Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. During July the

Question

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

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

July 1 Issued 13,514 shares of common stock for $13,514 cash.
July 1 Purchased used truck for $11,514, paying $2,123 cash and the balance on account.
July 3 Purchased cleaning supplies for $940 on account.
July 5 Paid $1,858 cash on 1-year insurance policy effective July 1.
July 12 Billed customers $3,258 for cleaning services.
July 18 Paid $1,159 cash on amount owed on truck and $509 on amount owed on cleaning supplies.
July 20 Paid $2,012 cash for employee salaries.
July 21 Collected $1,587 cash from customers billed on July 12.
July 25 Billed customers $2,524 for cleaning services.
July 31 Paid $372 for gas and oil used in the truck during month.
July 31 Declared and paid a $637 cash dividend

 

 

Got most of this first part, but missing some of it though.

Use the rounded amount for all future calculations.)

1. Services provided but unbilled and uncollected at July 31 were $1,903.
2. Depreciation on equipment for the month was $263.
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 $427.

Especially having hard time with this question here!!

Explanation / Answer

Date

Particulars

Dr $

Cr $

Date

Particulars

Dr $

Cr $

1-Jul Cash 13,514         Common stock 13,514 (Being issued common stock) 1-Jul Truck 11,514         Cash 2,123         Account payable 9,391 (Being purchased truck) 3-Jul Cleaning supplies 940         Account payable 940 (Being purchased cleaning supplies) 5-Jul Prepaid insurance 1,858          Cash 1,858 (Being paid for insurance) 12-Jul Accounts receivable 3,258           Service revenue 3,258 (Being billed by cusomers) 18-Jul Accounts payable 1,159            Cash 1,159 (Being paid for truck) 18-Jul Accounts payable 509             Cash 509 (Being paid for cleaning supplies) 20-Jul Salaries 2,012             Cash 2,012 (Being paid for salaries) 21-Jul Cash 1,587             Accounts receivable 1,587 (Collected cash from customers billed on july 12 25-Jul Accounts receivable 2,524              Service revenue 2,524 (Being bille customers) 31-Jul Gas & oil expenses 372               Cash 372 (Being paid for gas&oil expenses) 31-Jul Dividend 637               Cash 637 (Being paid for dividend)

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