Omit journal explanations, insert one blank line between journal transactions. Do not alter the…

Omit
journal explanations, insert one blank line between journal
transactions.
Do not alter the pages in the blank answer sheet. There
are
sufficient number of lines for each part of the problem.
Problem
Points = 30:
Kristin
Malone opened Kristin’s Maids Cleaning Service on July 1, 2014.
During
July, the company completed the following transactions.
July
1 Invested $14,400 cash in the business.
July
1 Purchased a used truck for $10,000, paying $2,000 cash and the
balance
using a Notes Payable.
July
3 Purchased cleaning supplies for $600 on account.
July
5 Paid $3,600 on a 1-year insurance policy, effective July 1.
July
12 Billed customers $3,800 for cleaning services.
July
18 Paid $2,000 of amount owed on truck, and $400 of amount
owed
on cleaning supplies (prepare a compound entry.)
July
20 Paid $1,600 for employee salaries.
July
25 Billed customers $1,500 for cleaning services.
July
31 Paid gasoline for truck, $400 and withdrew $600 cash for
personal
use (prepare a compound entry.)
Acct220
Quiz #2 Part 1 Page 1 of 2
Instructions:
a.
Journalize the July transactions.
b.
Prepare and record the adjusting journal entries for the following
July
31 end of period adjustments:
1.
Unbilled fees for services performed at July 31 were $1,300.
2.
Depreciation on equipment for the month was $200.
3.
One month 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.
c.
Prepare and record the closing journal entries for the month of July.
d. Prepare an income
statement for the month of July.

Name:

Points = 30: 1.a. General-Journal
Transactions:

Date

Account

Debit

Credit

Part
1 = Student
Name:Part
2 = Correct file document name:Total = Correct use of $ signs:Page 1 of 3 Quiz-2 Part-1
Online LEO

Date

Account

Debit

Credit

b. Adjusting-Entries:

Date

Account

Debit

Credit

Page 2 of 3 Quiz-2 Part-1
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c. Closing-Entries:

Date

Account

Debit

Credit

d. Income-Statement:

Kristin’s Maids-Cleaning
Service

Income Statement

Page 3 of 3 Quiz-2 Part-1
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