Practice Problems 1

Satisfactory Essays
Complete Problem 4-8A.

P4-8A Dana La Fontsee opened Pro Window Washing Inc. on July 1, 2012. During July the following transactions were comple
July
1
Issued 12,000 shares of common stock for $12,000 cash.
1
Purchased used truck for $8,000, paying $2,000 cash and the balance on account.
3
Purchased cleaning supplies for $900 on account.
5
Paid $1,800 cash on 1-year insurance policy effective July 1.
12
Billed customers $3,700 for cleaning services.
18
Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies.
20
Paid $2,000 cash for employee salaries.
21
Collected $1,600 cash from customers billed on July 12.
25
Billed customers $2,500 for cleaning services.
31
Paid $290 for maintenance of the truck during month.
31
Declared and paid $600 cash dividend.
The chart of accounts for Pro Window Washing contains the following accounts: Cash,
Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation—
Equipment, Accounts Payable, Salaries and Wages Payable, Common Stock, Retained
Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense,
Supplies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages
Expense.

Pro-Window Washing Inc.
General Journal
Account Titles and Explanation

Date

Debit

Credit

2012
July

1

Cash

12,000
Common Stock
(issued stock for cash)

July

1

Equipment

12,000

8,000
Cash
2000
Accounts Payable
6000
(to record equipment purchase on account)

July

3

Supplies

900
Accounts Payable
900
(to record supplies purchased on account)

July

July

5

12

Prepaid insurance
Cash

Accounts Receivable

1,800
1,800
(Paid 1-year insurance policy effective July 1.)

3700

Service Revenue
3700
(Billed customer for service provided)

July

18

Accounts payable
Supplies Expense
Cash

1000
500
1500
(to record payment on accounts)

July

July

20

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