Reference no: EM132516674
Question - Lee Chan opened Lee's Window washing on July 31, 2019. During July, the following transactions were completed:
July 1 Invested $18,000 cash in the business.
July 1 Purchased a used truck for $26,000, paying $3,000 cash and the balance on account with Acme Auto.
July 1 Paid $500 rent for the month.
July 3 Purchased some supplies on account for $900 from Office Depot.
July 5 Paid $1,200 on a one year insurance policy, effective July 1.
July 12 Billed customers $2,500 for cleaning services.
July 18 Paid $3,000 to Acme for the truck account and $500 to Office Depot.
July 20 Paid $1,200 to his two employees for the first two weeks of July.
July 21 Collected $1,400 from customers previously billed.
July 25 Billed customers $3,000 for cleaning services.
July 31 Serviced the truck and paid $250 for oil and gas.
July 31 Withdrew $1,600 for personal use.
Instructions -
1. Journalize and post July's transactions using T Accounts (Excel or Word).
2. Prepare July 31, 2019 Trial Balance.
3. Journalize the following adjustments as of July 31.