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Basic Accounting
BUS 1102
Comprehensive Problem
Term __
Instructor:
Student Name:_____________________________________
New Era Cleaning Service, Inc. opened for business on
July 1, 2010. During the month of July, the following transactions occurred:
July 1 Purchased a truck for $11,000. Paid $4,000 in cash and borrowed the rest (long term) from the bank.
July 31 Paid gas and oil for the month on the truck, $500.
Instructions:
Unit 2 Post July transactions to the general journal and general ledger 'T' accounts
Unit 4 Prepare a classified balance sheet and an income statement as of July 31.
Journal # Date Accounts and Description Debit Credit
Debit Credit
revenues 8100
income summary 8100
to close revenues to income summary account
dividend 800
retained earnings 800
to close divident account to retained earnings
Cash Accounts Receivable Pre-Paid Insurance Supplies
Debit Credit Debit Credit Debit Credit Debit Credit
(1) 18000 (5) 4800 (4) 1800 (3) 900
4000 (2) 1200(9)
1800 (4) (10) 1900 150 (c ) 600 (d)
1500 (6) 5500
500 (7)
1700 (8) (a) 1400
(9) 1200
500 (11)
800 (12)
8400
1400 (a)
3650
Happy Workers Cleaning Service
Unadjusted Adjusted
Account Beginnng Balance Trial Balance Adjusting Entries Trial Balance
Debit Credit Debit Credit Debit Credit Debit Credit
Revenue $8,100
Less: Expenses
Salaries $2,200
Cleaning Supplies $600
Gas & Oil $500
Depreciation $200
Insurance $150
Total Expenses $3,650
Assets
Current Assets
Cash 8400
Accounts Receivable 6900
Cleaning Supplies 300
Pre-paid Insurance 1650
Total Current Assets $17,250
Liabilities
Current Liabilities
Accounts Payable $400
Salaries Payable $500
Total Current Liabilities $900
Owners' Equity
Common Stock 18000
Retained Earnings $3,650
Beginning Retained Earnings $8,400
Net Income $4,450
less: Dividends ($800)
Ending Retained Earnings