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Lee Choi opened Choi’s Window Washing, Inc. on July 1, 2008. During July the followingtransactions were completed.
July 1 Issued $12,000 of common stock for $12,000 cash.
1 Purchased used truck for $6,000, paying $3,000 cash and the balance on account.
3 Purchased cleaning supplies for $1,300 on account.
5 Paid $2,400 cash on one-year insurance policy effective July 1.
12 Billed customers $2,500 for cleaning services.
18 Paid $1,000 cash on amount owed on truck and $800 on amount owed on cleaning
20 Paid $1,200 cash for employee salaries.
21 Collected $1,400 cash from customers billed on July 12.
25 Billed customers $5,000 for cleaning services.
31 Paid gas and oil for month on truck $200.
31 Declared and paid $900 cash dividend.
The chart of accounts for Choi’s Window Washing contains the following accounts: No. 101 Cash,No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157Equipment, No. 158 Accumulated Depreciation—Equipment, No. 201 Accounts Payable, No. 212Salaries Payable, No. 311 Common Stock, No. 320 Retained Earnings, No. 332 Dividends, No. 350Income Summary,No. 400 Service Revenue,No. 633 Gas & Oil Expense,No. 634 Cleaning SuppliesExpense,No. 711 Depreciation Expense,No. 722 Insurance Expense, and No. 726 Salaries Expense
(f) Journalize and post closing entries and complete the closing process. Use page J3 for the journal.
Prepare a post-closing trial balance at July 31.
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