Oriole Clark opened Oriole’s Cleaning Service on July 1, 2020. During July, the following transactions were completed.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Oriole Clark opened Oriole’s Cleaning Service on July 1, 2020. During July, the following transactions were completed.

July 1   Oriole invested $20,200 cash in the business.
1   Purchased used truck for $9,200, paying $4,000 cash and the balance on account.
3   Purchased cleaning supplies for $2,300 on account.
5   Paid $1,680 cash on 1-year insurance policy effective July 1.
12   Billed customers $4,400 for cleaning services.
18   Paid $1,400 cash on amount owed on truck and $1,400 on amount owed on cleaning supplies.
20   Paid $2,500 cash for employee salaries.
21   Collected $3,300 cash from customers billed on July 12.
25   Billed customers $5,900 for cleaning services.
31   Paid $350 for the monthly gasoline bill for the truck.
31   Withdraw $5,700 cash for personal use.
Cash
No. 101
Date
Explanation
Debit
Credit
Balance
Accounts Receivable
No. 112
Date
Explanation
Debit
Credit
Balance
Supplies
No. 128
Date
Explanation
Debit
Credit
Balance
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Transcribed Image Text:Cash No. 101 Date Explanation Debit Credit Balance Accounts Receivable No. 112 Date Explanation Debit Credit Balance Supplies No. 128 Date Explanation Debit Credit Balance > > > > > >
Prepaid Insurance
No. 130
Date
Explanation
Debit
Credit
Balance
Equipment
No. 157
Date
Explanation
Debit
Credit
Balance
Accounts Payable
No. 201
Date
Explanation
Debit
Credit
Balance
Owner's Capital
No. 301
Date
Explanation
Debit
Credit
Balance
Owner's Drawings
No. 306
Date
Explanation
Debit
Credit
Balance
Service Revenue
No. 400
Date
Explanation
Debit
Credit
Balance
Gasoline Expense
No. 633
Date
Explanation
Debit
Credit
Balance
Salaries and Wages Expense
No. 726
Date
Explanation
Debit
Credit
Balance
Transcribed Image Text:Prepaid Insurance No. 130 Date Explanation Debit Credit Balance Equipment No. 157 Date Explanation Debit Credit Balance Accounts Payable No. 201 Date Explanation Debit Credit Balance Owner's Capital No. 301 Date Explanation Debit Credit Balance Owner's Drawings No. 306 Date Explanation Debit Credit Balance Service Revenue No. 400 Date Explanation Debit Credit Balance Gasoline Expense No. 633 Date Explanation Debit Credit Balance Salaries and Wages Expense No. 726 Date Explanation Debit Credit Balance
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