Mike Greenberg opened Bramble Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July 1 Issued 12, 200 shares of common stock for $ 12,200 cash. 1 Purchased used truck for $7,400, paying $1,900 cash and the balance on account. 3 Purchased cleaning supplies for $900 on account. 5 Paid $1,800 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,900 for cleaning services performed. 18 Paid $900 cash on amount owed on truck and $500 on amount owed on cleaning supplies. 20 Paid $2,200 cash for employee salaries. 21 Collected $1,500 cash from customers billed on July 12. 25 Billed customers $2,300 for cleaning services performed. 31 Paid $320 for maintenance of the truck during month. 31 Declared and paid $600 cash dividend. FIND THE BRAMBLE WINDOW WASHING INC. TRIAL BALANCE (PREPARE A TRILE BALANCE AT JULY 31

Mike Greenberg opened Bramble Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July 1 Issued 12, 200 shares of common stock for $ 12,200 cash. 1 Purchased used truck for $7,400, paying $1,900 cash and the balance on account. 3 Purchased cleaning supplies for $900 on account. 5 Paid $1,800 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,900 for cleaning services performed. 18 Paid $900 cash on amount owed on truck and $500 on amount owed on cleaning supplies. 20 Paid $2,200 cash for employee salaries. 21 Collected $1,500 cash from customers billed on July 12. 25 Billed customers $2,300 for cleaning services performed. 31 Paid $320 for maintenance of the truck during month. 31 Declared and paid $600 cash dividend. FIND THE BRAMBLE WINDOW WASHING INC. TRIAL BALANCE (PREPARE A TRILE BALANCE AT JULY 31

Name: Mike Greenberg opened Bramble Window Washing Inc. on July 1, 2022. Du
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Description: Mike Greenberg opened Bramble Window Washing Inc. on July 1, 2022. During July, thefollowing transactions were completed. July 1 Issued 12, 200 shares of common stock for $12,200 cash. 1 Purchased used truck for $7,400, paying $1,900 cash and the ba

