Mary Smith opened Smith Interior Decorating Service on July 1, 2022. During July, the company completed...

Transcribed Image Text:

Mary Smith opened Smith Interior Decorating Service on July 1, 2022. During July, the company completed the following transactions July 1 1 3 5 12 18 20 21 25 31 31 Invested $15,000 cash in the business. || Purchased a used sewing machine for $10,000, paying $2,500 cash and the balance on account. Purchased supplies for $700 on account. Paid $1,440 on a 1-year insurance policy, effective July 1. Billed customers $3,500 for decorating services. Paid $1,000 of amount owed on sewing machine, and $200 of amount owed on supplies. Paid $1,500 for employee salaries. Collected $1,500 from customers billed on July 12. Billed customers $1,500 for decorating services. Paid utilities for the month, $200. Withdrew $500 cash for personal use. ( S Date July 1 July 3 July 5 July 12 July 18 July 20 July 21 July 25 July 31 Date Accounts Receivable Explanation Ref J1 J1 J1 Explanation Ref J1 Explanation Ref J1 Debit Supplies Debit Prepaid Insurance Debit Credit Credit Credit Balance No. 112 Balance Balance No. 126 No. 130 SUP Date July 1 July 3 July 5 July 12 July 18 July 20 July 21 July 25 July 31 Date Explanation Ref J1 Explanation Ref J1 J1 J1 Explanation Ref J1 Equipment Debit Accounts Payable Debit Owner's Capital Debit Credit Credit Credit -/ 30 Balance Balance Balance 123 ||| No. 157 No. 201 No. 301 E Date July 1 July 3 July 5 July 12 July 18 July 20 July 21 July 25 July 31 Date Explanation Ref J1 Explanation Ref J1 J1 Owner's Drawings Debit Explanation Ref J1 Service Revenue Salaries and Wages Expense Debit Debit Credit Credit Credit Balance Balance Balance No. 306 No. 400 No. 726 Ih Sa su Que Date Date July 1 July 3 July 5 July 12 July 18 July 20 July 21 July 25 July 31 Salaries and Wages Expense Explanation Ref J1 Explanation Ref core J1 Debit Utilities Expense Debit Last saved 1 hour ago. ill be auto-submitted on the due date. Auto- n take up to 10 minutes. Credit Credit Balance Balance Attempts: 0 of 1 used No. 726 No. 732 Submit Answer --/- Less Balance Sheet July 31, 2022 Assets $ $ P < Liabilities and Owner's Equity LA E mprehensive Problem Question 1 of 1 < y cloudy (e). Date July 31 July 31 July 31 Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) F2 Account Titles (To recognize depreciation expense for equipment) (To recognize insurance expiration) F3 F4 O Search 1=618d46bd-f693-49cb... A F5 F6 F7 F8 Debit ☆ F9 C F10 PrtScr () F11 -/30 = : Credit + Insert F12 Home P End + Sign in SUPPORT 10:17 PM 10/25/2023 21 Delete Backspa Comprehensive Problem D https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchid=618d46bd-f693-49cb... A ✩ y cloudy Question 1 of 1 July 31 July 31 < WP Question 1 of 1 - Comprehensive Problem (To recognize insurance expiration) (To recognize supplies usage) (To accrue unpaid salaries and wages) Post the adjusting entries. (Post entries in the order of journal entries passed above.) O Search B C CD Ⓒ -/30 < Sign in SUPPORT 10:17 PM 10/25/2023 Mary Smith opened Smith Interior Decorating Service on July 1, 2022. During July, the company completed the following transactions July 1 1 3 5 12 18 20 21 25 31 31 Invested $15,000 cash in the business. || Purchased a used sewing machine for $10,000, paying $2,500 cash and the balance on account. Purchased supplies for $700 on account. Paid $1,440 on a 1-year insurance policy, effective July 1. Billed customers $3,500 for decorating services. Paid $1,000 of amount owed on sewing machine, and $200 of amount owed on supplies. Paid $1,500 for employee salaries. Collected $1,500 from customers billed on July 12. Billed customers $1,500 for decorating services. Paid utilities for the month, $200. Withdrew $500 cash for personal use. ( S Date July 1 July 3 July 5 July 12 July 18 July 20 July 21 July 25 July 31 Date Accounts Receivable Explanation Ref J1 J1 J1 Explanation Ref J1 Explanation Ref J1 Debit Supplies Debit Prepaid Insurance Debit Credit Credit Credit Balance No. 112 Balance Balance No. 126 No. 130 SUP Date July 1 July 3 July 5 July 12 July 18 July 20 July 21 July 25 July 31 Date Explanation Ref J1 Explanation Ref J1 J1 J1 Explanation Ref J1 Equipment Debit Accounts Payable Debit Owner's Capital Debit Credit Credit Credit -/ 30 Balance Balance Balance 123 ||| No. 157 No. 201 No. 301 E Date July 1 July 3 July 5 July 12 July 18 July 20 July 21 July 25 July 31 Date Explanation Ref J1 Explanation Ref J1 J1 Owner's Drawings Debit Explanation Ref J1 Service Revenue Salaries and Wages Expense Debit Debit Credit Credit Credit Balance Balance Balance No. 306 No. 400 No. 726 Ih Sa su Que Date Date July 1 July 3 July 5 July 12 July 18 July 20 July 21 July 25 July 31 Salaries and Wages Expense Explanation Ref J1 Explanation Ref core J1 Debit Utilities Expense Debit Last saved 1 hour ago. ill be auto-submitted on the due date. Auto- n take up to 10 minutes. Credit Credit Balance Balance Attempts: 0 of 1 used No. 726 No. 732 Submit Answer --/- Less Balance Sheet July 31, 2022 Assets $ $ P < Liabilities and Owner's Equity LA E mprehensive Problem Question 1 of 1 < y cloudy (e). Date July 31 July 31 July 31 Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) F2 Account Titles (To recognize depreciation expense for equipment) (To recognize insurance expiration) F3 F4 O Search 1=618d46bd-f693-49cb... A F5 F6 F7 F8 Debit ☆ F9 C F10 PrtScr () F11 -/30 = : Credit + Insert F12 Home P End + Sign in SUPPORT 10:17 PM 10/25/2023 21 Delete Backspa Comprehensive Problem D https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchid=618d46bd-f693-49cb... A ✩ y cloudy Question 1 of 1 July 31 July 31 < WP Question 1 of 1 - Comprehensive Problem (To recognize insurance expiration) (To recognize supplies usage) (To accrue unpaid salaries and wages) Post the adjusting entries. (Post entries in the order of journal entries passed above.) O Search B C CD Ⓒ -/30 < Sign in SUPPORT 10:17 PM 10/25/2023

Answer rating: 100% (QA)

To help you with your accounting transactions I will provide the journal entries for each transactio... View the full answer