Question

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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.

Answer 1

Cash		Trial Balance
Date	Particulars	Amount (Dr)		Date	Particulars	Amount (Cr)		Particulars	Amount (Dr)	Amount (Cr)
01-Jul	To Opening Balance	4390		01-Jul	By Equipment	3600		Cash	47360
02-Jul	To Common Stock	42000		03-Jul	By Insurance	3000		Account Receivable	10900
10-Jul	To Accounts Receivable	1010		03-Jul	By Retained Earnings	3400		Supplies	3780
16-Jul	To Unearned Service Revenue	10100		06-Jul	By Supplies	3200		Equipment	19975
27-Jul	To Accounts Receivable	12600		14-Jul	By Accounts Payable	340		(Cost 20400-425 Dep)
				18-Jul	By Retained Earnings	9200		Prepaid Exp	2750
								Account Payable		18684
				31-Jul	By Closing Balance	47360		Unearned Service Revenue		1700
								Common Stock		45000
		70100				70100		Retained Earning		19381
									84765	84765
Accounts Receivable
Date	Particulars	Amount (Dr)		Date	Particulars	Amount (Cr)
01-Jul	To Opening Balance	1010		10-Jul	By Cash	1010
20-Jul	To Retained Earnings	23500		27-Jul	By Cash	12600
				31-Jul	By Closing Balance	10900
		24510				24510
Supplies
Date	Particulars	Amount (Dr)		Date	Particulars	Amount (Cr)
01-Jul	To Opening Balance	580
06-Jul	To Cash	3200
				31-Jul	By Closing Balance	3780
		3780				3780
Accounts Payable
Date	Particulars	Amount (Dr)		Date	Particulars	Amount (Cr)
14-Jul	To Cash	340		01-Jul	By Opening Balance	340
				01-Jul	By Note Payable	16800
				31-Jul	By Retained Earning	84
				20-Jul	By Retained Earning	1800
31-Jul	To Closing Balance	18684
		19024				19024
Unearned Service Revenue
Date	Particulars	Amount (Dr)		Date	Particulars	Amount (Cr)
13-Jul	To Retained Earnings	940		01-Jul	By Opening Balance	940
23-Jul	To Retained Earnings	8400		16-Jul	By Cash	10100
31-Jul	To Closing Balance	1700
		11040				11040
Common Stock
Date	Particulars	Amount (Dr)		Date	Particulars	Amount (Cr)
				01-Jul	By Opening Balance	3000
				02-Jul	By Cash	42000
31-Jul	To Closing Balance	45000
		45000				45000
Retained Earning
Date	Particulars	Amount (Dr)		Date	Particulars	Amount (Cr)
31-Jul	To Depreciation	425		01-Jul	By Opening Balance	1700
31-Jul	To Interest	84		13-Jul	By Unearned Service Revenue	940
03-Jul	To Office Rent	3400		20-Jul	By Accounts Receivable	23500
31-Jul	To Insurance	250		23-Jul	By Unearned Service Revenue	8400
18-Jul	To Salaries	9200
20-Jul	To Advertising Exp	1800
31-Jul	To Closing Balance	19381
		34540				34540