Problem 4-05A a-g (Part Level Submission) (Video)

Crane Clark opened Cranes Cleaning Service on July 1, 2020. During July, the following transactions were completed.

July 1

Crane invested $19,900 cash in the business.

1

Purchased used truck for $8,800, paying $3,900 cash and the balance on account.

3

Purchased cleaning supplies for $2,000 on account.

5

Paid $1,800 cash on 1-year insurance policy effective July 1.

12

Billed customers $4,500 for cleaning services.

18

Paid $1,600 cash on amount owed on truck and $1,500 on amount owed on cleaning supplies.

20

Paid $2,500 cash for employee salaries.

21

Collected $3,400 cash from customers billed on July 12.

25

Billed customers $6,000 for cleaning services.

31

Paid $350 for the monthly gasoline bill for the truck.

31

Withdraw $5,600 cash for personal use.

Prepare a trial balance at July 31 on a worksheet. Enter the following adjustments on the worksheet and complete the worksheet.

(1)		Unbilled and uncollected revenue for services performed at July 31 were $2,700.
(2)		Depreciation on equipment for the month was $500.
(3)		One-twelfth of the insurance expired.
(4)		An inventory count shows $600 of cleaning supplies on hand at July 31.
(5)		Accrued but unpaid employee salaries were $1,010. (g) Prepare a post-closing trial balance at July 31.