Grindstone paving provides residential and commercial paving services. Their balance sheet at the end 2023 Business Finance
2023 Grindstone paving provides residential and commercial paving services Their balance sheet at the end of June
Grindstone paving provides residential and commercial paving services. Their balance sheet at the end of June 2011 is shown below, along with their chart of accounts.
Grindstone paving
Balance sheet
As at june 30, 2011
Assets
Cash $7,580
(Cont..)
Total assets $70,380
For the month of July 2011, Grindstone Paving had the following transactions:
Jul 1 The owner invested cash into the business $8,000
Jul 2 Received cash for work that will be provided in August $2,530
(Cont…)
At the end of july, the following adjustment had to be journalized to properly report the balances of the company’s accounts:
Jul 31 One month of prepaid insurance has been used $100
(Cont….)
Required:
1) Enter the opening balance into the general ledger accounts
2) Journal entries for july transactions
3) Worksheet
4) Three financial statements
5) Adjusting journal entries
6) Closing entries
7) Post closing trial balance
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