question archive Kristin Malone opened Kristin’s Maids Cleaning Service on July 1, 2017

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.

 

1

 

Purchased a used truck for $10,000, paying $3,200 cash and the balance on account.

 

3

 

Purchased cleaning supplies for $800 on account.

 

5

 

Paid $1,692 on a 1-year insurance policy, effective July 1.

 

12

 

Billed customers $4,000 for cleaning services.

 

18

 

Paid $1,000 of amount owed on truck, and $260 of amount owed on cleaning supplies.

 

20

 

Paid $1,500 for employee salaries.

 

21

 

Collected $1,800 from customers billed on July 12.

 

25

 

Billed customers $1,800 for cleaning services.

 

31

 

Paid gasoline for the month on the truck, $400.

 

31

 

Declared and paid a $700 cash dividend.

Prepare the income statement for July 31, 2017.

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