Question

I'm having some issues completing Steps 6 through 12?

REQUIRED Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Journalize the July transactions. Use journal page 1. Post the July transactions from page J1 to the general ledger. Prepare a trial balance at July 31 using the running balance total for each account in the ledger. Journalize the adjusting entries. Use journal page 2. Post the July adjusting entries from page J2 to the general ledger. Prepare an adjusted trial balance at July 31 using the updated running balance total for each account in the ledger. Prepare the Income Statement for July. Prepare the Statement of Owners Equity for July. Prepare a classified Balance Sheet at July 31, 2019. Journalize the necessary closing entries. Use journal page 3. Post the July closing entries from page J3 to the general ledger. Prepare a post-closing trial balance at July 31. Step 7 Step 8 Step 9 Step 10 Step 11 Step 12

Answer 1

Solution:

Dr. General Journal Date Particulars 01-Jul Cash Cleaning Equipment To Owner's Capital 39,870 7,545 47,415 10,500 01-Jul Truck To Cash To Accounts Payable 2,500 8,000 1,794 03-Jul Cleaning Supplies To Accounts Payable 1,794 1,800 05-Jul Insurance Expense To Cash 1,800 4,813 12-Jul Accounts Receivable To Clening Service 4,813 15-Jul Cash 1,650 To Unearned Clening Service 1,650 1,200 18-Jul Accounts Payable To Cash 1,200 698 20-Jul Salaries Expense To Cash 698 21-Jul Cash 3,632 To Accounts Receivable 3,632 6,275 25-Jul Accounts Receivable To Cleaning Service 6,275 297 31-Jul Fuel Expense To Cash 297 1,000 31-Jul Drawings To Cash 1,000 81,074 81,074

Posting of entries in T shaped Account Particulars To Balance b/d To Owner's Capital To Unearned Cleaning Srevice To Accounts Receivable Cash A/C $ Particulars O By Truck 39,870 By Insurance Expense 1,650 By Accounts Payable 3,632 By Salaries Expense By Fuel Expense By Drawings 2,500 1,800 1,200 698 297 1,000 By Balance c/d 45,152 37,657 45,152 Cleaning Equipment A/C $|Particulars $ Particulars To Balance b/d To Owner's Capital 7,545 By Balance c/d 7,545 7,545 7,545 Particulars To Drawings To Balance c/d Owner's Capital Alc $ Particulars 1,000 By Balance b/d 57,549 By Cash By Cleaning Equiment By Income Summary 58,549 39,870 7,545 11,134 58,549

Particulars To Cash To Accounts Payable Truck A/C $ Particulars 2,500 By Depreciation 8,000 By Balance c/d 10,500 175 10,325 10,500 Particulars To Cash To Balance c/d Accounts Payable A/C $ Particulars 1,200 By Cleaning Supplies 8,594 By Truck 1,794 8,000 9,794 9,794 Particulars To Cash Insurance Expense A/C $ Particulars 1,800 By Prepaid Insurance By Income Summary 1,800 1,650 150 1,800 Particulars To Balance b/d To Cleaning Service To Cleaning Service To Cleaning Service Accounts Receivable A/C $|Particulars O By Cash 4,813 By Balance c/d 62751 2476 13,564 3,632 9,932 13,564

Particulars To Balance b/d To Accounts Payable Cleaning Supplies A/C $ Particulars 0 By Cleaning Expense 1,794 By Balance c/d 1,273 521 1,794 1,794 Particulars To Cleaning Supplies Cleaning Expense A/C $ Particulars 1,273 By Income Summary 1,273 1,273 1,273 Particulars To Income Summary Cleaning Service A/C $ Particulars 14,014 By Accounts Receivable By Accounts Receivable By Unearned Clening Service By Accounts Receivable 14,014 4,813 6,275 450 2476 14,014 Particulars To Cleaning Service To Balance c/d Unearned Cleaning Service A/C $ Particulars 450 By Balance b/d 1,200 By Cash 1,650 1,650 1,650

