Manning's Mobile Cleaning Manning's mobile cleaning is a business founded in Houston, Texas. We are a cleaning
Question:
Manning's Mobile Cleaning
Manning's mobile cleaning is a business founded in Houston, Texas. We are a cleaning business that operates solely out of vans. The business started on January 1,2023.
Transactions:
Jan 1st -- Jackie Robinson contributed 450,000 to the business in exchange for capital
January 1st - Borrowed 20,000 from the bank for business use
January 4th - Purchased business license on account $325
January 6th - Purchased Business Van for 30,000 (cash)
January 10th - Prepaid gas card for 1,000 on account
January 11th - Paid cash 8,000 for business supplies
January 12th - purchased cleaning supplies on account for 16,000
January 15th - Received telephone bill for $120
January 20th - Completed a cleaning service for 26,000 on account
January 23rd - Completing cleaning service for 1,000 on account
January 24th - Prepaid Parking Registration for 3,000 for the year
January 26th - Advertising expense on account for 1,500
January 28th - Paid telephone bill received on 1/15
January 29th - paid 2,500 on account
January 30th - Paid 5,000 for 4 vacuums
February 1st - Received earned revenue for cleaning service performed on 1/20 from customer
February 3rd- Paid 400 on account
February 5th - Prepaid gas for 6 months 2,400
February 6th - Prepaid Car insurance for the year 4,200
February 8th - Received 1,000 from customer on cash for service performed on 1/20
February 10th - Manning with withdrew cash of 60,000
February 11th- received a utility bill of 250 due February 27th
February 14th - performed services for a customer received 4,200 cash
February 15th - Paid salaries for the month of February 3,000 cash
February 17th - Performed cleaning services for kohl's on account 35,000
February 18th - Purchased cleaning supplies for 5,000 cash
February 20th - Received 3,000 payment from kohls
February 21st - Paid telephone bill of $200
February 22nd - Received the remaining 2,000 payment from kohls
February 27th - Paid utility bill due February 27th
March 1st - Purchased cleaning supplies for the remainder of the year 10,000 on account
March 3rd - Purchased inventory on account for 180,040 with credit terms 1/10 , n/EOM
March 5th -Sold goods for cash 215 (cost 345)
March 7th- Purchased goods on account for 90,020 on account with credit terms 2/10 n/ 15
March 9th - Jackson contributed 150,000 in exchange for capital
March 11th - Paid supplier for goods purchased on March 3rdless the discount
March 12th - Paid 50 freight charge
March 14th - sold goods for 8,000 (cost 3500)
March 16th - Purchased Truck at a cost of 85,000. Mannings mobile cleaning spent 1,000 on paint and 700 replacing tires. The truck should remain in service for 4 years and have a residual value of 12,000. The trucks' annual mileage is expected to be 34,000 miles in each of the first 3 years and 4,000 in the 5th year - 140,000 miles in total.
March 18th - Purchased cleaning equipment 82,000. Paid 57,000 in cash and the remainder on account.
March 20th - Sold 5 hoodies for 65 each and each hoodie cost 35.
March 23rd- Signed contract with Smiths Accounting firm for 200,000 to clean their facilities for 2 years
March 25th - Manning purchased 60,000 of inventory on account with credit terms 2/10 n/15.
March 26th - Received cash payment from Smiths Accounting Firm
March 28th - Mannings mobile cleaning paid the amount due, less the discount.
March 31st - accrued 3,000 salary for three weeks
March 31st - accrued 600 advertising expense
March 31st - Half of the office supplies were used up
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella