At June 30, 2017, the end of its most recent fiscal year, Blue Computer Consulta
ID: 2556125 • 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.
Prepare an adjusted trial balance.
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
Opening Balance Transactions Adjustments Balance as on 31st July Debit Credit Date Debit Credit Date Debit Credit Account Debi Credit Cash $6,380 July 1 $4,400 Cash $64,850 Cash July 2 $61,000 Accounts Receivable $15,900 Cash July 3 $4,200 Supplies $3,890 Cash July 3 $9,800 Accounts Payable $3,680 Cash July 6 $4,600 Unearned Service Revenue $2,400 Cash July 10 $1,460 Common stock $65,400 Cash July 14 $490 Retained earning(beginning) $2,420 Cash July 16 $14,600 Notes payable $24,400 Cash July 18 $13,400 Equipment $28,800 Cash July 27 $18,300 Prepaid Insurance $3,850 Accoints Receivable $1,460 July 10 $1,460 Prepaid Rent $4,900 Accoints Receivable July 20 $34,200 Sevice Revenue $47,770 Accoints Receivable July 27 $18,300 Salaries and Wages expense $26,800 Supplies $840 July 6 $4,600 July 31 $1,550 Salaries and Wages Payable $13,400 Accounts payable $490 July 14 $490 Advertising expense $2,700 Accounts payable July 20 $2,700 July 31 $980 Insurance expense $350 Unearned Service revenue $1,370 July 13 $1,370 Rent Expense $4,900 Unearned Service revenue July 16 $14,600 Supplies Expense $1,550 Unearned Service revenue July 23 $12,200 Depreciation expense $600 Common stock $4,400 July 2 $61,000 Accumulated depreciation $600 Retained earning $2,420 Interest expense $ 122 $8,680 $8,680 Interest payable $ 122 Notes payable July 1 $24,400 Utilities expense $980 Equipment July 1 $28,800 (24400+4400) Income tax expense $1,460 Prepaid Insurance July 3 $4,200 July 31 $350 Income tax payable $1,460 Prepaid Rent July 3 $9,800 July 31 $4,900 Total $161,652 $161,652 Sevice Revenue July 13 $1,370 Sevice Revenue July 20 $34,200 Sevice Revenue July 23 $12,200 Salaries and Wages expense July 18 $13,400 July 31 $13,400 Salaries and Wages Payable July 31 $13,400 Advertising expense July 20 $2,700 Insurance expense July 31 $350 (4200/12) Rent Expense July 31 $4,900 Supplies Expense July 31 $1,550 Depreciation expense July 31 $600 Accumulated depreciation July 31 $600 Interest expense July 31 $ 122 (24400*0.06)/12 Interest payable July 31 $ 122 Utilities expense July 31 $980 Income tax expense July 31 $1,460 Income tax payable July 31 $1,460 Adjusted Trial Balance ACCOUNT DEBIT CREDIT Cash $64,850 Accounts Receivable $15,900 Supplies $3,890 Accounts Payable $ 3,680 Unearned Service Revenue $ 2,400 Common stock $ 65,400 Retained earning(beginning) $ 2,420 Notes payable $ 24,400 Equipment $28,800 Prepaid Insurance $3,850 Prepaid Rent $4,900 Sevice Revenue $ 47,770 Salaries and Wages expense $26,800 Salaries and Wages Payable $ 13,400 Advertising expense $2,700 Insurance expense $350 Rent Expense $4,900 Supplies Expense $1,550 Depreciation expense $600 Accumulated depreciation $ 600 Interest expense $122 Interest payable $ 122 Utilities expense $980 Income tax expense $1,460 Income tax payable $ 1,460 Total $161,652 $161,652
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