Reference no: EM132498896

The listed transaction occurred on Al Kharj landry during July 2019, July 1

1) on1/1 owner has invested $150,000 cash in the business.

2) on july 3rd Al Kharj landry Purchased new equipment for$20,000, paying $15,000 cash and the balance on the account.

3) on 1/7 Al Kharj landry has Purchased supplies for $3000 on the account.

4) on 5/7 Paid $1000 cash on a one-year insurance policy effective July 1.

5) on july 12 Al Kharj landry billed customers $500 for services performed.

6) on 18/7 Paid $3,000 cash on the amount owed on the equipment on transaction 2 and paid $1000 on the amount owed on supplies on transaction 3.

7) on 20/7 Paid $2,200 cash for employee salaries.

8) on 21/7 Collected $300 cash from customers billed on July 12.

9) on 25/7 Billed customers $1500 for laundry services.

10) on 31/7 Paid utilities bill for a month $300.

11) on 31/7 the owner Withdrew $1500 cash for personal use.

Instructions:

Question a) Journalize and post the July transactions.

Question b) a trial balance on July 31.

Question c) Enter the following adjustments.

1. Depreciation on equipment for the month was $50.

2. The insurance for July has occurred .

3. Supplies count by July 31 shows a value of $2500.

4. Remaining amount of unpaid employee salaries worth $600.

Question d) Journalize and post adjusting entries.

Question e) Prepare the Income Statement and Owner's Equity Statement for July and a Classified Balance Sheet on July 31.

Question f) Journalize and post-closing entries and complete the closing process.

Question g) a Post-Closing Trial Balance on July 31.