Question

This is the SECOND time I’m posting this question.. ((please pay attention because the previous answer had so many incorrect and error answers)) don’t forget sections or mess up numbers. Thanks

Help I S Accounting Cycle Review 4-4 At June 30, 2017, the end of its most recent fiscal year, Bramble Computer Consultants' post-closing trial balance was as follows: Cash $4,080 Supplies Accounts payable Unearned service revenue $310 870 2,800 Retained earnings The company underwent a major expansion in July. New staff was hired and more financing was obtained. Bramble 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 S15 600 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 15,600 shares of common stock for $39,000 cash 3 Paid $3,000 cash for a 12-month insurance policy effective July 1 3 Paid the first 2 (Quly and August 2017) months' rent for an annual lease of office space for $3,100 per month. 6 Paid $3,000 for supplies. Visited client offices and agreed on the terms of a consulting project. Bramble will bill the client, Connor Productions, on the 20th of each month for services 10 Collected $940 cash on account from Milani Brothers. This client was billed in June when Bramble performed the service. 13 Performed services for Fitzgerald Enterprises. This client paid $870 in advance last month. All services relating to this payment are now completed. 14 16 18 20 Paid $310 cash for a utility bill. This related to June utilities that were accrued at the end of June. Met with a new client, Thunder Bay Paid semi-monthly salaries for $8,600 Performed services worth $21,800 on account and billed customers. Received $9,400 cash in advance for future services to be performed services received during July. The amount is not due until August 15 a bill for $1,700 for d the first phase of the ed $7,800 of re July 16

Answer 1

Answer 1.
Journal Entry
Date	Particulars	Dr. Amt.	Cr. Amt.
1-Jul	Equipment	19,200.00
	Cash		3,600.00
	Notes Payable		15,600.00
	(to record the equipment purchased)
2-Jul	Cash	39,000.00
	Common Stock		39,000.00
	(To record the issue of common stock)
3-Jul	Prepaid Insurance	3,000.00
	Cash		3,000.00
	(To record the insurance paid)
3-Jul	Prepaid Rent	6,200.00
	Cash		6,200.00
	(To record the rent paid)
6-Jul	Supplies	3,000.00
	Cash		3,000.00
	(To record the supplies purchased)
9-Jul	No Entry
10-Jul	Cash	940.00
	Accounts Receivable		940.00
	(To record the cash received)
13-Jul	Unearned Service Revenue	870.00
	Service Revenue		870.00
	(To record the cash recd for future services)
14-Jul	Accounts Payable	310.00
	Cash		310.00
	(To record the cash paid)
16-Jul	Cash	9,400.00
	Unearned Service Revenue		9,400.00
	(To record the cash recd for future services)
18-Jul	Salaries & Wages Expense	8,600.00
	Cash		8,600.00
	(To record the salaries paid)
20-Jul	Accounts Receivable	21,800.00
	Service Revenue		21,800.00
	(To record the service revenue)
20-Jul	Advertisement Expense	1,700.00
	Accounts Payable		1,700.00
	(To record the advertisement expense)
23-Jul	Unearned Service Revenue	7,800.00
	Service Revenue		7,800.00
	(To record the service revenue)
27-Jul	Cash	11,700.00
	Accounts Receivable		11,700.00
	(To record the cash received)
Adjusting Journal Entry
Date	Particulars	Dr. amt.	Cr. Amt.
31-Jul	Insurance Expense ($3,000 / 12)	250.00
	Prepaid Insurance		250.00
	(To record the insurance expense)
31-Jul	Rent Expense ($6,200 / 2)	3,100.00
	Prepaid Rent		3,100.00
	(To record the rent expense)
31-Jul	Supplies Expense	1,000.00
	Supplies		1,000.00
	(To record the supplies expense)
31-Jul	Depreciation Expense	400.00
	Accumulated Depreciation - Equipment		400.00
	(To record the depreciation expense)
31-Jul	Interest Expense ($15,600 X 6% X 1/12)	78.00
	Interest Payable		78.00
	(To record the interest expense)
31-Jul	Salaries & Wages Expense	8,600.00
	Salaries & Wages Payable		8,600.00
	(To record the salares due)
31-Jul	Utilities Expense	620.00
	Accounts Payable		620.00
	(To record the utilities due)
31-Jul	Income Tax Expense	940.00
	Income Tax Payable		940.00
	(To record the income tax expense)

