D’Lite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company for a fee. The assets and liabilities of the business on July 1, 2019, are as follows: Cash, $45,000; Accounts Receivable, $93,000; Supplies, $7,000; Land, $75,000; Accounts Payable, $40,000. Business transactions during July are summarized as follows: a. Joel Palk invested additional cash in the business with a deposit of $35,000 in the business bank account. b. Paid $50,000 for the purchase of land adjacent to land currently owned by D’Lite Dry Cleaners as a future building site. c. Received cash from cash customers for dry cleaning revenue, $32,125. d. Paid rent for the month, $6,000. e. Purchased supplies on account, $2,500. f. Paid creditors on account, $22,800. g. Charged customers for dry cleaning revenue on account, $84,750. h. Received monthly invoice for dry cleaning expense for July (to be paid on August 10), $29,500. i. Paid the following: wages expense, $7,500; truck expense, $2,500; utilities expense, $1,300; miscellaneous expense, $2,700. j. Received cash from customers on account, $88,000. k. Determined that the cost of supplies on hand was $5,900; therefore, the cost of supplies used during the month was $3,600. l. Withdrew $12,000 cash for personal use 1. prepare the general ledger of july, general Journal of july, and trial balance of july
D’Lite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is
done by another company for a fee. The assets and liabilities of the business on July 1, 2019,
are as follows: Cash, $45,000;
Accounts Payable, $40,000. Business transactions during July are summarized as follows:
a. Joel Palk invested additional cash in the business with a deposit of $35,000 in the
business bank account.
b. Paid $50,000 for the purchase of land adjacent to land currently owned by D’Lite Dry
Cleaners as a future building site.
c. Received cash from cash customers for dry cleaning revenue, $32,125.
d. Paid rent for the month, $6,000.
e. Purchased supplies on account, $2,500.
f. Paid creditors on account, $22,800.
g. Charged customers for dry cleaning revenue on account, $84,750.
h. Received monthly invoice for dry cleaning expense for July (to be paid on August 10),
$29,500.
i. Paid the following: wages expense, $7,500; truck expense, $2,500; utilities expense,
$1,300; miscellaneous expense, $2,700.
j. Received cash from customers on account, $88,000.
k. Determined that the cost of supplies on hand was $5,900; therefore, the cost of supplies
used during the month was $3,600.
l. Withdrew $12,000 cash for personal use
1. prepare the general ledger of july, general Journal of july, and
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