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Greene’s Cleaning Service
Fred
Greene opened Greene’s Cleaning Service on October 1, 2014. During October,
the company completed the following transactions:
Oct
1
Invested $20,000 cash in
the business in exchange for common stock.
1
Purchased a used truck
for $12,000, paying $3,000 cash and the balance on account.
3
Purchased cleaning
supplies for $1,500 on account.
5
Paid $1,800 on a one-year
insurance policy, effective October 1.
12
Billed customers $5,600
for cleaning services.
18
Paid $2,000 of amount
owed on truck, and $500 of amount owed on cleaning supplies.
20
Paid $1,950 for employee
salaries.
21
Collected $2,400 from
customers billed on October 12.
25
Billed customers $2,500
for cleaning services.
31
Paid gasoline for the
month on the truck, $350.
31
Paid dividends of $500.
Adjustments:
Oct
31
Earned but unbilled fees
at October 31 were $1,500.
Depreciation on equipment
for the month was $300.
One-twelfth of the
insurance expired.
An inventory count shows
$500 of cleaning supplies on hand at October 31.
| REQUIRED |
| (a) |
Journalize and post the October transactions. Use page J1 for the journal |
| (b) |
Prepare a trial balance at October 31 |
| (c) |
Journalize and post the adjusting entries. Use page J2 for the journal |
| (d) |
Prepare an adjusted trial balance at October 31 |
| (e) |
Prepare the Income Statement and Retained Earnings Statement for October,
and a classified Balance |
|
Sheet at October 31, 2014 |
| (f) |
Journalize and post the closing entries. Use page J3 for the journal. |
| (g) |
Prepare a post-closing trial balance at October 31 |
Accrued but unpaid
employee salaries were $500.
