Kristin Malone opened Kristin’s Maids Cleaning Service on July 1, 2017. During July, the company completed the following transactions.

July	1		Stockholders invested $19,000 cash in the business in exchange for common stock.
	1		Purchased a used truck for $10,000, paying $3,200 cash and the balance on account.
	3		Purchased cleaning supplies for $800 on account.
	5		Paid $1,692 on a 1-year insurance policy, effective July 1.
	12		Billed customers $4,000 for cleaning services.
	18		Paid $1,000 of amount owed on truck, and $260 of amount owed on cleaning supplies.
	20		Paid $1,500 for employee salaries.
	21		Collected $1,800 from customers billed on July 12.
	25		Billed customers $1,800 for cleaning services.
	31		Paid gasoline for the month on the truck, $400.
	31		Declared and paid a $700 cash dividend.

Prepare the income statement for July 31, 2017.

Answer rating: 100% (QA)

Journalize the adjusting entries Accounts receivable 1500 Service revenue 1500 To record unb... View the full answer