Generally Accepted Accounting Principles and Account Debit Credit Essay

Submitted By Michael-Borrelle
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Pages: 3
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3.29.15 – XACC/290 Week 6

(a)

(b)
Cash

Service Revenue
1-Jul
$12,000
1 $ 2,000

July 12 $3,700
21-Jul
$1,600
5 $ 1,800

July 25 $2,500

18 $ 1,500

July 31 $1,700

20 $ 2,000

July 31 Bal. $7,900

31 $ 290

31 $ 600

Common Stock
July 31 Bal.
$5,410

July 1 $12,000

July 31 Bal. $12,000
Equipment

1-Jul
$8,000

Supplies Expense
July 31 Bal.
$8,000

31-Jul
$580

July 31 Bal.
$580

Supplies

3-Jul $ 900
July 31 $580

Salaries and Wages Expense
July 31 Bal.
$320

20-Jul
$2,000

31-Jul
$400

Prepaid Insurance

July 31 Bal.
$2,400

5-Jul
$1,800
July 31 $150

July 31 Bal.
$1,650

Maintenance & Repairs Expense
Accounts Payable

31-Jul
$290

18-Jul
$1,000
July 1 $6,000

July 31 Bal.
$290

18-Jul
$500
July 3 $900

July 31 Bal. $5,400

Dividends

31-Jul
$600

Salaries and Wages Payable

July 31 Bal.
$600

July 31 $400

July 31 Bal. $400

Depreciation Expense -Equipment

31-Jul
$180

Accounts Receivable

July 31 Bal.
$180

12-Jul
$3,700
July 21 $1,600

25-Jul
$2,500

Insurance Expense
31-Jul
$1,700

31-Jul
$150

July 31 Bal.
$6,300

July 31 Bal.
$150

Accumulated Depreciation-Equipment

July 31 $180

July 31 Bal. $180

(c)

Pro Window Washing Inc.
Trial Balance 7.31.2012
Account
Debit
Credit
Cash
$5,410

Prepaid Insurance
$1,800

Supplies
$900

Equipment
$8,000

Account Receivable
$4,600

Salaries and Wages Expense
$2,000

Supplies Expanse
$500

Maintenance & Repairs Expense
$290

Dividends
$600

Accounts Payable $5,900
Common Stock $12,000
Service Revenue $6,200
Total
$24,100
$24,100

(d)
Pro Window Washing Inc.
Adjusted Entries for July
Date
Account
Debit
Credit
July 31st, 2012

Account Receivable
$1,700

Service Revenue $1,700 Depreciation Expense -Equipment
$180

Accumulated Depreciation-Equipment $180 Insurance Expense (1 month)
$150

Prepaid Insurance $150 Supplies Expense
$580

Supplies $580 Salaries and Wages Expense
$400

Salaries and Wages Payable $400
31-Jul

$3,010
$3,010

(e)
Income Summary
$3,600
$7,900
$4,300

$7,900
$7,900

Retained Earnings
$600
0 $4,300
Balance
$3,700

Dividends
$600
$600

Service Revenue
$7,900
$3,700 $2,500 $1,700
$7,900
$7,900

(f)
Pro Window Washing Inc.
Adjusted Trial Balance, July 31st 2012
Account
Debit
Credit
Cash
$5,410

Prepaid Insurance
$1,650

Supplies
$320

Equipment
$8,000

Account Receivable
$6,300

Salaries and Wages Expense
$2,400

Maintenance & Repairs Expense
$290

Dividends
$600

Accounts Payable $5,400
Common Stock $12,000
Service Revenue $7,900
Depreciation Expense -Equipment
$180

Accumulated Depreciation-Equipment $180
Insurance Expense
$150

Supplies Expense
$580

Salaries and Wages Payable $400
Total
$25,880
$25,880

(g)
Pro Window Washing Inc.
Income Statement - July 2012

Revenues

Service Revenue $7,900
Expenses

Salaries and Wages Expense
$2,400

Maintenance & Repairs Expense
$290

Supplies Expense
$580

Insurance Expense
$150

Depreciation Expense -Equipment
$180
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