journal explanations, insert one blank line between journal
Do not alter the pages in the blank answer sheet. There
sufficient number of lines for each part of the problem.
Points = 30:
Malone opened Kristin’s Maids Cleaning Service on July 1, 2014.
July, the company completed the following transactions.
1 Invested $14,400 cash in the business.
1 Purchased a used truck for $10,000, paying $2,000 cash and the
using a Notes Payable.
3 Purchased cleaning supplies for $600 on account.
5 Paid $3,600 on a 1-year insurance policy, effective July 1.
12 Billed customers $3,800 for cleaning services.
18 Paid $2,000 of amount owed on truck, and $400 of amount
on cleaning supplies (prepare a compound entry.)
20 Paid $1,600 for employee salaries.
25 Billed customers $1,500 for cleaning services.
31 Paid gasoline for truck, $400 and withdrew $600 cash for
use (prepare a compound entry.)
Quiz #2 Part 1 Page 1 of 2
Journalize the July transactions.
Prepare and record the adjusting journal entries for the following
31 end of period adjustments:
Unbilled fees for services performed at July 31 were $1,300.
Depreciation on equipment for the month was $200.
One month of the insurance expired.
An inventory count shows $100 of cleaning supplies on hand at
Accrued but unpaid employee salaries were $500.
Prepare and record the closing journal entries for the month of July.
d. Prepare an income
statement for the month of July.
Points = 30: 1.a. General-Journal
1 = Student
2 = Correct file document name:Total = Correct use of $ signs:Page 1 of 3 Quiz-2 Part-1
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