ACC 371 Chapter 2 Homework Handout - Fall

ACC 371 Chapter 2 Homework Handout - Fall - Chapter 2...

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Chapter 2 Problem 1GP Judy Davis opened Judy’s Maids Cleaning Service on July 1, 20XX. During July, the company completed the following transactions: July 1 Invested $14,000 cash in the business in exchange for 5,000 shares of $2 par value common stock. 1 Purchased a used truck for $10,000, paying $3,000 cash and the balance on account. 3 Purchased cleaning supplies for $800 on account. 5 Paid $1,800 on a one-year insurance policy, effective July 1. 12 Billed customers $3,800 for cleaning services. 18 Paid $1,000 of amount owed on truck, and $400 of amount owed on cleaning supplies. 20 Paid $1,600 for employee salaries. 21 Collected $1,400 from customers billed on July 12. 25 Billed customers $1,500 for cleaning services. 31 Paid gas and oil for the month on the truck, $400. 31 The company declared and paid a $600 cash dividend to Ms. Davis. The chart of accounts for Judy’s Maids Cleaning Service contains the following accounts: Cash, Accounts Receivable, Cleaning Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation – Equipment, Accounts Payable, Salaries Payable, Common Stock, Additional Paid-In Capital, Retained Earnings, Income Summary, Dividends, Service Revenue, Gas & Oil Expense, Cleaning Supplies Expense, Depreciation Expense, Insurance Expense, and Salaries Expense.
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This note was uploaded on 12/09/2011 for the course ACC 371 taught by Professor Proscott during the Spring '11 term at S. Alabama.

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ACC 371 Chapter 2 Homework Handout - Fall - Chapter 2...

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