Question

Journalize and post the July transactions. Use page J1 for the journal
Prepare a trial balance at July 31
Journalize and post the adjusting entries. Use page J2 for the journal
Prepare an adjusted trial balance at July 31
Prepare the Income Statement and Statement of Owners Equity for July.
Prepare a classified Balance Sheet at July 31, 2017
Journalize and post the closing entries. Use page J3 for the journal.
Prepare a post-closing trial balance at July 31

Jul 1 Jim Seaby invested $35,000 cash and $8,100 of cleaning equipment in the business. 1 Purchased a used truck for $12,000, paying $5,000 cash and the balance on account. 3 Purchased cleaning supplies for $2,875 on account. 5 Paid $1,200 on a one-year insurance policy, effective July 1. 8 Received $1,500 from customer for future cleaning services. 12 Billed customers $6,730 for cleaning services. 18 Paid $2,000 of amount owed on truck. 20 Paid $1,492 for employee salaries. 21 Collected $4,200 from customers billed on July 12. 25 Billed customers $3,485 for cleaning services. 31 Paid gasoline for the month on the truck, $250. 31 Owner withdrew $1,100 for personal use.

Adjustments: Jul 31 Earned but unbilled fees at July 31 were $1,592. Depreciation on truck for the month was $175. Earned $500 of payment received on July 8. One-twelfth of the insurance expired. An inventory count shows $350 of cleaning supplies on hand at July 31. Accrued but unpaid employee salaries were $585.

Answer 1

Journal Entries as of 31-July (Pre adjustments)
S. No#	Particulars/ Ledger A/c	Dr / Cr	Amount
1	Cash	Dr	35,000
	Capital	Cr	35,000
2	Equipment	Dr	8,100
	Capital	Cr	8,100
3	Truck a/c	Dr	12,000
	Cash	Cr	5,000
	Truck Vendor	Cr	7,000
4	Purchases a/c	Dr	2,875
	Purchases vendor	Cr	2,875
5	Insurance Expenses	Dr	1,200
	Cash	Cr	1,200
6	Cash	Dr	1,500
	Advance Revenue	Cr	1,500
7	Debtors a/c	Dr	6,730
	Revenue	Cr	6,730
8	Truck Vendor	Dr	2,000
	Cash	Cr	2,000
9	Salaries a/c	Dr	1,492
	Cash	Cr	1,492
10	Cash	Dr	4,200
	Debtors a/c	Cr	4,200
11	Debtors a/c	Dr	3,485
	Revenue	Cr	3,485
12	Gasoline expenses a/c	Dr	250
	Cash	Cr	250
13	Capital a/c	Dr	1,100
	Cash	Cr	1,100

Trial balance as of 31-July (Pre adjustments)
Particulars/ Ledger A/c	Dr	Cr
Cash	29,658
Capital		42,000
Equipment	8,100
Truck	12,000
Truck Vendor		5,000
Purchases	2,875
Purchases vendor		2,875
Insurance Expenses	1,200
Advance Revenue		1,500
Debtors a/c	6,015
Revenue		10,215
Salaries a/c	1,492
Gasoline expenses a/c	250
Total	61,590	61,590