1 New company deposits $14,000 in personal funds into bank account

1 Bought a used van for $10,000, paid $3,000 in cash and balance in account

Bought cleaning supplies for $800 on 3 Accounts.

5 Paid $1,800 for a one-year insurance policy effective July 1.

12 $3,800 for billed customer cleaning services.

He paid $1,000 of the debt for the 18 pickup trucks and $400 for the cleaning supplies.

20 Employees paid $1,600 for their salaries.

21 charged $1,400 from customers billed on July 12.

25 Billed customers $1,500 for cleaning services.

31 Gas and oil paid monthly in minibus, 400 dollars

31 He paid himself $600 for his personal use.

Reply:

(g) Log and submit correction entries. Use the J2 page for the log.

(h) Log and submit closing entries and complete the closing process. Use the J3 page for the log.

(i) Prepare a post-closing trial balance on 31st July.

The company's chart of accounts includes the following accounts:

101 Seen

112 Accounts Receivable

128 Cleaning Supplies

130 Prepaid Insurance

157 Equipment

158 Accumulated Depreciation-Equipment

201 Account Payable

212 Salaries Payable

311 Equity

Withdrawal of 320 Owner

350 Income Summary

400 Service Income

633 Gas and Oil Expenses

634 Cleaning Materials Expense

711 Depreciation Expense

722 Insurance Expense

726 Salary Expense

Checkpoints:

Worksheet Arrangements debit column: 2,850

Adjusted Trial Balance worksheet Credit balance: 27,700

Income Statement Net Profit: 3,050

Balance Sheet Credit column total: 24,150

Cash Account, July 20 balance: 6,200

Accounts Payable balance, ending July 18: 6.400

Balance Sheet Total Assets total: 23,350

Answer rating: 100% (QA)

g Log and Submit Correction Entries The following correction entries are needed to be recorded in th... View the full answer