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https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni Print by: ABIGAIL ELENA 171.A03.Fall 2018.Honig / Chapter 4 Homework *Problem 4-5A Anya Clark opened Anya's Cleaning Service on July 1, 2017. During July, the following transactions were completed. July 1 Anya invested $20,000 cash in the business. 1 Purchased used truck for $12,000, paying $4,000 cash and the balance on account. 3 Purchased cleaning supplies for $2,100 on account. 5 Paid $1,800 cash on 1-year insurance policy effective July 1. 12 Billed customers $4,500 for cleaning services. cash on amount owed on truck and $1,400 on amount owed on cleaning supplies 20 Paid $2,800 cash for employee salaries. 21 Collected $3,400 cash from customers billed on July 12. 25 Billed customers $6,000 for cleaning services. 31 Paid $350 for the monthly gasoline bill for the truck 31 Withdrew $5,600 cash for personal use.

Explanation / Answer

Un adjusted Adjustment Adjusted Trial Balance Debit Credit Debit Credit Debit Credit Cash 6020 6020 Account Receivable 7100 7100 Supplies 2300 1700 600 Account Payable 4300 4300 Prepaid Insurance 1920 160 1760 Equipment 8900 8900 Accumulated Depreciation 500 500 Salaries and Wages Payable 1000 1000 Owner Capital 20000 20000 Owners Drawings 5600 5600 0 Service Revenue 10400 2700 7700 Gasoline Expense 360 360 0 Insurance Expense 160 160 Unearned Service Revenue 2700 2700 Depreciation Expense 500 500 Salaries and Wages Expense 2500 1000 3500 Supplies Expense 1700 1700 Total 34700 34700 6060 6060 36200 36200 Income Statement As at 31 july 2017 Service Revenue 7700 Expenses Gasoline Expense 360 Insurance Expense 160 Depreciation Expense 500 Salaries and Wages Expense 3500 Supplies Expense 1700 Total Expense 6220 Net Income 1480 Owners Equity Statement Anya Capital July1 0 Add Investment 20000 Net Revenue 1480 21480 Less Drawings 5600 Anya Capital July3 1 15880 Balance Sheet Assets Current Asset Cash 6020 AccountsReceivable 7100 Cleaning Supplies 600 Prepaid Insurance 1760 Total Current Asset 15480 Property Plant and Equipment Equipment 8900 Less Accumulated Depreciation Equipment 500 8400 Total Asset 23880 Liabilities and Owners Equity current Liabilities Account Payable 4300 Salaries Payable 1000 Unearned Service Revenue 2700 Total Current Liabilities 8000 Total Liabilities 8000 Owners Equity Jan Jansen Capital 15880 Total Liabilities and Owners Equity 23880

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