please Journalize adjusting entries from the following data: Heidi Jara opened Culver's Cleaning Service...

60.1K

Verified Solution

Question

Accounting

please Journalize adjusting entries from the following data:
Heidi Jara opened Culver's Cleaning Service on July 1,2022. During July, the following transactions were completed.
July 1 Stockholders invested $20,200 cash in the business in exchange for common stock.
1 Purchased used truck for $9,100, paying $3,800 cash and the balance on account.
3 Purchased cleaning supplies for $1,900 on account.
5 Paid $1,680 cash on a 1-year insurance policy effective July 1.
12 Billed customers $4,500 for cleaning services.
18 Paid $1,600 cash on amount owed on truck and $1,400 on amount owed on cleaning supplies.
20 Paid $2,600 cash for employee salaries.
21 Collected $3,500 cash from customers billed on July 12.
25 Billed customers $5,900 for cleaning services.
31 Paid $360 for the monthly gasoline bill for the truck.
31 Paid a $5,600 cash dividend.
The chart of accounts for Culver's Cleaning Service contains the following accounts: No.101 Cash, No.112 Accounts Receivable, No.
126 Supplies, No.130 Prepaid Insurance, No.157 Equipment, No.158 Accumulated Depreciation-Equipment, No.201 Accounts
Payable, No.212 Salaries and Wages Payable, No.311 Common Stock, No.320 Retained Earnings, No.332 Dividends, No.350 Income
Summary, No.400 Service Revenue, No.631 Supplies Expense, No.633 Gasoline Expense, No.711 Depreciation Expense, No..
Insurance Expense, and No.726 Salaries and Wages Expense.

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students