Below is the post-closing trial balance of Gracie Consultancy Services as at 30 June 2019: Debit...
Below is the post-closing trial balance of Gracie Consultancy Services as at 30 June 2019:
|
Debit $ |
Credit $ |
|
|
Cash at bank |
38250 |
|
|
Accounts receivable |
8250 |
|
|
Equipment |
40500 |
|
|
Accumulated depreciation - Equipment |
675 |
|
|
Accounts payable |
14250 |
|
|
Wages payable |
4500 |
|
|
Revenue received in advance |
2625 |
|
|
Gracie, Capital |
|
64950 |
|
87000 |
87000 |
The following transactions occurred during the month July 2019.
|
July |
1 |
Paid employee salaries, $4500 for June. Gracie pays her employees’ accrued salaries on the first day of each calendar month. |
|
8 |
Invoiced customers for consultancy services performed, $13100. |
|
|
14 |
Performed $1125 of services for customers who paid in advance in June for consultancy services to be performed in July. |
|
|
15 |
Paid $8100 for 4 months office building rent. |
|
|
25 |
Gracie redrew capital of $1800. |
|
|
31 |
Purchased office supplies on account for $1350. |
Required
a) Journalise the transactions, including narrations.
b) Prepare an unadjusted trial balance as at 31 July 2019.
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Below is the post-closing trial balance of Gracie Consultancy
Services as at 30 June 2019:
Debit...
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Debit
Credit
Cash
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Accounts receivable
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Supplies
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Accounts payable
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Common stock
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Accounts receivable
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Supplies
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Accounts payable
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Debit
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Accounts payable
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Unearned service revenue
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Retained earnings
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Debit
Credit
Cash
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Accounts receivable
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Supplies
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Accounts payable
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Unearned service revenue
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Common stock
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Retained earnings
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