Print by: RANDALL LUCAS

Print by: RANDALL LUCAS
ACC/290 – 40918998 / WileyPLUS Assignment Week Four

P4-8A

Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. During July the following transactions were completed.

July 1	Issued 11,000 shares of common stock for $11,000 cash.
July 1	Purchased used truck for $9,000, paying $2,000 cash and the balance on account.
July 3	Purchased cleaning supplies for $900 on account.
July 5	Paid $1,800 cash on 1-year insurance policy effective July 1.
July 12	Billed customers $3,200 for cleaning services.
July 18	Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies.
July 20	Paid $2,000 cash for employee salaries.
July 21	Collected $1,400 cash from customers billed on July 12.
July 25	Billed customers $2,500 for cleaning services.
July 31	Paid $260 for gas and oil used in the truck during month.
July 31	Declared and paid a $600 cash dividend.

Journalize the July transactions. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

Date	Account/Description	Debit	Credit
July 1	[removed]	[removed]
	[removed]		[removed]
	(To record the issuance of stock)
July 1	[removed]	[removed]
	[removed]		[removed]
	[removed]		[removed]
	(To record the purchase of a truck)
July 3	[removed]	[removed]
	[removed]		[removed]
July 5	[removed]	[removed]
	[removed]		[removed]
July 12	[removed]	[removed]
	[removed]		[removed]
July 18	[removed]	[removed]
	[removed]		[removed]
July 20	[removed]	[removed]
	[removed]		[removed]
July 21	[removed]	[removed]
	[removed]		[removed]
July 25	[removed]	[removed]
	[removed]		[removed]
July 31	[removed]	[removed]
	[removed]		[removed]
	(Paid for gas and oil)
July 31	[removed]	[removed]
	[removed]		[removed]
	(Declared and paid a dividend)

Journalize the following adjustments.

1.	Services provided but unbilled and uncollected at July 31 were $1,700.
2.	Depreciation on equipment for the month was $250.
3.	One-twelfth of the insurance expired.
4.	An inventory count shows $360 of cleaning supplies on hand at July 31.
5.	Accrued but unpaid employee salaries were $400.

Date	Account/Description	Debit	Credit
1. July 31	[removed]	[removed]
	[removed]		[removed]
2. July 31	[removed]	[removed]
	[removed]		[removed]
3. July 31	[removed]	[removed]
	[removed]		[removed]
4. July 31	[removed]	[removed]
	[removed]		[removed]
5. July 31	[removed]	[removed]
	[removed]		[removed]

Post the July transactions to the ledger accounts. (Use T accounts.) Post adjusting entries to the T accounts. Post closing entries and complete the closing process. (If answer is zero, please enter 0, do not leave any fields blank.)

Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code "Newclient" for a 15% Discount!

NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.

Cash				Accounts Payable
7/1	[removed]	7/1	[removed]	7/18	[removed]	7/1	[removed]
7/21	[removed]	7/5	[removed]			7/3	[removed]
		7/18	[removed]			7/31 Bal.	[removed]
		7/20	[removed]
		7/31	[removed]	Salaries Payable
		7/31	[removed]			7/31	[removed]
7/31 Bal.	[removed]					7/31 Bal.	[removed]

Accounts Receivable				Common Stock
7/12	[removed]	7/21	[removed]			7/1	[removed]
7/25	[removed]					7/31 Bal.	[removed]
7/31	[removed]
7/31 Bal.	[removed]			Retained Earnings
				7/31	[removed]	7/31	[removed]
Cleaning Supplies						7/31 Bal.	[removed]
7/3	[removed]	7/31	[removed]
7/31 Bal.	[removed]			Dividends
				7/31	[removed]	7/31	[removed]
				7/31 Bal	[removed]
Prepaid Insurance
7/5	[removed]	7/31	[removed]	Income Summary
7/31 Bal.	[removed]			7/31	[removed]	7/31	[removed]
				7/31	[removed]
Equipment						7/31 Bal.	[removed]
7/1	[removed]
7/31 Bal.	[removed]			Service Revenue
				7/31	[removed]	7/12	[removed]
Accumulated Depreciation – Equipment						7/25	[removed]
		7/31	[removed]			7/31	[removed]
		7/31 Bal.	[removed]			7/31 Bal.	[removed]

Gas and Oil Expense				Insurance Expense
7/31	[removed]	7/31	[removed]	7/31	[removed]	7/31	[removed]
7/31 Bal.	[removed]			7/31 Bal.	[removed]

Cleaning Supplies Expense				Salaries Expense
7/31