Journalize and post the August transactions. Use page J1 for the journal. Journa
ID: 2334240 • Letter: J
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Journalize and post the August transactions. Use page J1 for the journal.
Journalize and post the August transactions. Use page J1 for the journal.
Prepare a trial balance at August 31. Journalize and post the adjusting entries. Use page J2 for the journal. Prepare an adjusted trial balance at August 31. Prepare the Income Statement and Statement of Owners Equity for August. Prepare a classified Balance Sheet at August 31, 2018. Journalize and post the closing entries. Use page J3 for the journal. Prepare a post-closing trial balance at August 31. Joshua Sand opened Sunshine Cleaning Service on August 1, 2018. During August, the company completed the following transactions: Aug 1 Owner Joshua Sand invested $40,000 cash and $6,800 of cleaning equipment in the business. 1 Purchased a used truck for $12,000, paying $3,000 cash and the balance on account. 3 Purchased cleaning supplies for $1,475 on account. 5 Paid $1,800 on a one-year insurance policy, effective August 1. 12 Billed customers $5,982 for cleaning services. 18 Paid $1,500 of amount owed on truck. 19 Paid $475 of amount owed for cleaning supplies. 20 Paid $1,025 for employee salaries. 21 Collected $4,225 from customers billed on August 12. 25 Billed customers $4,075 for cleaning services. 31 Paid gasoline for the month on the truck, $215. 31 Owner Joshua Sand withdrew $1,100 for personal use. Adjustments: Aug 31 Earned but unbilled fees at August 31 were $2,875. Depreciation on truck for the month was $250. One-twelfth of the insurance expired. An inventory count shows $625 of cleaning supplies on hand at August 31. Accrued but unpaid employee salaries were $695.Explanation / Answer
In the books of Sunshine Cleaning Services:
Unadjusted Trial Balance:
Adjusting entries:
Adjusted Trial Balance:
Income Statement:
Statement of Owners' Equity:
Balance Sheet:
Date Account Titles Debit Credit $ $ Aug 1 Cash 40,000 Equipment 6,800 J. Sand, Capital 46,800 Aug 1 Equipment 12,000 Cash 3,000 Accounts Payable 9,000 Aug 3 Supplies 1,475 Accounts Payable 1,475 Aug 5 Prepaid Insurance 1,800 Cash 1,800 Aug 12 Accounts Receivable 5,982 Service Revenue 5,982 Aug 18 Accounts Payable 1,500 Cash 1,500 Aug 19 Accounts Payable 475 Cash 475 Aug 20 Salaries Expense 1,025 Cash 1,025 Aug 21 Cash 4,225 Accounts Receivable 4,225 Aug 25 Accounts Receivable 4,075 Service Revenue 4,075 Aug 31 Gasoline Expense 215 Cash 215 Aug 31 J. Sand, Withdrawals 1,100 Cash 1,100Related Questions
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