Other
Written Assignment Unit 3
- Course
- Institution
- Book
This written assignment Bais Accounting Week three. It will guide you on what your are expected to do.
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
Seller
Follow
elizabethwaweru703
Content preview
COMPREHENSIVE ACCOUNTING CASEBasic Accounting
BU1102
Comprehensive Problem
Term 2
Instructor: W.R. Allman, Ed.D.
Student Name:_____________________________________
, New Era Cleaning Service, Inc. opened for business on
July 1, 2010. During the month of July, the following transactions occurred:
July 1 Issued $18,000 of common stock for $18,000 cash.
July 1 Purchased a truck for $11,000. Paid $4,000 in cash and borrowed the rest (long term) from the bank.
July 3 Purchased cleaning supplies for $900 on account.
July 5 Paid $1,800 on a one-year insurance policy, effective July 1.
July 12 Billed customers $4,800 for cleaning services.
July 18 Paid $1,500 of the amount owed on the truck.
July 18 Paid $500 of the amount owed on cleaning supplies.
July 20 Paid $1,700 for employee salaries.
July 21 Collected $1,200 from customers billed on July 12.
July 25 Billed customers $1,900 for cleaning services.
July 31 Paid gas and oil for the month on the truck, $500.
July 31 Paid a $800 dividend.
Instructions:
Unit 2 Post July transactions to the general journal and general ledger 'T' accounts
Unit 3 Prepare an unadjusted trial balance
Unit 3 Post the following adjustments
(a) Earned but unbilled fees at July 31 were $1,400
(b) Depreciation for the month was $200
(c) One-twelfth of the insurance expired
(d) An inventory count showed $300 of cleaning supplies remaining on July 31.
(e) Accrued but unpaid employee salaries were $500.
Unit 3 Prepare an adjusted trial balance
Unit 4 Post closing entries
Unit 4 Prepare a classified balance sheet and an income statement as of July 31.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller elizabethwaweru703. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75057 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now