Question: I am having difficulty understanding how to journalize the Owner's equity, classified balance sheet and Journalizing closing entries for the following. Please help. July 1

I am having difficulty understanding how to journalize the Owner's equity, classified balance sheet and Journalizing closing entries for the following. Please help.

July 1 Crane invested $19,900cash in the business.
1 Purchased used truck for $8,800, paying $3,900cash and the balance on account.
3 Purchased cleaning supplies for $2,000on account.
5 Paid $1,800cash on a 1-year insurance policy effective July 1.
12 Billed customers $4,500for cleaning services.
18 Paid $1,600cash on amount owed on truck and $1,500on amount owed on cleaning supplies.
20 Paid $2,500cash for employee salaries.
21 Collected $3,400cash from customers billed on July 12.
25 Billed customers $6,000for cleaning services.
31 Paid $350 for the monthly gasoline bill for the truck.
31 Withdraw $5,600cash for personal use.

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 $500.
(3) One-twelfth of the insurance expired.
(4) An inventory count shows $600of cleaning supplies on hand at July 31.
(5) Accrued but unpaid employee salaries were $1,010.
July 1 Crane invested $19,900cash in the business.
1 Purchased used truck for $8,800, paying $3,900cash and the balance on account.
3 Purchased cleaning supplies for $2,000on account.
5 Paid $1,800cash on a 1-year insurance policy effective July 1.
12 Billed customers $4,500for cleaning services.
18 Paid $1,600cash on amount owed on truck and $1,500on amount owed on cleaning supplies.
20 Paid $2,500cash for employee salaries.
21 Collected $3,400cash from customers billed on July 12.
25 Billed customers $6,000for cleaning services.
31 Paid $350 for the monthly gasoline bill for the truck.
31 Withdraw $5,600cash for personal use.

Prepare the owner's equity statement for July. (List items that increase owner's equity first.)

CRANE'S CLEANING SERVICE Owner's Equity Statement choose the accounting period For the Month Ended July 31, 2022July 31, 2022For the Year Ended July 31, 2022
select an opening name DrawingsExpensesInvestmentsNet Income / (Loss)Owner's Capital, July 1Owner's Capital, July 31RevenuesTotal ExpensesTotal Revenues $enter a dollar amount
select between addition and deduction AddLess:
select an item DrawingsExpensesInvestmentsNet Income / (Loss)Owner's Capital, July 1Owner's Capital, July 31RevenuesTotal ExpensesTotal Revenues $enter a dollar amount
select an item DrawingsExpensesInvestmentsNet Income / (Loss)Owner's Capital, July 1Owner's Capital, July 31RevenuesTotal ExpensesTotal Revenues

enter a dollar amount

enter a subtotal of the two previous amounts
enter a total amount for the first part
select between addition and deduction AddLess:select an item DrawingsExpensesInvestmentsNet Income / (Loss)Owner's Capital, July 1Owner's Capital, July 31RevenuesTotal ExpensesTotal Revenues

enter a dollar amount

select a closing name DrawingsExpensesInvestmentsNet Income / (Loss)Owner's Capital, July 1Owner's Capital, July 31RevenuesTotal ExpensesTotal Revenues $enter a total amount

(d3)

Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity.)

CRANE'S CLEANING SERVICE Balance Sheet choose the accounting period For the Month Ended July 31, 2022July 31, 2022For the Year Ended July 31, 2022
Assets
select an opening name for subsection one Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and Equipment
enter a balance sheet item $enter a dollar amount
enter a balance sheet item enter a dollar amount
enter a balance sheet item enter a dollar amount
enter a balance sheet item

enter a dollar amount

select a closing name for subsection one Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and Equipment $enter a total amount for subsection one
select an opening name for subsection two Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and Equipment
enter a balance sheet item $enter a dollar amount
select between addition and deduction AddLess:enter a balance sheet item

enter a dollar amount

enter a subtotal of the two previous amounts

select a closing section name for this part of the balance sheet Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and Equipment $enter a total amount for this part of the balance sheet
Liabilities and Owner's Equity
select an opening subsection name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and Equipment
enter a balance sheet item $enter a dollar amount
enter a balance sheet item

enter a dollar amount

select a closing subsection name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and Equipment $enter a total amount for this subsection of the second part of the balance sheet
select an opening section name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and Equipment
enter a balance sheet item enter a dollar amount
select a closing name for this part of the balance sheet Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and Equipment $enter a total amount for this part of the balance sheet

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