View Policies Show Attempt History Current Attempt in Progress Ivanhoe Clark opened Ivanhoe's Cleaning Service on July 1, 2022. During July, the following transactions were completed. July 1 Ivanhoe invested $20,000 cash in the business. 1 Purchased used truck for $8,900, paying $4,000 cash and the balance on account. 3 Purchased cleaning supplies for $2,300 on account. 5 Paid $1,920 cash on a 1-year insurance policy effective July 1. 12 Billed customers $4,500 for cleaning services. 18 Paid $1,500 cash on amount owed on truck and $1,400 on amount owed on cleaning supplies. 20 Paid $2,500 cash for employee salaries. 21 Collected $3,300 cash from customers billed on July 12. 25 Billed customers $5,900 for cleaning services. 31 Paid $360 for the monthly gasoline bill for the truck. 31 Withdraw $5,600 cash for personal use. Journalize the July transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order displayed in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation (To record cash invested in business) (To record truck purchased) > > Debit Credit < (To record truck purchased) < < (To record gasoline expense) (To record drawings) < (To record truck purchased) < < (To record gasoline expense) (To record drawings) < (To record truck purchased) < < (To record gasoline expense) (To record drawings) Post the July transactions. (Post entries in the order of journal entries posted above.) Date Explanation Date Explanation Cash Debit Accounts Receivable Debit No. 101 Credit Balance No. 112 Credit Balance Supplies No. 126 Date Explanation Debit Credit Balance Prepaid Insurance No. 130 Date Explanation Debit Credit Balance Equipment No. 157 Date Explanation Debit Credit Balance Accounts Payable No. 201 Date Explanation Debit Credit Balance Date Explanation Owner's Capital Debit No. 301 Credit Balance Date Explanation Owner's Drawings Debit No. 306 Credit Balance Service Revenue No. 400 Date Explanation Debit Credit Balance Date Explanation Gasoline Expense Debit No. 633 Credit Balance Salaries and Wages Expense No. 726 Date Explanation Debit Credit Balance eTextbook and Media 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 $2,600. (2) Depreciation on equipment for the month was $400. (3) One-twelfth of the insurance expired. (4) An Inventory count shows $500 of cleaning supplies on hand at July 31. (5) Accrued but unpaid employee salaries were $1,010. Cash Trial Balance Account Titles Dr. Cr. Dr. Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Owner's Capital Owner's Drawings Service Revenue Gasoline Expense Salaries and Wages Expense Totals Depreciation Expense Accum. Depr.-Equipment Insurance Expense Supplies Expense Salaries and Wages Payable Totals Net Income Totals eTextbook and Media List of Accounts Save for Later $ $ Attempts: 0 of 5 used Submit Answer Dr. Adjustments Cr. Dr. Adjusted Trial Balance Cr. Dr. Adjustments Cr. Dr. Adjusted Trial Balance Cr. Dr. Income Statement Cr. Dr. eTextbook and Media Balance Sheet Cr. 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).) (d2) eTextbook and Media List of Accounts Save for Later Your answer is partially correct. IVANHOE'S CLEANING SERVICE Income Statement $ Attempts: 0 of 5 used Submit Answer (d2) Your answer is partially correct. Prepare the owner's equity statement for July. (List items that increase owner's equity first.) IVANHOE'S CLEANING SERVICE Owner's Equity Statement Owner's Capital, July 1 Add Net Income/(Loss) Revenues Less Net Income/(Loss) Expenses eTextbook and Media List of Accounts Save for Later For the Year Ended July 31, 2022 $ 10400 2860 20000 7540 27540 5600 i 21940 Attempts: 1 of 5 used Submit