Xacc280 week 6 appendix G Comprehensive problem on pp 189-190 of Financial Accounting Julie Molony opened Julie’s Maids Cleaning Service Inc


Xacc280 week 6 appendix G Comprehensive problem on pp 189-190 of Financial Accounting Julie Molony opened Julie’s Maids Cleaning Service Inc


Complete the Comprehensive Problem on pp. 189-190 of Financial Accounting. Use the templates in Appendix G to complete the problem, complete all six tabs. Post the completed Appendix G as an attachment.

Axia College of University of Phoenix (UoP) Principles of Accounting: Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.

Comprehensive Problem: Chapters 2 to 4 Julie Molony opened Julie’s Maids Cleaning Service Inc.

on July 1, 2008. During July, the company completed the following transactions.
July 1 Issued $14,000 of common stock for $14,000 cash.
1 Purchased a used truck for $10,000, paying $3,000 cash and the balance on account.
3 Purchased cleaning supplies for $800 on account.
5 Paid $1,800 on a one-year insurance policy, effective July 1.
12 Billed customers $3,800 for cleaning services.

18 Paid $1,000 of amount owed on truck, and $400 of amount owed on cleaning supplies.
20 Paid $1,600 for employee salaries.
21 Collected $1,400 from customers billed on July 12.
25 Billed customers $1,500 for cleaning services.
31 Paid gas and oil for the month on the truck, $400.
31 Paid a $600 cash dividend.

The chart of accounts for Julie’s Maids Cleaning Service contains the following accounts: No. 101
Cash, No. 112
Accounts Receivable, No. 128
Cleaning Supplies, No. 130
Prepaid Insurance, No. 157
Equipment, No. 158
Accumulated Depreciation—Equipment, No. 201
Accounts Payable, No. 212
Salaries Payable, No. 311
Common Stock, No.
320 Retained Earnings, No. 332
Dividends, No. 350
Income Summary, No. 400
Service Revenue, No. 633
Gas & Oil Expense, No. 634
Cleaning Supplies Expense, No. 711
Depreciation Expense, No. 722
Insurance Expense, and No. 726
Salaries Expense.
Instructions

(a) Journalize and post the July transactions. Use page J1 for the journal.
(b) Prepare a trial balance at July 31 on a worksheet.
(c) Enter the following adjustments on the worksheet, and complete the worksheet.
 
(1) Earned but unbilled fees at July 31 were $1,300.
(2) Depreciation on equipment for the month was $200.
(3) One-twelfth of the insurance expired.
(4) An inventory count shows $100 of cleaning supplies on hand at July 31.
(5) Accrued but unpaid employee salaries were $500.
(d) Prepare the income statement and a retained earnings statement for July, and a classified balance sheet at July 31, 2008.
(e) Journalize and post the adjusting entries. Use page J2 for the journal.
(f) Journalize and post the closing entries, and complete the closing process. Use page J3 for the journal.
(g) Prepare a post-closing trial balance at July 31.

 
SOLUTION PREVIEW
Appendix G
Comprehensive Problem
Journalize Transactions
Use this template to journalize and post the July transactions for Julie's Maid Cleaning Service, Inc.

 

 

 

GENERAL JOURNAL

 

 

J1

DATE

ACCOUNT TITLE AND EXPLANATION

REF.

DEBIT

CREDIT

July 1

Cash

 

 

  14,000

 

 

   Common Stock

 

 

 

  14,000

 

 

 

 

 

 

 

 

 

1

Equipment

 

 

  10,000

 

 

Cash

 

 

 

    3,000

 

Accounts Payable

 

 

 

    7,000

 

 

 

 

 

 

 

 

 


File name: xacc280-app-G-Julies-maid-cleaning-service.xls File type: application/vnd.ms-excel Price: $15