Question

Accounting Cycle Review 4-01 a-i (Part Level Submission) Mike Greenberg opened Kleene Window Washing Co. on July 1, 2020. During July, the following transactions were completed. July 1 Owner invested $12,000 cash in the company. 1 Purchased used truck for $8,000, paying $2,000 cash and the balance on account. 3 Purchased cleaning supplies for $900 on account. 5 Paid $1,800 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,700 for cleaning services performed. 18 Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies. 20 Paid $2,000 cash for employee salaries. 21 Collected $1,600 cash from customers billed on July 12. 25 Billed customers $2,500 for cleaning services performed. 31 Paid $290 for maintenance of the truck during month. 31 Owner withdrew $600 cash from the company. (a) Journalize the July transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record cash invested in the business) (To record purchase of truck.) (To record maintenance of the truck) (To record owner withdraws)

Answer 1

Answer
Journal Entry
Date	Account title & explanation	Debit ($)	Credit ($)
01-Jul	Cash	$       12,000
	Common stock		$       12,000
	(To record the investment in the company)
01-Jul	Equipment	$         8,000
	Cash		$         2,000
	Accounts Payable		$         6,000
	(To record the purchase of truck)
03-Jul	Supplies	$            900
	Accounts Payable		$            900
	(To record supplier purchase)
05-Jul	Prepaid Insurance	$         1,800
	Cash		$         1,800
	(To record Prepaid Insurance)
12-Jul	Accounts Receivable	$         3,700
	Service Revenue		$         3,700
	(To record the Service Revenue)
18-Jul	Accounts Payable	$         1,500
	Cash		$         1,500
	(To record cleaning supplies)
20-Jul	Salaries and wages expense	$         2,000
	Cash		$         2,000
	(To record Salaries and wages expense)
21-Jul	Cash	$         1,600
	Accounts Receivable		$         1,600
	(To record cash received)
25-Jul	Accounts Receivable	$         2,500
	Service Revenue		$         2,500
	(To record Service Revenue)
31-Jul	Maintenance and Repairs Expense	$            290
	Cash		$            290
	(To record Maintenance and Repairs Expense)
31-Jul	Dividends	$            600
	Cash		$            600
	(To record the dividends paid)
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