Dec. Monica's Cleaning Service began operations by receiving $30,000 cash and 1 cleaning equipment with a fair value of $10,000 from Monica. The business issued Monica capital in exchange for this contribution. Paid $1,200 cash for a six-month insurance policy. The policy begins December 1. Paid $1,000 cash for supplies. 1 4 12 Performed cleaning services for a customer and received $2,700 cash. 15 Completed a large cleaning job, billed the customer, $3,300, and received a promise to collect the $3,300 within one week. 18 Paid employee salary, $8,800. 20 Received $6,500 cash for performing cleaning services. 22 Collected $1,800 in advance for cleaning service to be performed later. 25 Collected $3,300 cash from customer on account. 27 Purchased soap for the cleaning equipment, paying $150 on account. (Debit Cleaning Expense) 28 Performed cleaning services on account, $2,900. 29 Paid office rent, $1,400, for the month of December. 30 Paid $150 on account. 31 Monica withdrew cash of $2,500. Requirements 1. Record each transaction in the journal using the following chart of accounts. Explanations are not required. Cash Accounts Receivable Supplies Prepaid Insurance Cleaning Equipment Accumulated Depreciation- Cleaning Equipment Accounts Payable Salaries Payable Uneamed Revenue Monica, Capital Monica, Withdrawals Income Summary Service Revenue Salaries Expense Depreciation Expense Cleaning Equipment Insurance Expense Cleaning Expense Rent Expense Supplies Expense
Dec. Monica's Cleaning Service began operations by receiving $30,000 cash and 1 cleaning equipment with a fair value of $10,000 from Monica. The business issued Monica capital in exchange for this contribution. Paid $1,200 cash for a six-month insurance policy. The policy begins December 1. Paid $1,000 cash for supplies. 1 4 12 Performed cleaning services for a customer and received $2,700 cash. 15 Completed a large cleaning job, billed the customer, $3,300, and received a promise to collect the $3,300 within one week. 18 Paid employee salary, $8,800. 20 Received $6,500 cash for performing cleaning services. 22 Collected $1,800 in advance for cleaning service to be performed later. 25 Collected $3,300 cash from customer on account. 27 Purchased soap for the cleaning equipment, paying $150 on account. (Debit Cleaning Expense) 28 Performed cleaning services on account, $2,900. 29 Paid office rent, $1,400, for the month of December. 30 Paid $150 on account. 31 Monica withdrew cash of $2,500. Requirements 1. Record each transaction in the journal using the following chart of accounts. Explanations are not required. Cash Accounts Receivable Supplies Prepaid Insurance Cleaning Equipment Accumulated Depreciation- Cleaning Equipment Accounts Payable Salaries Payable Uneamed Revenue Monica, Capital Monica, Withdrawals Income Summary Service Revenue Salaries Expense Depreciation Expense Cleaning Equipment Insurance Expense Cleaning Expense Rent Expense Supplies Expense
Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 33P
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