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.
File name: xacc280-app-G-Julies-maid-cleaning-service.xls File type: application/vnd.ms-excel Price: $15
SOLUTION PREVIEW
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JULIE’S
MAIDS CLEANING SERVICE INC.
Worksheet
For
the Month Ended July 31, 2008
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Adjusted
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Income
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Trial
Balance
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Adjustments
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Trial
Balance
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Statement
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Balance
Sheet
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Account Titles
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Dr.
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Cr.
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Dr.
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Cr.
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Dr.
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Cr.
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Dr.
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Cr.
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Dr.
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Cr.
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Cash
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6,600
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6,600
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6,600
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Accounts Receivable
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3,900
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1,300
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5,200
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5,200
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Cleaning Supplies
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800
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700
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100
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100
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Prepaid Insurance
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1,800
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150
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1,650
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1,650
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File name: xacc280-app-G-Julies-maid-cleaning-service.xls File type: application/vnd.ms-excel Price: $15
