Question

Comprehensive Problem 4 a-g

Kristin Malone opened Kristin’s Maids Cleaning Service on July 1, 2019. During July, the company completed the following transactions.

Need help with posting adjusting entries

July	1		Stockholders invested $17,000 cash in the business in exchange for common stock.
	1		Purchased a used truck for $11,000, paying $2,800 cash and the balance on account.
	3		Purchased cleaning supplies for $900 on account.
	5		Paid $1,644 on a 1-year insurance policy, effective July 1.
	12		Billed customers $3,700 for cleaning services.
	18		Paid $1,100 of amount owed on truck, and $260 of amount owed on cleaning supplies.
	20		Paid $1,800 for employee salaries.
	21		Collected $1,700 from customers billed on July 12.
	25		Billed customers $1,600 for cleaning services.
	31		Paid gasoline for the month on the truck, $300.
	31		Declared and paid a $500 cash dividend.

(c)		Enter the following adjustments
		(1)		Unbilled fees for services performed at July 31 were $1,500.
		(2)		Depreciation on equipment for the month was $200.
		(3)		One-twelfth of the insurance expired.
		(4)		An inventory count shows $100 of cleaning supplies on hand at July 31.
		(5)		Accrued but unpaid employee salaries were $600.

Post adjusting entries

Answer 1

All entries are posted to respective ledger accounts.

Journal entries and adjusted entries are provided for easy understanding and posting to ledger accounts.