Question

Patrick opened Patrick’s Window Washing on July 1, 2019. During July the following transactions

were completed:

July 1 Patrick invested $20,000 cash in exchange for stock of the business.

1 Purchased used truck for $6,000, paying $3,000 cash and the balance on account.

3 Purchased cleaning supplies for $1,300 on account.

5 Paid $1,200 cash on one-year insurance policy effective July 1.

6 Purchased 20 bottles of window washing detergent from Coal Company for Patrick’s inventory for $10/bottle, 2/10 n30.

12 Billed customers $2,500 for cleaning services.

13 Goat company purchased 10 bottles of window washing detergent for $20 per bottle, 1/5 n30 .

14 Paid Coal Company in full.

18 Paid $1,000 cash on amount owed on truck and $800 on amount owed on cleaning supplies.

19 Received payment from Goat company.

20 Paid $1,200 cash for employee salaries.

21 Collected $1,400 cash from customers billed on July 12.

25 Billed customers $3,000 for cleaning services.

31 Paid gas and oil for month on truck $200.

31 Paid Dividends of $900.

Journalize and post the July transactions

Answer 1

Journal entries of transactions

Date	Account	Debit $	Credit $
July 1	Cash	20000
	Common stock		20000
July 1	Equipment (truck)	6000
	Cash		3000
	Accounts payable		3000
July 3	Cleaning Supplies	1300
	Accounts payable		1300
July 5	Prepaid insurance	1200
	Cash		1200
July 6	Inventory (10 * 20 )	200
	Accounts payable		200
July 12	Accounts receivable	2500
	Service revenue		2500
July 13	Accounts receivable	200
	Sales revenue (10 * 20)		200
July 13	Cost of goods sold (10*10)	100
	Inventory		100
July 14	Accounts payable	200
	Cash		198
	Discount Received (200*2%)		4
July 18	Accounts payable($1000+$800)	1800
	Cash		1800
July 19	Cash	200
	Accounts receivable		200
July 20	Salaries and wages expenses	1200
	Cash		1200
July 21	Cash	1400
	Accounts receivable		1400
July 25	Accounts receivable	3000
	Service revenue		3000
July 31	Maintainance and repairs expenses	200
	Cash		200
July 31	Dividends	900
	Cash		900

T-Accounts

Cash			.
Beg. bal.	0
Jul-01	20000	Jul-01	3000
Jul-19	200	Jul-05	1200
Jul-21	1400	Jul-14	198
		Jul-18	1800
		Jul-20	1200
		Jul-31	200
		Jul-31	900
end. bal	13102
Equipment (truck)
Beg. bal.	0
Jul-01	3000
Jul-01	3000
End. bal.	6000
Accounts payable
		Beg. bal.	0
Jul-14	198	Jul-01	3000
Jul-14	4	Jul-03	1300
Jul-18	1800	Jul-06	200
		End. bal.	2498
Cleaning Supplies
Beg. bal.	0
Jul-03	1300
End. bal.	1300
Prepaid insurance
Beg. bal.	0
Jul-05	1200
End. bal.	1200
Inventory
Beg. bal.	0
Jul-06	200	Jul-13	100
End. bal.	100
Accounts receivable
Beg. bal.	0
Jul-12	2500	Jul-19	200
Jul-13	200	Jul-21	1400
Jul-25	3000
End. bal.	4100
Revenue
		Jul-12	2500
		Jul-13	200
		Jul-25	3000
		Balance	5700
Discount Received
		Jul-14	4
		Balance	4
Salaries and wages expenses
Jul-20	1200
Balance	1200
Maintainance and repairs expenses
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