Particulars To Cash To Salaries Payable Salaries Expense A/C $ Particulars 698 By Income Summary 2871 985 985 985 Particulars To Cash Fuel Expense A/C $ Particulars 297 By Income Summary 297 297 297 Particulars To Cash Drawings A/C $ Particulars 1,000 By Owner's Capital 1,000 1,700 1,700 Particulars To Truck Depreciation A/C $ Particulars 175 By Income Summary 175 175 175

Prepaid Insurance A/C $ Particulars Particulars To Balance b/d To Insurance Expense 1,650 By Balance c/d 1,650 1,650 1,650 Particulars Salaries Payable A/C $ Particulars By Balance b/d 287 By Salary Expense To Balance c/d 287 287 287

Credit 1,650 Unadjusted Trial Balance Accounts Name Debit Cash 37,657 Cleaning Equipment 7,545 Cleaning Supplies 1,794 Unearned Cleaning Service Insurance Expense 1,800 Salaries Expense 698 Truck 10,500 Owner's Capital Drawings 1,000 Fuel Expense 297 Accounts Payable Accounts Receivable 7,456 Cleaning Service 68,747 47,415 8,594 11,088 68,747 Adjusting Enries Date Particulars Debit Credit 2,476 31-Jul Accounts Receivable To Cleaning Service 2,476 175 31-Jul Depreciation To Truck 175 450 31-Jul Unearned Cleaning Service To Cleaning Service 450 1,650 31-Jul Prepaid Insurance To Insurance Expense 1,650 1,273 31-Jul Cleaning Expense To Cleaning Supplies 1,273 287 31-Jull Salaries Expense To Salaries Payable 287 6,311 6,311.0

Credit 1,200 985 Adjusted Trial Balance Accounts Name Debit Cash 37,657 Cleaning Equipment 7,545 Cleaning Supplies 521 Unearned Cleaning Service Insurance Expense 150 Prepaid Insurance Expense 1,650 Salaries Expense Salaries Payable Truck 10,325 Owner's Capital Drawings 1,000 Fuel Expense 297 Accounts Payable Accounts Receivable 9,932 Cleaning Service Cleaning Expense 1,273 Depreciation 287 47,415 8,594 14,014 175 71,510 71,510 Income Statement Revenue Cleaning Service 14,014 14,014 297 Expense Fuel Expense Insurance Expense Cleaning Expense Salaries Expense Depreciation 150 1,273 985 175 2,880 Net Income 11,134

Statement of Owner's Equity Owner's Capital at Beginning Less: Drawings Add: Net Income 47,415 - 1,000 11,134 Owner's Capital at End 57,549 Balance Sheet as at April, 30, 2018 ASSETS Current Assets Cash Accounts Receivable Prepaid Insurance Cleaning Supplies Fixed Assets Truck Cleaning Equipment 37,657 9,932 1,650 521 10,325 7,545 67,630 LIABILITIES AND EQUITY Current Liabilities Unearned Cleaning Service Accounts Payable Salaries Payable Owners' Equity Owner's Capital 1,200 8,594 287 57,549 67,630

10 Closing Enries Date Particulars Debit Credit 14,014 31-Jul Cleaning Service To Income Summary 14,014 2,880 31-Jul Income Summary To Fuel Expense To Insurance Expense To Cleaning Expense To Salaries Expense To Depreciation 297 150 1,273 985 175 11,134 31-Jul Income Summary To Owner's Capital 11,134 1,000 31-Jul Owner's Capital To Drawings 1,000 29,028 29,028 Credit Post Closing Trial Balance Accounts Name Debit Cash 37,657 Cleaning Equipment 7,545 Cleaning Supplies 521 Unearned Cleaning Service Prepaid Insurance Expense 1,650 Salaries Payable Truck 10,325 Owner's Capital Accounts Payable Accounts Receivable 9,932 1,200 287 57,549 8,594 67,630 67,630