At June 30, 2017, the end of its most recent fiscal year, Blue Computer Consulta
ID: 2552459 • Letter: A
Question
At June 30, 2017, the end of its most recent fiscal year, Blue Computer Consultants’ post-closing trial balance was as follows:
The company underwent a major expansion in July. New staff was hired and more financing was obtained. Blue conducted the following transactions during July 2017, and adjusts its accounts monthly.
Adjustment data:
The chart of accounts for Blue Computer Consultants contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance. Prepaid Rent, Equipment, Accumulated Depreciation—Equipment, Accounts Payable, Notes Payable, Interest Payable, Income Taxes Payable, Salaries and Wages Payable, Unearned Service Revenue, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Supplies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense, Advertising Expense, Income Tax Expense, Interest Expense, Rent Expense, Supplies Expense, and Utilities Expense.
Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.)
Debit Credit Cash $6,380 Accounts receivable 1,460 Supplies 840 Accounts payable $490 Unearned service revenue 1,370 Common stock 4,400 Retained earnings 2,420 $8,680 $8,680Explanation / Answer
Answer 2. Cash Accounts Receivable Supplies Beg. Bal. 6,380.00 4,400.00 1-Jul Beg. Bal. 1,460.00 1,460.00 10-Jul Beg. Bal. 840.00 1,550.00 31-Jul 2-Jul 61,000.00 4,200.00 3-Jul 20-Jul 34,200.00 18,300.00 27-Jul 6-Jul 4,600.00 10-Jul 1,460.00 4,900.00 3-Jul 16-Jul 14,600.00 4,600.00 6-Jul 27-Jul 18,300.00 490.00 14-Jul 13,400.00 18-Jul End. Bal. 69,750.00 End. Bal. 15,900.00 End. Bal. 3,890.00 Prepaid Insurance Prepaid Rent Equipment Beg. Bal. - 350.00 31-Jul Beg. Bal. - 2,450.00 31-Jul Beg. Bal. - 3-Jul 4,200.00 3-Jul 4,900.00 1-Jul 28,800.00 End. Bal. 3,850.00 End. Bal. 2,450.00 End. Bal. 28,800.00 Accumulated Depreciation - Equipment Accounts Payable Notes Payable Beg. Bal. - Beg. Bal. 490.00 Beg. Bal. - 600.00 31-Jul 14-Jul 490.00 2,700.00 20-Jul 24,400.00 1-Jul 980.00 31-Jul End. Bal. 600.00 End. Bal. 3,680.00 End. Bal. 24,400.00 Interest Payable Income Tax Payable Salaries & Wages Payable Beg. Bal. - Beg. Bal. - 1,460.00 31-Jul Beg. Bal. - 122.00 31-Jul 13,400.00 31-Jul End. Bal. 122.00 End. Bal. 1,460.00 End. Bal. 13,400.00 Unearned Service Revenue Common Stock Retained Earnings Beg. Bal. 1,370.00 Beg. Bal. 4,400.00 Beg. Bal. 2,420.00 13-Jul 1,370.00 14,600.00 16-Jul 61,000.00 2-Jul 23-Jul 12,200.00 End. Bal. 2,400.00 End. Bal. 65,400.00 End. Bal. 2,420.00 Dividends Service Revenue Supplies Expense Beg. Bal. - 1,370.00 13-Jul 31-Jul 1,550.00 34,200.00 20-Jul 12,200.00 23-Jul End. Bal. - End. Bal. 47,770.00 End. Bal. 1,550.00 Depreciation Expense Insurance Expense Salaries & Wages Expense Beg. Bal. - Beg. Bal. - Beg. Bal. - 31-Jul 600.00 31-Jul 350.00 18-Jul 13,400.00 31-Jul 13,400.00 End. Bal. 600.00 End. Bal. 350.00 End. Bal. 26,800.00 Advertisement Expense Income Tax Expense Interest Expense Beg. Bal. - Beg. Bal. - Beg. Bal. - 20-Jul 2,700.00 31-Jul 1,460.00 31-Jul 122.00 End. Bal. 2,700.00 End. Bal. 1,460.00 End. Bal. 122.00 Rent Expense Utilities Expense Beg. Bal. - Beg. Bal. - 31-Jul 2,450.00 31-Jul 980.00 End. Bal. 2,450.00 End. Bal. 980.00
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