60.1K
Verified Solution
Link Copied!
Carla Vista Clark opened Carla Vista's Cleaning Service on July 1, 2022. During July, the following transactions were completed. July 1 Carla Vista invested $19,800 cash in the business. 1 Purchased used truck for $9,100, paying $4,200 cash and the balance on account. 3 Purchased cleaning supplies for $2,100 on account. 5 Paid $1,800 cash on a 1 -year insurance policy effective July 1. 12 Billed customers $4,600 for cleaning services. 18 Paid $1,400 cash on amount owed on truck and $1,300 on amount owed on cleaning supplies. 20 Paid $2,600 cash for employee salaries. 21 Collected $3,300 cash from customers billed on July 12 . 25 Billed customers $6,100 for cleaning services. 31 Paid $360 for the monthly gasoline bill for the truck. 31 Withdraw $5,700 cash for personal use. Journalize closing entries and complete the closing process. (Credit account titles are automatically indented when amount is entered. (f2) Post closing entries. (Post entries in the order of journal entries posted above.) \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Cash } & No. 101 \\ \hline Date & Explanation & Debit & Credit & Balance \\ \hline July 1 & & 19,800 & & 19,800 \\ \hline July 1 & & & 4,200 & 15,600 \\ \hline July 5 & & & 1,800 & 13,800 \\ \hline July 18 & & & 2,700 & 11,100 \\ \hline July 20 & & & 2,600 & 8,500 \\ \hline July 21 & & 3,300 & & 11,800 \\ \hline July 31 & & & 360 & 11,440 \\ \hline July 31 & & & 5,700 & 5,740 \\ \hline & & Receivable & & No. 112 \\ \hline Date & Explanation & Debit & Credit & Balance \\ \hline July 12 & & 4,600 & & 4,600 \\ \hline July 21 & & & 3,300 & 1,300 \\ \hline July 25 & & 6,100 & & 7,400 \\ \hline July 31 & Adjusting & 2,600 & & 10,000 \\ \hline & & plies & & No. 126 \\ \hline Date & Explanation & Debit & Credit & Balance \\ \hline July 3 & & 2,100 & & 2,100 \\ \hline July 31 & Adjusting & & 1,500 & 600 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Depreciation Expense } & \multirow[b]{2}{*}{ Balance } \\ \hline Date & Explanation & Debit & Credit & \\ \hline July 31 & Adjusting & & & 400 \\ \hline & Closing & & & \\ \hline \multicolumn{4}{|c|}{ Insurance Expense } & No. 722 \\ \hline Date & Explanation & Debit & Credit & Balance \\ \hline July 31 & Adjusting & & & 150 \\ \hline & Closing & & & \\ \hline \multicolumn{4}{|c|}{ Salaries and Wages Expense } & No. 726 \\ \hline Date & Explanation & Debit & Credit & Balance \\ \hline July 20 & & & & 2,600 \\ \hline July 31 & Adjusting & & & 3,640 \\ \hline & Closing & & & \\ \hline \end{tabular}
Answer & Explanation
Solved by verified expert
