ASSIGNMENT -3 DUE ON June 24th, 2023, before 11.59 PM

Lee Chang opened Lee's Window Washing on July 1, 2014. In July, the following transactions were completed:

July1	Lee invested $20,000 cash in the business.
1	Purchased a used truck for $25,000, paying $5,000 cash and signing a note payable for the balance.
3	Purchased supplies for $2,100 on account.
5	Paid $1,800 on a one-year insurance policy, effective July 1.
12	Billed customers $4,500 for cleaning services.
18	Paid $1,400 of amount owed on supplies.
20	Paid $2,000 for employee salaries.
21	Collected $3,400 from customers billed on July 12.
25	Billed customers $9,000 for cleaning services.
31	Paid $550 for fuel for the month on the truck.
31	Withdrew $1,600 cash for personal use.

Instructions

	(a)	Journalize and post the July transactions.
	(b)	Prepare a trial balance at July 31.

(c)

Journalize and post the following adjustments:

1.	Earned but unbilled fees at July 31 was $1,500.
2.	The truck has an estimated useful life of four years.
3.	One-twelfth of the insurance expired.
4.	An inventory count shows $700 of supplies on hand at July 31.
5.	Accrued but unpaid employee salaries were $800.
6.	The note payable has a 5.5% annual interest rate.

(d)

Prepare an adjusted trial balance.

	(e)	Prepare the income statement and statement of owner's equity for July, and a classified balance sheet at July 31, 2014. Of the note payable, $5,000 must be paid by July 1, 2015.
	(f)	Journalize and post the closing entries.

(g)

Prepare a post-closing trial balance at July 31.