COMPREHENSIVE ACCOUNTING CASE
Basic Accounting
BU1102
Comprehensive Problem
Term 2
Instructor: W.R. Allman, Ed.D.
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 Issued $18,000 of common stock for $18,000 cash.
July 1 Purchased a truck for $11,000. Paid $4,000 in cash and borrowed the rest (long term) from the bank.
July 3 Purchased cleaning supplies for $900 on account.
July 5 Paid $1,800 on a one-year insurance policy, effective July 1.
July 12 Billed customers $4,800 for cleaning services.
July 18 Paid $1,500 of the amount owed on the truck.
July 18 Paid $500 of the amount owed on cleaning supplies.
July 20 Paid $1,700 for employee salaries.
July 21 Collected $1,200 from customers billed on July 12.
July 25 Billed customers $1,900 for cleaning services.
July 31 Paid gas and oil for the month on the truck, $500.
July 31 Paid a $800 dividend.
Instructions:
Unit 2 Post July transactions to the general journal and general ledger 'T' accounts
Unit 3 Prepare an unadjusted trial balance
Unit 3 Post the following adjustments
(a) Earned but unbilled fees at July 31 were $1,400
(b) Depreciation for the month was $200
(c) One-twelfth of the insurance expired
(d) An inventory count showed $300 of cleaning supplies remaining on July 31.
(e) Accrued but unpaid employee salaries were $500.
Unit 3 Prepare an adjusted trial balance
Unit 4 Post closing entries
Unit 4 Prepare a classified balance sheet and an income statement as of July 31.
Basic Accounting
BU1102
Comprehensive Problem
Term 2
Instructor: W.R. Allman, Ed.D.
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 Issued $18,000 of common stock for $18,000 cash.
July 1 Purchased a truck for $11,000. Paid $4,000 in cash and borrowed the rest (long term) from the bank.
July 3 Purchased cleaning supplies for $900 on account.
July 5 Paid $1,800 on a one-year insurance policy, effective July 1.
July 12 Billed customers $4,800 for cleaning services.
July 18 Paid $1,500 of the amount owed on the truck.
July 18 Paid $500 of the amount owed on cleaning supplies.
July 20 Paid $1,700 for employee salaries.
July 21 Collected $1,200 from customers billed on July 12.
July 25 Billed customers $1,900 for cleaning services.
July 31 Paid gas and oil for the month on the truck, $500.
July 31 Paid a $800 dividend.
Instructions:
Unit 2 Post July transactions to the general journal and general ledger 'T' accounts
Unit 3 Prepare an unadjusted trial balance
Unit 3 Post the following adjustments
(a) Earned but unbilled fees at July 31 were $1,400
(b) Depreciation for the month was $200
(c) One-twelfth of the insurance expired
(d) An inventory count showed $300 of cleaning supplies remaining on July 31.
(e) Accrued but unpaid employee salaries were $500.
Unit 3 Prepare an adjusted trial balance
Unit 4 Post closing entries
Unit 4 Prepare a classified balance sheet and an income statement as of July 31.