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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Natalie opened Natalie Washing co. on July 1, 2022. During July, the following transactions were completed. July 1 Owner invests $12,000 cash to start the business. July 3 Purchased used truck for $8,000, paying $2,000 cash and signing a 1-year, 10% note for the remainder. July 5 Purchased clening supplies for $900 on account. July10 Paid $1800 cash on a 1-year insurnace policy effective July 1 July 12 Billed customers $3700 fore cleaning services performed. July 15 Paid $500 on amount owed on cleaning supplies. July 16 Received $2500 for serviced to be performed evenly from July 16 through September 15. July 22 Paid $2000 for employee salaries. July 29 July 30 July 31 Collected $1600 cash from customers billed on July 12. Paid $290 for maintenance of the truck during month. Owner withdrew $600 from the business for personal expenses. Requirements: 1) Make a tabular analysis of the transactions on accounting equation. Use the following column headings: cash, Supplies, accounts…
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Mike Greenberg opened Culver Window Washing Inc. on July 1, 2025. During July, the following transactions were completed. July 1 1 (a) 3 5 12 18 20 21 25 31 31 Issued 13,400 shares of common stock for $13,400 cash. Purchased used truck for $8,960, paying $2,240 cash and the balance on account. Purchased cleaning supplies for $1,010 on account. Paid $2,040 cash on a 1-year insurance policy effective July 1. Billed customers $4,140 for cleaning services performed. Paid $1,120 cash on amount owed on truck and $560 on amount owed on cleaning supplies. Paid $2,240 cash for employee salaries. Collected $1,790 cash from customers billed on July 12. Billed customers $2,800 for cleaning services performed. Paid $320 for maintenance of the truck during month. Declared and paid $670 cash dividend. The chart of accounts for Culver Window Washing contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation-Equipment, Accounts Payable,…
The following transactions occurred during 2021 for the Beehive Honey Corporation: Feb. 1 Borrowed $12,000 from a bank and signed a note. Principal and interest at 10% will be paid on January 31, 2022. Apr. 1 Paid $3,600 to an insurance company for a two-year fire insurance policy. July 17 Purchased supplies costing $2,800 on account. The company records supplies purchased in an asset account. At the year-end on December 31, 2021, supplies costing $1,250 remained on hand. Nov. 1 A customer borrowed $6,000 and signed a note requiring the customer to pay principal and 8% interest on April 30, 2022. Required:1. Record each transaction in general journal form.2. Prepare any necessary adjusting entries at the year-end on December 31, 2021. No adjusting entries were recorded during the year for any item.
Mary Maywood opened Maywood Cleaners on March 1, 2022. During March, the following transactions were completed.Mar.1 Shareholders invested €25,000 cash in the business in exchange for ordinary shares.Mar.1 Borrowed €7,000 cash by signing a 6-month, 8%, €7,000 note payable. Interest will be paid the first day of each subsequent month.Mar.1 Purchased used truck for €9,000 cash.Mar.2 Paid €2,500 cash to cover rent from March 1 through May 31.Mar.3 Paid €3,400 cash on a 6-month insurance policy effective March 1.Mar.6 Purchased cleaning supplies for €2,000 on account.Mar.14 Billed customers €4,700 for cleaning services performed.Mar.18 Paid €700 on amount owed on cleaning supplies.Mar.20 Paid €1,750 cash for employee salaries.Mar.21 Collected €1,800 cash from customers billed on March 14.Mar.28 Billed customers €4,500 for cleaning services performed.Mar.31 Paid €450 for gas and oil used in truck during month (use Maintenance and RepairsExpense).Mar.31 Declared and paid a €1000 cash…
Mary Maywood opened Maywood Cleaners on March 1, 2022. During March, the following transactions were completed.Mar.1 Shareholders invested €25,000 cash in the business in exchange for ordinary shares.Mar.1 Borrowed €7,000 cash by signing a 6-month, 8%, €7,000 note payable. Interest will be paid the first day of each subsequent month.Mar.1 Purchased used truck for €9,000 cash.Mar.2 Paid €2,500 cash to cover rent from March 1 through May 31.Mar.3 Paid €3,400 cash on a 6-month insurance policy effective March 1.Mar.6 Purchased cleaning supplies for €2,000 on account.Mar.14 Billed customers €4,700 for cleaning services performed.Mar.18 Paid €700 on amount owed on cleaning supplies.Mar.20 Paid €1,750 cash for employee salaries.Mar.21 Collected €1,800 cash from customers billed on March 14.Mar.28 Billed customers €4,500 for cleaning services performed.Mar.31 Paid €450 for gas and oil used in truck during month (use Maintenance and RepairsExpense).Mar.31 Declared and paid a €1000 cash…
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Sunshine Company began operations on January 1, 2020. In its first year, the following transactions occurred: 1. Issued common shares for $368,000 cash. 2. Borrowed $57,000 from the bank for a five-year term. 3. Purchased equipment for $206,000 cash. 4. Purchased supplies, on account, for $6,500. 5. Sales on account amounted to $101,000. 6. Collected $86,000 from customers for services provided. 7. Paid wages of $35,000 to employees. 8. Paid $24,500 for utilities (telephone, electricity, heat, & water). For Sunshine Company, the following adjustments are required prior to them being able to prepare financial statements for the year ended December 31, 2020. 1. The bank loan was taken out on January 1st and has an interest rate of 9%. Interest is due January 1st of the following year. 2. The equipment was purchased on January 1st and has an estimated useful life of 10 years and a residual value of $13,500. The company uses the straight-line depreciation…
with this entries July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 1 Paid the premium on a 1-year insurance policy, $4,800. July 1 Paid the current month's store rent expense, $3,600. July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account. July 8 Purchased repair supplies from Mary's Repair Company on credit, $450. July 10 Paid telephone bill, $300. July 11 Cash pool service revenue for the first third of July, $2,650. July 18 Made payment to Mary's Repair Company, $300. July 20 Cash pool service revenue for the second third of July, $4,000. July 31 Cash pool service revenue for the last third of July, $2,250. July 31 Paid the current month's electric bill, $500. July 31 Declared and paid cash dividend of $1,100. i have to Prepare adjusting entries using the following information in…
with this entries July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 1 Paid the premium on a 1-year insurance policy, $4,800. July 1 Paid the current month's store rent expense, $3,600. July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account. July 8 Purchased repair supplies from Mary's Repair Company on credit, $450. July 10 Paid telephone bill, $300. July 11 Cash pool service revenue for the first third of July, $2,650. July 18 Made payment to Mary's Repair Company, $300. July 20 Cash pool service revenue for the second third of July, $4,000. July 31 Cash pool service revenue for the last third of July, $2,250. July 31 Paid the current month's electric bill, $500. July 31 Declared and paid cash dividend of $1,100. and this adjustments ) One month's insurance has expired.b) The…
WINTER WHOLESALE COMPANY BEGAN OPERATIONSON AUGUST, 2021. THE FOLLOWING TRANSACTIONS TOOK PLACE DURING THE MONTH OF AUGUST A. OWNERS INVESTED P 50,000 CASH IN THE CORPORATION IN EXCHANGE FOR 5,000 SHARES OF EQUITY CAPITAL B. EQUIPMENT WAS PURCHASED FOR P 20,000 CASH C. ON THE FIRST DAY OF AUGUST, P 6,000 RENT ON A BUILDING WAS PAID FOR THE MONTHS OF AUGUST AND SEPTEMBER. D. MERCHANDISE COSTING P 38,000 WAS PURCHASED ON ACCOUNT. THE COMPANY USES PERPETUAL INVENTORY SYSTEM. E. P 30,000 WAS BORROWED FROM A LOCAL BANK, AND A NOTE PAYABLE WAS SIGNED F. CREDIT SALES FOR THE MONTH WERE P 40,000. THE COST OF MERCHANDISE SOLD WAS P 22,000. G. P 15,000 WAS COLLECTED ON ACCOUNT FROM CUSTOMERS H. P 20,000 WAS PAID ON ACCOUNT TO SUPLIERS OF MERCHANDISE I. SALARIES OF P7,000 WERE PAID TO EMPLOYEES FOR AUGUST J. A BILL FOR P 2,000 WAS RECEIVED FROM A LOCAL UTILITY COMPANY FOR THE MONTH OF AUGUST K. P 20,000 CASH WAS LOANED TO ANOTHER COMPANY, EVIDENCED BY A NOTE RECEIVABLE. L. THE CORPORATION PAID…