Question

please write the answer as if you are filling in the boxes itself simply. please fill in the red areas

Click to come the Daten-ellek to s t recent fiscal year, Flounder Computer Consultants post-closing trial balance was as follows: Debit Credit Accounts receivable Supplies $4,390 1,010 500 Accounts payable Unearned service revenue $340 940 3.000 Common stock Retained earnings 1.700 $5.900 $5,000 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Flounder conducted the following transactions during July 2017, and adjusts its accounts monthly July 1 Purchased equipment, paying $3,600 cash and signing a 2-year note payable for $16,800. The equipment has a 4-year useful life. The note has a 6% Interest rate which is payable on the first day of each following month. 2 Issued 16,800 shares of common stock for $42,000 cash 3 Paid $3,000 cash for a 12-month Insurance policy effective July 1 3 Paid the first 2 July and August 2017) months' rent for an annual lease of office space for $3,400 per month 6 Paid $3.200 for supplies. 9 Visited client offices and agreed on the terms of a consulting project. Flounder will bill the client, Connor Productions, on the 20th of each month for services performed 10 Collected $1,010 cash on account from Milani Brothers. This client was billed in June when Flounder performed the service. 13 Performed services for Fitzgerald Enterprises. This client paid $940 in advance last month. All services relating to this payment are now completed. 14 Paid $340 cash for a utility bil. This related to June utilities that were accrued at the end of June. 16 Met with a new cient, Thunder Bay Technologies. Received $10,100 cash in advance for future services to be performed 18 Pald semi-monthly salaries for $9,200. 20 Performed services worth $23.500 on account and billed customers.

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Answer 1

Below is T Accounts for Unadjusted balances:

Do not include adjusting and closing entries at this point, it may come later..

Credit Date Credit Flounder Computer Consultants T Accounts Date Debit Date Credit Date Debit Date Credit Cash Accounts Receivable Op bal $ 4,390 1-Jul $ 3,600 Op bal $ 1,010 10-Jul $ 1,010 2-Jul $ 42,000 3-Jul $ 3,000 20-Jul $ 23,500 27-Jul $ 12,600 10-Jul $ 1,010 3-Jul $ 6,800 16-Jul $ 10,100 6-Jul $ 3,200 27-Jul $ 12,600 14-Jul $ 340 18-Jul $ 9,200 Date Debit Date Supplies Op bal $ 580 6-Jul $ 3,200 Debit Date Prepaid Insurance 3-Jul $ 3,000 July 31 Bal. $ 3,000 July 31 Bal. $ 43,960 Prepaid Rent 3-Jul $ 6,800 July 31 Bal. $ 10,900 Equipment 1-Jul $ 20,400 July 31 Bal. $ 3,780 Accumulated Depreciation-Equipment July 31 Bal. $ 6,800 Accounts Payable 14-Jul $ 340 Op bal $ 340 20-Jul $ 1,800 July 31 Bal. $ 20,400 Unearned Service Revenue 13-Jul $ 940 Op bal $ 940 23-Jul $ 8,400 16-Jul $ 10,100 July 31 Bal. $ Notes Payable 1-Jul $ 16,800 Common Stock Op bal $3,000 2-Jul $ 42,000 July 31 Bal. $ 1,700 July 31 Bal. $ 16,800 July 31 Bal. $ 45,000 July 31 Bal. $ 1,800 Retained Earnings Op bal $ 1,700 July 31 Bal. $ 1,700 Service revenue 13-Jul $ 940 20-Jul $ 23,500 23-Jul $ 8,400 Salaries & wages expense 18-Jul $ 9,200 Advertsing expense 20-Jul $ 1,800 July 31 Bal. $ 32,840 July 31 Bal. $ 9,200 July 31 Bal. $ 1,800