Wash & Go Car Wash issues financial statements quarterly (every three months).
On April 1st, 2014, Wash & Go Car Wash received $50,000 cash from the stockholders and in turn issued common stock to them.
On April 3rd, Wash & Go Car Wash paid $40,000 cash for land.
On April 3rd, Wash & Go paid cash of $3,700 for cleaning supplies.
On April 6th, Wash & Go performed services for clients and received cash of $7,000.
On April 6th, Wash & Go performed services for UPS on account. UPS did not pay immediately, so Wash & Go billed UPS for $3,000.
On April 30th, Wash & Go paid $1,500 for the following expenses: equipment rent - $1,100; and utilities - $400. Use one journal entry to show these itemized expenses.
On May 15th, Stacey Smith, the major stockholder of Wash & Go, remodeled her personal residence.
On June 1st, Wash & Go collected $1,000 cash on account from the client in transaction 5.
On June 1st, a local branch of Fed Ex delivery pays Wash & Go $6,000 for a six month pre-paid subscription to their car wash service.
On June 1st, Wash & Go prepays three months of store rent at $3,000 to add onto their existing storefront by renting a small space next door.
On June 7th, Wash & Go sold land for its cost of $22,000, receiving cash.
On June 26th, Wash & Go paid its shareholders cash dividends of $2,100.
On June 30th, at the end of the accounting period, $700 of cleaning supplies remain.
Wash & Go Car Wash is subject to a 15% income tax rate. It will be paid sometime after this accounting period.
PLEASE DO:
1. Adjusting Entries
2. Adjusted Trial balance