At June 30, 2015, the end of its most recent fiscal year, Red River Computer Con

Question

At June 30, 2015, the end of its most recent fiscal year, Red River Computer Consultants Ltd.'s post-closing trial balance was as follows:

- Expiry of insurance coverage (see July 3 transaction)

- Adjustment of prepaid rent (see July 3 transaction)

- Supplies used, $1,250 (see July 6 transaction)

- Equipment depreciation (see July 7 transaction)

- Accrual of interest on bank loan (see July 7 transaction)

- Salaries for the second half of July, $11,000, to be paid on August 1

- Estimated utilities expense for July, $800 (invoice to be received in August)

- Income tax for July, $1,200, to be paid in August

Debit Cash Cash $5,230 Accounts Recievable 1,200 Supplies 690 Accounts Payable $400 Unearned Revenue 1,120 Common Shares 3,600 Retained Earnings 2,000 $7,120 $7,120

Explanation / Answer

journal entries

july 2 CASH A/C DR.$50000

TO STOCK A/C $50000

JULY 3. INSURANCE A/C DR. $3600

TO CASH A/C $3600

JULY 3 PREPAID RENT A/C DR. $8000

TO CASH $8000

JULY 6 PURCHASE A/C DR. $ 3800

TO CASH $3800

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