Comprehensive Problem 4 Kristin Malone opened Kristin’s Maids Cleaning Service o

Question

Comprehensive Problem 4

Kristin Malone opened Kristin’s Maids Cleaning Service on July 1, 2017. During July, the company completed the following transactions.

The chart of accounts for Kristin’s Maids Cleaning Service contains the following accounts:

No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated Depreciation—Equipment, No. 201 Accounts Payable, No. 212 Salaries and Wages Payable, No. 311 Common Stock, No. 320 Retained Earnings, No. 332 Dividends, No. 350 Income Summary, No. 400 Service Revenue, No. 631 Supplies Expense, No. 633 Gasoline Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries and Wages Expense.

PLEASE HELP!!! I am having trouble with the worksheet!

July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. 1 Purchased a used truck for $11,000, paying $2,800 cash and the balance on account. 3 Purchased cleaning supplies for $700 on account. 5 Paid $2,004 on a 1-year insurance policy, effective July 1. 12 Billed customers $3,800 for cleaning services. 18 Paid $1,200 of amount owed on truck, and $200 of amount owed on cleaning supplies. 20 Paid $1,700 for employee salaries. 21 Collected $1,600 from customers billed on July 12. 25 Billed customers $1,700 for cleaning services. 31 Paid gasoline for the month on the truck, $400. 31 Declared and paid a $800 cash dividend.

Explanation / Answer

Kristin's Maids Cleaning Service Worksheet For the Month Ended July 31, 2017 Account Titles Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 101 - Cash $12,496 $12,496 $12,496 112 - Accounts Receivable $3,900 $1,400 $5,300 $5,300 126 - Supplies $700 $500 $200 $200 130 - Prepaid Insurance $2,004 $167 $1,837 $1,837 157 - Equipment $11,000 $11,000 $11,000 158 - Accumulated Depreciation - Equipment $270 $270 $270 201 - Accounts Payable $7,500 $7,500 $7,500 212 - Salaries and Wages Payable $400 $400 $400 311 - Common stock $20,000 $20,000 $20,000 320 - Retained Earnings $2,663 $2,663 332 - Dividends $800 $800 $800 350 - Income Summary 400 - Service Revenue $5,500 $1,400 $6,900 $6,900 631 - Supplies Expense $500 $500 $500 633 - Gasoline Expense $400 $400 $400 711 - Depreciation Expense $270 $270 $270 722 - Insurance Expense $167 $167 $167 726 - Salaries and Wages Expense $1,700 $400 $2,100 $2,100 TotalTotal $33,000 $33,000 $2,737 $2,737 $35,070 $35,070 $6,900 $6,900 $30,833 $30,833

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