I need step 7, Journal and Post the Closing Journal entries for November, 20XX ...
50.1K
Verified Solution
Link Copied!
Question
Accounting
I need step 7, Journal and Post the Closing Journal entries for November, 20XX
Start with the following transactional data for the first month of operations for Crystal Clear Cleaning. Crystal Clear Cleaning Chart of Accounts November 1,20XX The following transactions occurred during the month of November, 20x : Nov. 1 Andrew Habib contributed $35,000 and a truck, with a market value of $7,000, to the business in exchange for capital. (Common Stock). 2 The business paid $2,000 to Pleasant Properties for the term November 1,201 through February, 202 rent. (Debit Prepaid Rent) 3 Paid $1,800 for a business insurance policy for the term November 1, 20X1 through October 31, 20X2. (Debit Prepaid Insurance) 4 Purchased cleaning supplies on account, $220. 5 Purchased on account an industrial vacuum cleaner costing $2,000. The invoice is payable November 25 . 7 Paid $1,200 for a computer and printer. 9 Performed cleaning services on account in the amount of $3,800. 10 Received $300 for services rendered on November 9. 15 Paid employees, $350. 16 Received $12,000 for a 1 -year contract beginning November 16 for cleaning services to be provided. Contract begins November 16,201, and ends November 15th,202. (Credit Unearned Revenue) 17 Provided cleaning services and received $1,000 cash. 18 Received a utility bill for $250 with a due date of December 4. (Use Accounts Payable) 20 Borrowed $96,000 from bank with interest rate of 9% per year. (LT Note Payable) 21 Received $900 on account for services performed on November 9. 25 Paid $1,000 on account for vacuum cleaner purchased on November 5 . 29 Paid $500 for advertising. 30 Habib received dividends of $200 November Adjustments: a. Cleaning supplies on hand at the end of November were $30. b. One month's combined depreciation on all depreciable assets was estimated to be $270. c. One month's interest expense is $240. d. Calculate the adjustment for Prepaid Rent. e. Calculate the adjustment for Prepaid Insurance. f. Calculate the adjustment for Unearned Revenue. Check rigures: November Unadjusted Trial Balance: 156,270 November Net Income: 2,850
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!