Journalize and post the following July 31 adjustments: (Credit account titles are automatically indented when amount...

  

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Journalize and post the following July 31 adjustments: (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 5,276.) 1. 2. 3. 4. 5. 6. Services of $2,300 were provided but remained unbilled and uncollected at July 31. The truck has an estimated useful life of five years. One twelfth of the insurance expired. An inventory count shows $700 of supplies on hand at July 31. Accrued but unpaid employee salaries were $1,100. The note payable has a 6% annual interest rate. Date July 31 Account Titles and Explanation Service Revenue (To accrue revenue earned but not billed or collected) Debit Credit 28°C s Lee Chang opened Sandhill's Window Washing on July 1, 2021. In July, the following transactions were completed: July 1 1 1 5 12 18 25 28 31 31 Invested $30,000 cash in the business. Purchased a used truck for $25,200, paying $5,200 cash and signing a note payable for the balance. Paid $2,800 on a one-year insurance policy, effective July 1. Billed customers $4,100 for cleaning services. Purchased supplies for $2,080 on account. Paid $3,000 for employee salaries. Billed customers $9,000 for cleaning services. Collected $4,100 from customers billed on July 5. Paid $550 for repairs on the truck. Withdrew $1,900 cash for personal use. M 5 69% Journalize and post the following July 31 adjustments: (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 5,276.) 1. 2. 3. 4. 5. 6. Services of $2,300 were provided but remained unbilled and uncollected at July 31. The truck has an estimated useful life of five years. One twelfth of the insurance expired. An inventory count shows $700 of supplies on hand at July 31. Accrued but unpaid employee salaries were $1,100. The note payable has a 6% annual interest rate. Date July 31 Account Titles and Explanation Service Revenue (To accrue revenue earned but not billed or collected) Debit Credit 28°C s Lee Chang opened Sandhill's Window Washing on July 1, 2021. In July, the following transactions were completed: July 1 1 1 5 12 18 25 28 31 31 Invested $30,000 cash in the business. Purchased a used truck for $25,200, paying $5,200 cash and signing a note payable for the balance. Paid $2,800 on a one-year insurance policy, effective July 1. Billed customers $4,100 for cleaning services. Purchased supplies for $2,080 on account. Paid $3,000 for employee salaries. Billed customers $9,000 for cleaning services. Collected $4,100 from customers billed on July 5. Paid $550 for repairs on the truck. Withdrew $1,900 cash for personal use. M 5 69%

Answer rating: 100% (QA)

Date Account Titles and Explanation Debit Credit 71... View the full answer