Mike Greenberg opened Swifty Window Washing Inc. on July 1, 2022. During July, the following transactions were completed.Issued 12,400 shares of common stock for $12,400 cash.Purchased used truck for $7,700, paying $1,900 cash and the balance on account.Purchased cleaning supplies for $1,000 on account.Paid $1,800 cash on a 1-year insurance policy effective July 1.Billed customers $3,900 for cleaning services performed.Paid $900 cash on amount owed on truck and $500 on amount owed on cleaning supplies.July 113512182021253131Paid $2,000 cash for employee salaries.Collected $1,600 cash from customers billed on July 12.Billed customers $2,400 for cleaning services performed.Paid $310 for maintenance of the truck during month.Declared and paid $500 cash dividend. The chart of accounts for Swifty Window Washing contains the following accounts: Cash, Accounts Receivable, Supplies, PrepaidInsurance, Equipment, Accumulated Depreciation-Equipment, Accounts Payable, Salaries and Wages Payable, Common Stock,Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, DepreciationExpense, Insurance Expense, and Salaries and Wages Expense.(a)Journalize the July transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Ifno entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in theproblem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)DateAccount Titles and ExplanationDebitCredit

Name: Mike Greenberg opened Swifty Window Washing Inc. on July 1, 2022. Dur
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Description: Mike Greenberg opened Swifty Window Washing Inc. on July 1, 2022. During July, the following transactions were completed.Issued 12,400 shares of common stock for $12,400 cash.Purchased used truck for $7,700, paying $1,900 cash and the balance on acc

JOURNAL ENTRY Journal Entry is the Initial Stage of Recording of Transaction. in Journal Entry we…

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Mike Greenberg opened Swifty Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. Issued 12,400 shares of common stock for $12,400 cash. Purchased used truck for $7,700, paying $1,900 cash and the balance on account. Purchased cleaning supplies for $1,000 on account. July 1 1 3 5 12 18 20 21 25 31 31 Paid $1,800 cash on a 1-year insurance policy effective July 1. Billed customers $3,900 for cleaning services performed. Paid $900 cash on amount owed on truck and $500 on amount owed on cleaning supplies. Paid $2,000 cash for employee salaries. Collected $1,600 cash from customers billed on July 12. Billed customers $2,400 for cleaning services performed. Paid $310 for maintenance of the truck during month. Declared and paid $500 cash dividend.

Mike Greenberg opened Swifty Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. Issued 12,400 shares of common stock for $12,400 cash. Purchased used truck for $7,700, paying $1,900 cash and the balance on account. Purchased cleaning supplies for $1,000 on account. July 1 1 3 5 12 18 20 21 25 31 31 Paid $1,800 cash on a 1-year insurance policy effective July 1. Billed customers $3,900 for cleaning services performed. Paid $900 cash on amount owed on truck and $500 on amount owed on cleaning supplies. Paid $2,000 cash for employee salaries. Collected $1,600 cash from customers billed on July 12. Billed customers $2,400 for cleaning services performed. Paid $310 for maintenance of the truck during month. Declared and paid $500 cash dividend.

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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Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: Opened a business bank account in the name of Stanley Insurance Inc., with a deposit of $48,000 in exchange for common stock. Borrowed $25,000 by issuing a note payable. Received cash from fees earned, $28,500. Paid rent on office and equipment for the month, $2,600. Paid automobile expense for the month, $1,800, and miscellaneous expense, $1,000. Paid office salaries, $4,200. Paid interest on the note payable, $90. Purchased land as a future building site, $60,000. Paid dividends, $4,300. Instructions: 1. Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. If an amount box does not require an entry, leave it blank. Enter account decreases and net cash outflows as negative amounts. 2. Which of the following shows the correct effect on the accounting equation for a utility expense…