ACC101 Comprehensive Problem Greene's Cleaning Service Fred Greene opened Greene's Cleaning Service on October 1, 2014. During October, the company completed the following transactions: Oct 1 I

ACC101 Comprehensive Problem

Greene's Cleaning Service

Fred Greene opened Greene's Cleaning Service on October 1, 2014. During October, the company completed the following transactions:

Oct

Invested $20,000 cash in the business in exchange for common stock.

Purchased a used truck for $12,000, paying $3,000 cash and the balance on account.

Purchased cleaning supplies for $1,500 on account.

Paid $1,800 on a one-year insurance policy, effective October 1.

Billed customers $5,600 for cleaning services.

Paid $2,000 of amount owed on truck, and $500 of amount owed on cleaning supplies.

Paid $1,950 for employee salaries.

Collected $2,400 from customers billed on October 12.

Billed customers $2,500 for cleaning services.

Paid gasoline for the month on the truck, $350.

Paid dividends of $500.

Adjustments:

Oct

Earned but unbilled fees at October 31 were $1,500.

Depreciation on equipment for the month was $300.

One-twelfth of the insurance expired.

An inventory count shows $500 of cleaning supplies on hand at October 31.

Accrued but unpaid employee salaries were $500.

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