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UOP ACC 290 Week 4 WileyPLUS


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UOP ACC 290 Week 4 WileyPLUS NEW - 100% Correct
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Question 1
Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. During July, the following transactions were completed.
July 1 Issued 12,023 shares of common stock for $12,023 cash.
1 Purchased used truck for $8,023, paying $2,050 cash and the balance on account.
3 Purchased cleaning supplies for $917 on account.
5 Paid $2,280 cash on a 1-year insurance policy effective July 1.
12 Billed customers $4,890 for cleaning services.
18 Paid $1,037 cash on amount owed on truck and $506 on amount owed on cleaning supplies.
20 Paid $2,070 cash for employee salaries.
21 Collected $1,753 cash from customers billed on July 12.
25 Billed customers $2,620 for cleaning services.
31 Paid $370 for maintenance of the truck during month.
31 Declared and paid $616 cash dividend.
Journalize the July transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous question.)
Prepare a trial balance at July 31.
Journalize the following adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
(1) Services performed but unbilled and uncollected at July 31 were $1,871.
(2) Depreciation on equipment for the month was $217.
(3) One-twelfth of the insurance expired.
(4) An inventory count shows $320 of cleaning supplies on hand at July 31.
(5) Accrued but unpaid employee salaries were $446.
Post adjusting entries to the T-accounts.

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