Grindstone paving provides residential and commercial paving

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


Cash $7,580


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



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




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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