Question: Need help with closing entries and completing closing process. 1 3 5 comprehensive Problem 4 a-, Kristin Malone opened Kristin's Maids Cleaning Service on July




1 3 5 comprehensive Problem 4 a-, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2019. During July, the company completed the following transactions. July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. Purchased a used truck for $11,000, paying $2,800 cash and the balance on account Purchased cleaning supplies for $900 on account. Pald $1,644 on a 1-year insurance policy, effective July 1. Billed customers $3,700 for cleaning services. Paid $1,100 of amount owed on truck, and $260 of amount owed on cleaning supplies. Paid $1,800 for employee salaries. -21 Collected $1,700 from customers billed on July 12. Billed customers $1,600 for cleaning services. Paid gasoline for the month on the truck, $300. 31 Declared and paid a $500 cash dividend. 12 18 20 25 31 (1) (2) (3) (4) (5) Unbilled fees for services performed at July 31 were $1,500. Depreciation on equipment for the month was $200. One-twelfth of the insurance expired. An inventory count shows $100 of cleaning supplies on hand at July 31. Accrued but unpaid employee salaries were $600. No. 320 Retained Earnings Date Explanation Ref Debit Credit Balance Closing J3 Closing J3 Dividends No. 332 Date Explanation Ref Debit Credit Balance July 31 J1 500 500 Closing 33 No. 350 Income Summary Date Explanation Ref Debit Credit Balance Closing J3 Closing J3 Closing 03 No. 400 Service Revenue Date Explanation Ref Debit 31 July 12 July 25 July 31 Credit 3,700 1,600 1,500 Balance 3,700 5,300 31 Adjusting J2 6,800 Closing J3 No. 633 Gasoline Expense Date Explanation Debit Credit Balance Ref J1 July 31 300 300 Closing J3 No. 634 Supplies Expense Date July 31 Ref Debit Credit Balance Explanation Adjusting J2 800 800 Closing 33 Depreciation Expense Date July 31 No. 711 Balance Ref Debit Credit Explanation Adjusting J2 200 200 Closing J3 No. 722 Insurance Expense Date July 31 Ref Debit Credit Balance Explanation Adjusting J2 137 137 Closing J3 No. 726 Ref Debit Credit Salaries and Wages Expense Date Explanation July 20 July 31 Adjusting J1 1,800 Balance 1,800 2,400 J2 600 Closing 33
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