Name Class Date (b) & (c ) Adjusted Trial Balance Adjustments Trial Balance Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr Dr. Cr Dr. Cr. Cash Accounts Receivable Cleaning Supplies 4 |Prepaid Insurance 5 Equipment Accounts Payable James Bond, Capital James Bond, Drawing 9 Service Revenue 10 Gas and Oil Expense 11 Salaries Expense 12 Totals 13 Depreciation Expense 4 Accumulated Depreciation - Equipment Insurance Expense Cleaning Supplies Expense 17 Salaries Payable 18 Totals 9 Net Income 20 Totals 209\fName Class Date (a). (d) and (f) (Continued) No. 158 Date Explanation Ref. Debit Credit Balance No. 201 Date Explanation Ref . Debit Credit Balance No. 212 Date Explanation Ref. Debit Credit Balance No. 311 Date Explanation Ref. Debit Credit Balance No. 320 Date Explanation Ref. Debit Credit Balance No. 350 Date Explanation Ref. Debit Credit Balance Date Explanation No. 400 Ref. Debit Credit Balance 211Fall 2022 ACCT 2013 Principles of Financial Accounting Practice Set Problem Worth 150 points, 15% of overall grade and a requirement to pass the class. Due Date: After we complete Chapter 4, to be submitted on the day of Exam 1. Start working on this problem as soon as possible. Late work will not be accepted. This practice set problem and accompanying working papers for the solutions are uploaded in Blackboard. When you print, choose the option "print entire workbook". No other working papers will be accepted except those provided by the professor. All solutions must be properly identified with headings, account names and account numbers, balances and other pertinent information. g loon practice is the posting in ledger Mr. Daniel Craig opened L-Town Carpet Cleaners Inc. on August 1, 2022. During August, the following transactions were completed. Aug. 1 Invested $73,000 cash in the business as startup capital. eg 2-17 1 Purchased used truck for $25,000, paying $1,700 cash and the balance on account. Are paid are assets 3 Purchased cleaning supplies for $4,100 on account 2-14 5 Paid $2, 160 cash on one-year insurance policy effective August 1. 2-17 * 14 Billed customers $7,600 for cleaning services. 2-14 18 Paid $4,100 cash on amount owed on truck and $1,150 on amount owed on cleaning references supplies. egg 22 20 Paid $3,800 cash for employee salaries. Z-15 * receivable Apayable is the 21 Collected $ 3,100 cash from customers billed on August 14. first before cash posting 28 Billed customers $4,800 for cleaning services. 2-14 29 Purchased cleaning Supplies $1,450 and paid cash. ceure 31 Paid gas and oil for month on truck $385. 2-15 31 Withdrew $2,800 cash for owner's personal use. 2-16 use the last line of the posting top 31 Hired a part-time office receptionist; salary is $2,450 per month. don't Journal oost the 31 Signed a contract to maintain and clean carpets at Lawton City Hall, $2,855 per month. balan dont urnal ? The chart of accounts for L-Town Carpet Cleaners Inc. contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157 Equipment-Truck, No. 158 Accumulated Depreciation - Equipment-Truck, No. 201 Accounts Payable, No. 212 Salaries Payable, No. 311 Daniel Craig, Capital, No. 320 Daniel Craig, Drawings, No. 350 Income Summary, No. 400 Service Revenue, No. 633 Gas & Oil Expense, No. 634 Cleaning Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, No. 726 Salaries Expense. Instruction: Submit neat, legibly handwritten in blue ink, properly filled out and compiled working papers. Arranged the papers properly by page numbers. g chapter a) Journalize and post the August transactions. Use page J1 for the journal and the four- column form of account showing account titles and account numbers. Skip one space between journal entries. b) Prepare a trial balance at August 31 on a work sheet. Pq 27 4A do c) Enter the following adjustments on the work sheet and complete the work sheet. 1. Earned but unbilled revenue at August 31 was $780. 2. Record Depreciation on equipment for the month, the useful life of the truck is 5 years, and the salvage value was $1,000. 3. One-twelfth of the insurance expired. 4. An inventory count shows $520 of cleaning supplies on hand at August 31. 5. Accrued but unpaid employee salaries were $500. d) Journalize and post adjusting entries. Use page 12 for the journal. e) Prepare the income statement and the owner's equity statement for August and a classified balance sheet as of August 31. f) Journalize and post- closing entries and complete the closing process. Use page J3 for the journal. g) Prepare a post-closing trial balance as of August 31.Name Class Date (a), (d) and (f) (Continued) No. 633 Date Explanation Ref. Debit Credit Balance No. 634 Date Explanation Ref. Debit Credit Balance No. 711 Date Explanation Ref. Debit Credit Balance No. 722 Date Explanation Ref. Debit Credit Balance No. 726 Date Explanation Ref. Debit Credit Balance 212