The CCBC Corporation had the following opening trial balance at
the beginning of its fiscal year, July 1, 2018:
Debit | Credit | ||||||
Cash | $ | 7,700 | |||||
Accounts receivable | 6,600 | ||||||
Supplies | 1,200 | ||||||
Equipment | 13,800 | ||||||
Accumulated depreciation—equipment | $ | 5,500 | |||||
Unearned revenue | 2,750 | ||||||
Common shares | 6,000 | ||||||
Retained earnings | 15,050 | ||||||
Totals | $ | 29,300 | $ | 29,300 |
During the month of July, the following selected transactions took
place:
July 2 | Paid $1,000 for two months’ rent in advance for July and August. | ||
7 | Purchased $200 of supplies on account. | ||
14 | Collected half of outstanding accounts receivable. | ||
15 | Borrowed $1,000 from the bank for one year at an interest rate of 5%. | ||
21 | Received $1,000 cash from a customer for services to be performed in August. | ||
28 | Performed $1,000 of services to a customer on account. |
Additional information:
1. | At July 31, the company had performed $800 of services for a client that it had not billed or recorded. | ||
2. | Refer to the July 2 transaction where rent was paid in advance and adjust, if required. | ||
3. | Supplies on hand at July 31 were $500. | ||
4. | The equipment has a five-year useful life and uses straight-line depreciation. | ||
5. | Interest is due on the bank loan on the first day of each following month, beginning August 1. | ||
6. | As at July 31, the company owed $2,500 of salaries to its employees for the month just ended. | ||
7. | As at July 31, the company had earned $2,000 of revenue that had been paid in advance. |
(b)
Prepare adjusting entries at July 31, assuming the
company prepares adjusting entries monthly. (Credit account titles
are automatically indented when the amount is entered. Do not
indent manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Round answers to 0
decimal places, e.g. 5,275.)
Date | Account Titles and Explanation | Debit | Credit |
July 31 | |||
(To record adjusting entry for services provided but not billed) | |||
July 31 | |||
(To record adjusting entry for rent expense for the month paid in advance) | |||
July 31 | |||
(To record adjusting entry for supplies expense) | |||
July 31 | |||
(To record depreciation expense) | |||
July 31 | |||
(To record interest expense accrued but not paid) | |||
July 31 | |||
(To record salaries owed to employees) | |||
July 31 | |||
(To record revenue paid in advance) |
The CCBC Corporation had the following opening trial balance at the beginning of its fiscal year,...
The CCBC Corporation had the following opening trial balance at the beginning of its fiscal year, July 1, 2018: Debit Credit Cash $ 7,700 Accounts receivable 6,600 Supplies 1,200 Equipment 13,800 Accumulated depreciation—equipment $ 5,500 Unearned revenue 2,750 Common shares 6,000 Retained earnings 15,050 Totals $ 29,300 $ 29,300 During the month of July, the following selected transactions took place: July 2 Paid $1,000 for two months’ rent in advance for July and August. 7 Purchased $200 of supplies on...
Pharoah Company had the following trial balance at June 30, 2021 (its year end). Collaborations Wiley PLUS Support Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Equipment Unearned Revenue Pharoah. Capital Totals Debit Credit $6,000 860 1.260 9.864 $4.110 1.490 12,384 $17,984 $17.984 During the month of July, the following selected transactions took place: July 2 Paid $780 cash for rent for July August, and September 10 Purchased $100 of supplies for cash. 14 Collected the full balance of accounts receivable....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,500 Interest receivable 20 Accounts receivable 4,740 Note receivable, due October 31, 2018 4,000 Accumulated depreciation—equipment 2,030 Retained earnings 6,040 Cash 5,520 Salaries payable 1,460 Common shares 12,000 Supplies 1,030 Equipment 10,100 Unearned revenue 1,380 During August, the following summary transactions were completed. Aug. 1 Paid $440 cash for advertising in local newspapers....
Blossom Company had the following trial balance at June 30, 2021 (its year end). Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation-Equipment Unearned Revenke Blossom, Capital Totals Debit $5,700 700 1,100 8,640 $3,600 1,300 11,240 $16,140 $16,140 During the month of July, the following selected transactions took place: July 2 Pald $600 cash for rent for July August, and September 10 Purchased $100 of supplies for cash. 14 Collected the full balance of accounts receivable. 20 Received $600 cash from...
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,500 Interest receivable 20 Accounts receivable 4,740 Note receivable, due October 31, 2018 4,000 Accumulated depreciation—equipment 2,030 Retained earnings 6,040 Cash 5,520 Salaries payable 1,460 Common shares 12,000 Supplies 1,030 Equipment 10,100 Unearned revenue 1,380 During August, the following summary transactions were completed. Aug. 1 Paid $440 cash for advertising in local newspapers....
Part a: Record the July transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Exercise 4-7 (Part Level Submission) The CCBC Corporation had the following opening trial balance at the beginning of its fiscal year, July 1, 2018: Credit Debit $ 5,150 6,650 1,150 15,600...
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,500 Interest receivable 20 Accounts receivable 4,740 Note receivable, due October 31, 2018 4,000 Accumulated depreciation—equipment 2,030 Retained earnings 6,040 Cash 5,520 Salaries payable 1,460 Common shares 12,000 Supplies 1,030 Equipment 10,100 Unearned revenue 1,380 During August, the following summary transactions were completed. Aug. 1 Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,500 Interest receivable 20 Accounts receivable 4,740 Note receivable, due October 31, 2018 4,000 Accumulated depreciation—equipment 2,030 Retained earnings 6,040 Cash 5,520 Salaries payable 1,460 Common shares 12,000 Supplies 1,030 Equipment 10,100 Unearned revenue 1,380 During August, the following summary transactions were completed. Aug. 1 Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,500 Interest receivable 20 Accounts receivable 4,740 Note receivable, due October 31, 2018 4,000 Accumulated depreciation—equipment 2,030 Retained earnings 6,040 Cash 5,520 Salaries payable 1,460 Common shares 12,000 Supplies 1,030 Equipment 10,100 Unearned revenue 1,380 During August, the following summary transactions were completed. Aug. 1 Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,500 Interest receivable 20 Accounts receivable 4,740 Note receivable, due October 31, 2018 4,000 Accumulated depreciation—equipment 2,030 Retained earnings 6,040 Cash 5,520 Salaries payable 1,460 Common shares 12,000 Supplies 1,030 Equipment 10,100 Unearned revenue 1,380 During August, the following summary transactions were completed. Aug. 1 Paid $440 cash for advertising in local newspapers....