Question: Prepare the income statement for July. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) dropdowns Heidi

 Prepare the income statement for July. (Enter negative amounts using either

Prepare the income statement for July. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)dropdownsdropdowns Heidi Jara the following transactions on July 1, 2015. During July,

Heidi Jara the following transactions on July 1, 2015. During July, the following transactions were completed. July, July 1 Stockholders invested $19,813 cash in the business in in exchange for common stock. 1 Purchased used truck for $8,899, paying $4,190 cash and the balance on account. 3 Purchased cleaning supplies for $2,137 on account. 5 Paid $1,680 cash on 1-year insurance policy effective July 1. 12 Billed customers $4,536 for cleaning services 18 Paid $1,560 cash on amount owed on truck and $1,371 on amount owed on cleaning supplies. 20 Paid $2,544 cash for employee salaries. 21 Collected $3,491 cash from customers billed on July 12. 25 Billed customers $6,030 for cleaning services. 31 Paid $355 for the monthly gasoline bill for the truck. 31 Paid a $5,517 cash dividend

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!