Oriole Clark opened Oriole’s Cleaning Service on July 1, 2022. During July, the following transactions were completed. July 1 Oriole invested $20,200 cash in the business. 1 Purchased used truck for $9,200, paying $4,000 cash and the balance on account. 3 Purchased cleaning supplies for $2,300 on account. 5 Paid $1,680 cash on a 1-year insurance policy effective July 1. 12 Billed customers $4,400 for cleaning services. 18 Paid $1,400 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 $350 for the monthly gasoline bill for the truck. 31 Withdraw $5,700 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 $2,600. (2) Depreciation on equipment for the month was $500. (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 $1,040. Prepare a worksheet including trial balance, adjustments, Adjusted Trial Balance, Income Statement, and Balance Sheet.

Oriole Clark opened Oriole’s Cleaning Service on July 1, 2022. During July, the following transactions were completed. July 1 Oriole invested $20,200 cash in the business. 1 Purchased used truck for...

Oriole Clark opened Oriole’s Cleaning Service on July 1, 2022. During July, the following transactions were completed.

July 1		Oriole invested $20,200 cash in the business.
1		Purchased used truck for $9,200, paying $4,000 cash and the balance on account.
3		Purchased cleaning supplies for $2,300 on account.
5		Paid $1,680 cash on a 1-year insurance policy effective July 1.
12		Billed customers $4,400 for cleaning services.
18		Paid $1,400 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 $350 for the monthly gasoline bill for the truck.
31		Withdraw $5,700 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 $2,600.
(2)		Depreciation on equipment for the month was $500.
(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 $1,040.

Prepare a worksheet including trial balance, adjustments, Adjusted Trial Balance, Income Statement, and Balance Sheet.

Jun 10, 2022