Mike Greenberg opened Cheyenne Window Washing Co. on July 1, 2020. During July, the following transactions were completed. July 1 Owner invested $9,800 cash in the company. 1 Purchased used truck for $6,560, paying $1,640 cash and the balance on account. 3 Purchased cleaning supplies for $740 on account. 5 Paid $1,440 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,030 for cleaning services performed. 18 Paid $820 cash on amount owed on truck and $410 on amount owed on cleaning supplies. 20 Paid $1,640 cash for employee salaries. 21 Collected $1,310 cash from customers billed on July 12. 25 Billed customers $2,050 for cleaning services performed. 31 Paid $240 for maintenance of the truck during month. 31 Owner withdrew $490 cash from the company.
Mike Greenberg opened Cheyenne Window Washing Co. on July 1, 2020. During July, the following transactions were completed. July 1 Owner invested $9,800 cash in the company. 1 Purchased used truck for $6,560, paying $1,640 cash and the balance on account. 3 Purchased cleaning supplies for $740 on account. 5 Paid $1,440 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,030 for cleaning services performed. 18 Paid $820 cash on amount owed on truck and $410 on amount owed on cleaning supplies. 20 Paid $1,640 cash for employee salaries. 21 Collected $1,310 cash from customers billed on July 12. 25 Billed customers $2,050 for cleaning services performed. 31 Paid $240 for maintenance of the truck during month. 31 Owner withdrew $490 cash from the company.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Mike Greenberg opened Cheyenne Window Washing Co. on July 1, 2020. During July, the following transactions were completed.
| July 1 | Owner invested $9,800 cash in the company. | ||
| 1 | Purchased used truck for $6,560, paying $1,640 cash and the balance on account. | ||
| 3 | Purchased cleaning supplies for $740 on account. | ||
| 5 | Paid $1,440 cash on a 1-year insurance policy effective July 1. | ||
| 12 | Billed customers $3,030 for cleaning services performed. | ||
| 18 | Paid $820 cash on amount owed on truck and $410 on amount owed on cleaning supplies. | ||
| 20 | Paid $1,640 cash for employee salaries. | ||
| 21 | Collected $1,310 cash from customers billed on July 12. | ||
| 25 | Billed customers $2,050 for cleaning services performed. | ||
| 31 | Paid $240 for maintenance of the truck during month. | ||
| 31 | Owner withdrew $490 cash from the company. |
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Date
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Account Titles and Explanation
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Debit
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Credit
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July 1July 3July 5July 12July 18July 20July 21July 25July 31
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| (To record cash invested in the business) | |||
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July 1July 3July 5July 12July 18July 20July 21July 25July 31
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| (To record purchase of truck.) |
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July 1July 3July 5July 12July 18July 20July 21July 25July 31
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July 1July 3July 5July 12July 18July 20July 21July 25July 31
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July 1July 3July 5July 12July 18July 20July 21July 25July 31
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July 1July 3July 5July 12July 18July 20July 21July 25July 31
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July 1July 3July 5July 12July 18July 20July 21July 25July 31
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July 1July 3July 5July 12July 18July 20July 21July 25July 31
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July 1July 3July 5July 12July 18July 20July 21July 25July 31
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July 1July 3July 5July 12July 18July 20July 21July 25July 31
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| (To record maintenance of the truck) |
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July 1July 3July 5July 12July 18July 20July 21July 25July 31
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| (To record owner withdraws) |
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