50.1K

Verified Solution

Link Copied!

Comprehensive Problem 4 a-g Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2019. During July, the company completed the following transactions. July 1 Stockholders invested $15,000 cash in the business in exchange for common stock. 1 Purchased a used truck for $11,000, paying $3,200 cash and the balance on account. 3 Purchased cleaning supplies for $800 on account. 5 Paid $1,608 on a 1-year insurance policy, effective July 1. 12 Billed customers $3,900 for cleaning services. 18 Paid $1,000 of amount owed on truck, and $200 of amount owed on cleaning supplies. 20 Paid $1,600 for employee salaries. 21 Collected $1,600 from customers billed on July 12. 25 Billed customers $1,500 for cleaning services. 31 Paid gasoline for the month on the truck, $300. 31 Declared and paid a $700 cash dividend. (b) (c) Prepare a trial balance at July 31 on a worksheet. Enter the following adjustments on the worksheet, and complete the worksheet. (1) Unbilled fees for services performed at July 31 were $1,500. (2) Depreciation on equipment for the month was $220. (3) One-twelfth of the insurance expired. (4) An inventory count shows $200 of cleaning supplies on hand at July 31. (5) Accrued but unpaid employee salaries were $400. KRISTIN'S MAIDS CLEANING SERVICE Prepare a worksheet. | For the Month Ended July 31, 2019 V Adjustments Adjusted Trial Balance Dr. | Dr. cr. Account Titles - - Trial Balance Dr. I - - Income Statement Dr. | cr.. Cash Accounts Receivable Supplies Prepaid Insurance Equipment TECHOOOOOO Accounts Payable Common Stock Dividends Service Revenue ON OUT TOUUUU UUUUUUUUUU TUTE Gasoline Expense OUOOOOOOOO nitidintiliini continuit Salaries and Wages Expense Totals 27800| T 27800 Depreciation Expense Accum. Depr.-Equipment Insurance Expense Supplies Expense Salaries and Wages Payable Totals Net Income Totals

Answer & Explanation Solved by verified expert

See Answer