ACC100- Principles of Accounting Gillian Shaw opened Shaw’s Carpet Cleaners Inc. , a sole proprietorship on January 1.

ACC100- Principles of AccountingAll parts (a-h) must be completed before the work will be accepted.The work for all instructions must be fastened in a binder, neatly presented and labeled. A copy of therequirements must be included with the work papers following. Each part (a-h) must be clearly labeled.All work must be complete and legible.Assignment :Gillian Shaw opened Shaw’s Carpet Cleaners Inc. , a sole proprietorship on January 1. During January,the following transactions were completed.Jan 1Invested $10,000 in cash in the business.Purchased used truck for $6,000, paying $3,000 cash and the balance on account.Purchased cleaning supplies of $1,200 on account.Jan 5Paid $1,200 cash on a 1-ear insurance policy effective Janurary 1.Jan 14 Billed customers $4,800 for cleaning services performed.Jan 18 Paid $1,500 cash on amount owed on truck and $500 on amount owed on cleaning supplies.Jan 20 Paid $1,800 cash for employee salaries.Jan 21 Collected $1,400 cash from customers billed on January 14.Jan 28 Billed customers $4,500 for cleaning services.Jan 31 Paid $200 for gasoline bill for the truck.Jan 31 Withdrew $700 for personal use.The Chart of Accounts for Shaw’s Carpet Cleaners Inc. includes101Cash112Accounts Receivable126Supplies130Prepaid Insurance157Equipment158Accumulated Depreciation- Equipment201Accounts PayablePage 1 of 2212Salaries and Wages Payable301Capital306Drawings350Income Summary400Service Revenue631Supplies Expense633Gasoline Expense711Depreciation Expense722Insurance Expense726Salaries and Wages ExpenseInstructions:(a)(b)(c)(d)(e)(f)(g)(h)Open all general ledger accounts.Journalize and post the January transactions. Use page J1 for the journal.Prepare a trial balance at January 31 on a worksheet. (Trial balance check figure$19,500)Enter the following adjustments on the worksheet and complete the worksheet.(1) Unbilled revenue for services performed at January 31 was $500 (hint: AccountReceivable)(2) Depreciation on equipment for the month was $300(3) One- twelfth (1/12) of the insurance expired.(4) An inventory count shows $250 of cleaning supplies on hand at January 31.(5) Accrued but unpaid employee salaries were $550. (Adjusted Trial Balance check figure$20,850)Prepare the Income Statement and Statement of Owner’s Equity for January and a classifiedBalance Sheet at January 31. (Net income, $3,900; Total Assets, $15,950)Journalize and post the adjusting entries. Use the number of your Journal page whereneeded.Journalize and post-closing entries and complete the closing process. Use the number ofyour Journal page where needed.Prepare a post-closing trial balance at January 31. (Post-closing trial $16,250)Page 2 of 2