On December 1, 2019 a customer paid a $10,000 deposit towards the purchase of a $50,000 piece of equipment. The date. equipment was delivered on January 16, 2020 and the balance was paid 3. On December 29, 2019 Company C ships $15,000 worth of goods to a customer, F. O. B. destination. The goods arrive on January 3, 2020at the customer's office. The customer pays for the goods On February 1, 2020. 4. Company D provides legal services for clients. On December 2, 2019 a client hires the firm and pays a $10,000 advance payment. The firm did $4,q00 of service in 2019.
With the given information prepare journal entries in the General Journal to record each of the transactions.
The first project for the semester will involve the following items to turn in: 1) Journal entries for financial transactions I will provide you. 2) An adjusted trial balance. 3) An Income statement. 1) On December 1 of 2019 Harold Hammer deposited $ 15,100 in a bank account in the name of Huaning Corporation in exchange for shares of common stock in the corporation. 2) On December 1 of 2019 Huaning Corporation purchased supplies on account for $ 226 . 3) On December 4 of 2019 Huaning Corporation received cash of $ 384 for product sold to the customer. 4) On December 5 of 2019 Huaning Corporation paid the vendor for the December 1st purchase of supplies. 5) On December 6 of 2019 Huaning Corporation purchases supplies on account for $ 469 .6) On December 8 of 2019 Huaning Corporation sells product for $ 445 on account to a customer.7) On December 9 of 2019 Huaning Corporation sells product for $ 462 on account to a customer. 8) On December 10 of 2019 Huaning Corporation paid, in…
Wishbone, Inc., is preparing its year-end balance sheet and needs to determine how much of its assets/liabilities are current or noncurrent. For the following transactions, determine the amount that needs to be included in the balance sheet for the period ending December 31, Year 7, as current or noncurrent. Wishbone paid $16,000 for insurance on October 1, Year 6. Insurance is $500 per month due on the last day of the month. Wishbone pays its employees the Wednesday following the close of the 2-week pay period. Wishbone has 15 employees who each work 40 hours per week for $10 per hour. In Year 7, December 31 is the second Friday of a 2-week pay period. Wishbone has a $10,000 deferred tax asset recorded on its books as of December 31, Year 7. Wishbone expects $3,000 to be reversed in Year 8. During Year 7, Wishbone invested $6,000 in trading securities. It expects to sell half in Year 8 and the remaining half in Year 9. Wishbone purchased new equipment for $15,000 on January 1, Year…
Designer Architects had the following additional information at its November 30, 2020, year-end: The Unearned Revenue account showed a balance of $73,000, which represented four months of services paid in advance by a client for services beginning on October 15, 2020. The payroll register showed the following unpaid amounts as at November 30: EI*Premium IncomeTaxes* CPP* TotalDeductions NetPayable OfficeSalaries SalesSalaries 190.41** 1,400.00 293.98** 1,884.39 4,615.61 3,600.00 2,900.00 *These values are based on assumed payroll deductions.**The employer's portions of EI and CPP are 1.4 times and 1 times the employees' portion, respectively. The November utility bill in the amount of $3,260 was unpaid and unrecorded at November 30. Required:Prepare the appropriate entries at year-end based on the above information: (Round the final answers to 2 decimal places.) Analysis Component:If the above entries are not recorded on November 30, 2020, what is the effect on the…
Received a $760 deposit from a customer who wanted her piano rebuilt in February. how would you Record the transaction.
company received a deposit for $19600 last month for services to be provided in the current month, October. By the end of October the services have been provided. What does the appropriate journal entry include at the end of October?
ss
A customer bought goods from John, a registered VAT taxpayer, on the 12 February 2022. The goods were delivered on the 15 February 2022. The goods were invoiced on 15 March 2022. The customer paid for the goods on the 1 April 2022. Based on the time of supply rules, the time of supply would be? a.12 February 2022 b.1 April 2022 c.15 February 2022 d.15 March 2022
The following issues relate to company clients of the firm of accountants you work for. Eachcompany has a year-end of 31 March 2022.You are required to prepare a brief report for your manager explaining the appropriate accountingtreatments at the 31 March 2022 year-end in each case along with supporting calculations asnecessary.You should cite relevant accounting regulations in your answer. (1) On 1 April 2021, Eyemouth Ltd entered into an agreement to lease machinery which has auseful life of 20 years. The agreement met the definition of a lease in accordance with IFRS 16.Under the terms of the agreement, Eyemouth paid a deposit of £10,000 on 1 April 2021 to securethe lease and is required to pay eight annual instalments of £100,000 in arrears, with the firstinstalment due on 31 March 2022. The interest rate implicit in the lease is 6% and the present valueof future lease payments on commencement of the lease is £620,979. Eyemouth paid £5,000 inlegal fees to arrange the lease. The…