Heidi Jara opened Monty's Cleaning Service on July 1, 2022. During July, the following transactions were...

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Heidi Jara opened Monty's Cleaning Service on July 1, 2022. During July, the following transactions were completed. July 1 Stockholders invested $20,100 cash in the business in exchange for common stock. 1 Purchased used truck for $8,900, paying $4,200 cash and the balance on account. 3 Purchased cleaning supplies for $2,100 on account. 5 Paid $1,920 cash on a 1-year insurance policy effective July 1. 12 Billed customers $4,500 for cleaning services. 18 Paid $1,500 cash on amount owed on truck and $1,500 on amount owed on cleaning supplies. 20 Paid $2,500 cash for employee salaries. 21 Collected $3,400 cash from customers billed on July 12. 25 Billed customers $6,000 for cleaning services. 31 Paid $350 for the monthly gasoline bill for the truck. 31 Paid a $5,600 cash dividend. The chart of accounts for Monty's 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. Date Account Titles and Explanation July 1 Cash July 1 Common Stock (To record cash invested in business) Equipment Cash Accounts Payable (To record truck purchased) July 3 Supplies Accounts Payable July 5 Prepaid Insurance Cash Debit 20100 8900 2100 1920 July 12 Accounts Receivable 4500 Service Revenue July 18 Accounts Payable Cash 3000 July 20 Salaries and Wages Expense 2500 Cash July 21 Cash Accounts Receivable. July 25 Accounts Receivable Service Revenue July 31 Gasoline Expense Cash (To record gasoline expense) July 31 Dividends Cash (To record dividends) 3400 6000 350 5600 Credit Prepare a trial balance at July 31 on a worksheet. Enter the following adjustments on the worksheet and complete the worksheet. (1) Unbilled and uncollected revenue for services performed at July 31 were $2,700 (2) Depreciation on equipment for the month was $600. (3) One-twelfth of the insurance expired. (4) An inventory count shows $600 of cleaning supplies on hand at July 31. Accrued but unpaid employee salaries were $1,070. Cash Monty's Cleaning Service Worksheet Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr Dr. Cr. Dr. Cr Cashi Date Explanation Refi Debit Credit July 1 31 20100 July 1 : 31 4200 No. 101 Accounts Receivable Balance Supplies 20100 Prepaid Insurance 15900 20100 July 5 31 July 18: 31 July 20: 31 4200 July 21: 31 3400 July 31 31 4700 Equipment 1920 13980 Accounts Payable 3000 10980. Common Stock 2500 8480 Dividends 11880 Service Revenue 350 11530 Gasoline Expense July 31 11 5600 Accounts Receivable Date: Explanation Ref Debit Credit July 12 11 4500 5930 No. 112 Balance 4500 Salaries and Wages Expense Totals Depreciation Expense 2100 July 21 01 3400 1100 Accum. Dept.--Equipment July 25: 31 7100 Insurance Expense Supplies No. 126 1920 Supplies Expense Explanation Ref Debit Credit Balance July 3 31 2100 2100 Salaries and Wages Payable Prepaid Insurance No. 130 Totals Date: Explanation Ref Debit Credit Balance 4500 Net Income July 5 01 1920 1920 Totals Equipment No. 157 Date Explanation Ref Debit Credit Balance 3000 July 1 31 8900 8900 Accounts Payable No. 201 Date Explanation Ref Debit 2500 July 1 31 Credit Balance 4700 4700 July 3 31 2100 6800 July 18 11 3000 3400 Common Stock Date Explanation Ref Debit July 1 31 3800 No. 311 Credit Balance 20100 20100 6000 Date Explanation Ref Dividends Debit Credit July 31 31 5600 Balance 5600 Service Revenue No. 400 350 Date Explanation Ref Debit July 12: 31 July 25: Credit Balance 4500 4500 6000 10500 31 5600 Date Explanation Ref Gasoline Expense Debit Credit Balance July 31 31 Salaries and Wages Expense No. 726 Date Explanation Ref Debit Credit Balance July 20 31 2500 2500 Heidi Jara opened Monty's Cleaning Service on July 1, 2022. During July, the following transactions were completed. July 1 Stockholders invested $20,100 cash in the business in exchange for common stock. 