FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Oriole Clark opened Oriole’s Cleaning Service on July 1, 2020. During July, the following transactions were completed.
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- Susie Smith opened Susie's Commerical Clearning on April 1, 2021. In Apr, the following transactions were completed. Apr 1. Invested $14,000 cash in the business 1. Purchased a used truck for $26,400, paying $6,400 cash and signing a note payable for the balance 1. Collected $3,000 from XYZ for their cleaning needs for Apr, May and June. 3. Purchased cleaning supplies on account for $850 5. Paid $1,800 on a one-year insurance policy, effective Apr 1 12. Billed customers $3,800 for cleaning services 18. Paid $400 of amount owed on cleaning supplies 20. Paid $1,600 for employee's salaries 21. Collected $1,400 from customers billed on Apr 12 25. Billed customers for $3,000 for cleaning services 30. Paid gas and oil for the month on the truck $350 30 Withdrew $1,600 to pay personal property taxes Additional Information: Annual payments of $3,000 are required on the note. Prepare in good form an Income Statement, Statement of Owner’s Equity and a Classified Balance Sheet Journalize…arrow_forwardLooking for answers to subsections 4, 5 and 6 please!arrow_forwardMike Greenberg opened Cheyenne Window Washing Co. on July 1, 2020. During July, the following transactions were completed. July 1 Owner invested $9,800 cash in the company. 1 Purchased used truck for $6,560, paying $1,640 cash and the balance on account. 3 Purchased cleaning supplies for $740 on account. 5 Paid $1,440 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,030 for cleaning services performed. 18 Paid $820 cash on amount owed on truck and $410 on amount owed on cleaning supplies. 20 Paid $1,640 cash for employee salaries. 21 Collected $1,310 cash from customers billed on July 12. 25 Billed customers $2,050 for cleaning services performed. 31 Paid $240 for maintenance of the truck during month. 31 Owner withdrew $490 cash from the company. Date Account Titles and Explanation Debit Credit July 1July…arrow_forward
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- Which method should I use to complete this?arrow_forwardMike Greenberg opened Cheyenne Window Washing Co. on July 1, 2020. During July, the following transactions were completed. July 1 Owner invested $9,800 cash in the company. 1 Purchased used truck for $6,560, paying $1,640 cash and the balance on account. 3 Purchased cleaning supplies for $740 on account. 5 Paid $1,440 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,030 for cleaning services performed. 18 Paid $820 cash on amount owed on truck and $410 on amount owed on cleaning supplies. 20 Paid $1,640 cash for employee salaries. 21 Collected $1,310 cash from customers billed on July 12. 25 Billed customers $2,050 for cleaning services performed. 31 Paid $240 for maintenance of the truck during month. 31 Owner withdrew $490 cash from the company. List of accounts: Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accumulated…arrow_forward
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