question archive Kristin Malone opened Kristin’s Maids Cleaning Service on July 1, 2017
Subject:AccountingPrice: Bought3
Kristin Malone opened Kristin’s Maids Cleaning Service on July 1, 2017. During July, the company completed the following transactions.
July |
1 |
Stockholders invested $19,000 cash in the business in exchange for common stock. |
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1 |
Purchased a used truck for $10,000, paying $3,200 cash and the balance on account. |
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3 |
Purchased cleaning supplies for $800 on account. |
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5 |
Paid $1,692 on a 1-year insurance policy, effective July 1. |
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12 |
Billed customers $4,000 for cleaning services. |
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18 |
Paid $1,000 of amount owed on truck, and $260 of amount owed on cleaning supplies. |
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20 |
Paid $1,500 for employee salaries. |
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21 |
Collected $1,800 from customers billed on July 12. |
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25 |
Billed customers $1,800 for cleaning services. |
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31 |
Paid gasoline for the month on the truck, $400. |
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31 |
Declared and paid a $700 cash dividend. |
Prepare the income statement for July 31, 2017.