1 Purchased used truck for $8,900, paying $4,200 cash and the balance on account. 3 Purchased cleaning supplies for $2,100 on account. 5 Paid $1,920 cash on a 1-year insurance policy effective July 1. 12 Billed customers $4,500 for cleaning services. 18 Paid $1,500 cash on amount owed on truck and $1,500 on amount owed on cleaning supplies. 20 Paid $2,500 cash for employee salaries. 21 Collected $3,400 cash from customers billed on July 12. 25 Billed customers $6,000 for cleaning services. 31 Paid $350 for the monthly gasoline bill for the truck. 31 Paid a $5,600 cash dividend. The chart of accounts for Monty's 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. Date Account Titles and Explanation July 1 Cash July 1 Common Stock (To record cash invested in business) Equipment Cash Accounts Payable (To record truck purchased) July 3 Supplies Accounts Payable July 5 Prepaid Insurance Cash Debit 20100 8900 2100 1920 July 12 Accounts Receivable 4500 Service Revenue July 18 Accounts Payable Cash 3000 July 20 Salaries and Wages Expense 2500 Cash July 21 Cash Accounts Receivable. July 25 Accounts Receivable Service Revenue July 31 Gasoline Expense Cash (To record gasoline expense) July 31 Dividends Cash (To record dividends) 3400 6000 350 5600 Credit Prepare a trial balance at July 31 on a worksheet. Enter the following adjustments on the worksheet and complete the worksheet. (1) Unbilled and uncollected revenue for services performed at July 31 were $2,700 (2) Depreciation on equipment for the month was $600. (3) One-twelfth of the insurance expired. (4) An inventory count shows $600 of cleaning supplies on hand at July 31. Accrued but unpaid employee salaries were $1,070. Cash Monty's Cleaning Service Worksheet Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr Dr. Cr. Dr. Cr Cashi Date Explanation Refi Debit Credit July 1 31 20100 July 1 : 31 4200 No. 101 Accounts Receivable Balance Supplies 20100 Prepaid Insurance 15900 20100 July 5 31 July 18: 31 July 20: 31 4200 July 21: 31 3400 July 31 31 4700 Equipment 1920 13980 Accounts Payable 3000 10980. Common Stock 2500 8480 Dividends 11880 Service Revenue 350 11530 Gasoline Expense July 31 11 5600 Accounts Receivable Date: Explanation Ref Debit Credit July 12 11 4500 5930 No. 112 Balance 4500 Salaries and Wages Expense Totals Depreciation Expense 2100 July 21 01 3400 1100 Accum. Dept.--Equipment July 25: 31 7100 Insurance Expense Supplies No. 126 1920 Supplies Expense Explanation Ref Debit Credit Balance July 3 31 2100 2100 Salaries and Wages Payable Prepaid Insurance No. 130 Totals Date: Explanation Ref Debit Credit Balance 4500 Net Income July 5 01 1920 1920 Totals Equipment No. 157 Date Explanation Ref Debit Credit Balance 3000 July 1 31 8900 8900 Accounts Payable No. 201 Date Explanation Ref Debit 2500 July 1 31 Credit Balance 4700 4700 July 3 31 2100 6800 July 18 11 3000 3400 Common Stock Date Explanation Ref Debit July 1 31 3800 No. 311 Credit Balance 20100 20100 6000 Date Explanation Ref Dividends Debit Credit July 31 31 5600 Balance 5600 Service Revenue No. 400 350 Date Explanation Ref Debit July 12: 31 July 25: Credit Balance 4500 4500 6000 10500 31 5600 Date Explanation Ref Gasoline Expense Debit Credit Balance July 31 31 Salaries and Wages Expense No. 726 Date Explanation Ref Debit Credit Balance July 20 31 2500 2500