Accounting Cycle Review 4-4 (Part Level Submission) At June 30, 2017, the end of

Question

Accounting Cycle Review 4-4 (Part Level Submission)

At June 30, 2017, the end of its most recent fiscal year, Sheffield 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. Sheffield conducted the following transactions during July 2017, and adjusts its accounts monthly.

Adjustment data:

The chart of accounts for Sheffield 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.

(b)

Journalize the July transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Debit Credit Cash $5,650 Accounts receivable 1,300 Supplies 750 Accounts payable $430 Unearned service revenue 1,210 Common stock 3,900 Retained earnings 2,160 $7,700 $7,700

Explanation / Answer

Journal Entries Adjustment Journal entries as on 31st July Date Account Titles Debit Credit Date Account Titles Debit Credit Jul-01 Equipment $21,600.00 Jul-31 Insurance Expense $300.00 Cash $4,800.00 Prepaid Insurance $300.00 Note Payable $16,800.00 Jul-02 Cash $54,000.00 Jul-31 Rent Expense $4,300.00 Common stock $54,000.00 Prepaid Rent $4,300.00 Jul-03 Prepaid Insurance $3,600.00 Jul-31 Supplies Expense $1,350.00 Cash $3,600.00 Supplies $1,350.00 Jul-03 Prepaid Rent $8,600.00 Jul-31 Depreciation Expense $550.00 Cash $8,600.00 Accumulated Depreciation-Equipment $550.00 Jul-06 Supplies $4,100.00 Jul-31 Interest Expense $84.00 Cash $4,100.00 Interest Payable on Note $84.00 Jul-09 No Journal Entry Jul-31 Salaries and Wages Expense $11,900.00 Salaries and Wages Payable $11,900.00 Jul-10 Cash $1,300.00 Jul-31 Utilities Expense $860.00 Accounts Receivables (Milani Brothers) $1,300.00 Accounts Payable $860.00 Jul-13 Unearned Service Revenue $1,210.00 Jul-31 Income Tax Expense $1,300.00 Service Revenue $1,210.00 Income Tax Payable $1,300.00 Jul-14 Accounts Payable $430.00 Cash $430.00 Jul-16 Cash $13,000.00 Unearned Service Revenue $13,000.00 Jul-18 Salaries and Wages Expense $11,900.00 Cash $11,900.00 Jul-20 Accounts Receivable $30,200.00 Service Revenue $30,200.00 Jul-20 Advertisement Expense $2,400.00 Accounts Payable $2,400.00 Jul-23 Unearned Service Revenue $10,800.00 Service Revenue $10,800.00 Jul-27 Cash $16,200.00 Accounts Receivables $16,200.00

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