Question: Journalize closing entries and complete the closing process. Sandhill Clark opened Sandhill's Cle/ging Service on July 1, 2022. During July, the following transactions were completed.

Sandhill Clark opened Sandhill's Cle/ging Service on July 1, 2022. During July, the following transactions were completed. July 1 Sandhill invested $20.000 cash in the business. 1 Purchased used truck for $9,100, paying $4,200 cash and the balance on account. 3 Purchased cleaning supplies for $2,200 on account. 5 Paid $1,680 cash on a 1-year insurance policy effective July 1. 12 Billed customers $4,600 for cleaning services. 18 Paid $1,600 cash on amount owed on truck and $1.300 on amount owed on cleaning supplies. 20 Paid \$2,600 cash for employee salaries. 21 Collected $3,300 cash from customers billed on July 12. 25 Billed customers $6,000 for cleaning services. 31 Paid $340 for the monthly gasoline bill for the truck. 31 Withdraw $5,500 cash for personal use. Jourmalize closing entries and complete the closing process. (Credit occount titles ore automatically indented when amount is entered
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