Answer 2.
Cash					Accounts Receivable					Supplies
Beg. Bal.	4,080.00	3,600.00	1-Jul		Beg. Bal.	940.00	940.00	10-Jul		Beg. Bal.	540.00	1,000.00	31-Jul
2-Jul	39,000.00	3,000.00	3-Jul		20-Jul	21,800.00	11,700.00	27-Jul		6-Jul	3,000.00
10-Jul	940.00	6,200.00	3-Jul
16-Jul	9,400.00	3,000.00	6-Jul
27-Jul	11,700.00	310.00	14-Jul
		8,600.00	18-Jul
End. Bal.	40,410.00				End. Bal.	10,100.00				End. Bal.	2,540.00
Prepaid Insurance					Prepaid Rent					Equipment
Beg. Bal.	-	250.00	31-Jul		Beg. Bal.	-	3,100.00	31-Jul		Beg. Bal.	-
3-Jul	3,000.00				3-Jul	6,200.00				1-Jul	19,200.00
End. Bal.	2,750.00				End. Bal.	3,100.00				End. Bal.	19,200.00
Accumulated Depreciation - Equipment					Accounts Payable					Notes Payable
Beg. Bal.		-			Beg. Bal.		310.00			Beg. Bal.		-
		400.00	31-Jul		14-Jul	310.00	1,700.00	20-Jul				15,600.00	1-Jul
							620.00	31-Jul
End. Bal.		400.00			End. Bal.		2,320.00			End. Bal.		15,600.00
Interest Payable					Income Tax Payable					Salaries & Wages Payable
Beg. Bal.		-			Beg. Bal.	-	940.00	31-Jul		Beg. Bal.		-
		78.00	31-Jul									8,600.00	31-Jul
End. Bal.		78.00			End. Bal.		940.00			End. Bal.		8,600.00
Unearned Service Revenue					Common Stock					Retained Earnings
Beg. Bal.		870.00			Beg. Bal.		2,800.00			Beg. Bal.		1,580.00
13-Jul	870.00	9,400.00	16-Jul				39,000.00	2-Jul
23-Jul	7,800.00
End. Bal.		1,600.00			End. Bal.		41,800.00			End. Bal.		1,580.00
Dividends					Service Revenue					Supplies Expense
Beg. Bal.	-						870.00	13-Jul		31-Jul	1,000.00
							21,800.00	20-Jul
							7,800.00	23-Jul
End. Bal.		-			End. Bal.		30,470.00			End. Bal.	1,000.00
Depreciation Expense					Insurance Expense					Salaries & Wages Expense
Beg. Bal.	-				Beg. Bal.	-				Beg. Bal.	-
31-Jul	400.00				31-Jul	250.00				18-Jul	8,600.00
										31-Jul	8,600.00
End. Bal.	400.00				End. Bal.	250.00				End. Bal.	17,200.00
Advertisement Expense					Income Tax Expense					Interest Expense
Beg. Bal.	-				Beg. Bal.	-				Beg. Bal.	-
20-Jul	1,700.00				31-Jul	940.00				31-Jul	78.00
End. Bal.	1,700.00				End. Bal.	940.00				End. Bal.	78.00
Rent Expense					Utilities Expense
Beg. Bal.	-				Beg. Bal.	-
31-Jul	3,100.00				31-Jul	620.00
End. Bal.	3,100.00				End. Bal.	620.00

Answer 3.
Bramble Computer Consultants
Unadjusted Trial Balance
For the Month Ended July 31, 2017
Accounts Title	Debits	Credits
Cash	40,410.00
Accounts Receivable	10,100.00
Supplies	3,540.00
Prepaid Insurance	3,000.00
Prepaid Rent	6,200.00
Equipment	19,200.00
Accumulated Depreciation - Equipment		-
Accounts Payable		1,700.00
Notes Payable		15,600.00
Interest Payable		-
Income Tax Payable		-
Salaries & Wages Payable		8,600.00
Unearned Service Revenue		1,600.00
Common Stock		41,800.00
Retained Earnings		1,580.00
Dividends	-
Service Revenue		30,470.00
Supplies Expense	-
Depreciation Expense	-
Insurance Expense	-
Salaries & Wages Expense	17,200.00
Advertisement Expense	1,700.00
Income Tax Expense	-
Interest Expense	-
Rent Expense	-
Utilities Expense	-
Total	101,350.00	101,350.00
		-
Bramble Computer Consultants
Adjusted Trial Balance
For the Month Ended July 31, 2017
Accounts Title	Debits	Credits
Cash	40,410.00
Accounts Receivable	10,100.00
Supplies	2,540.00
Prepaid Insurance	2,750.00
Prepaid Rent	3,100.00
Equipment	19,200.00	-
Accumulated Depreciation - Equipment	-	400.00
Accounts Payable		2,320.00
Notes Payable		15,600.00
Interest Payable		78.00
Income Tax Payable		940.00
Salaries & Wages Payable		8,600.00
Unearned Service Revenue		1,600.00
Common Stock		41,800.00
Retained Earnings		1,580.00
Dividends		-
Service Revenue	-	30,470.00
Supplies Expense	1,000.00
Depreciation Expense	400.00
Insurance Expense	250.00
Salaries & Wages Expense	17,200.00
Advertisement Expense	1,700.00
Income Tax Expense	940.00
Interest Expense	78.00
Rent Expense	3,100.00
Utilities Expense	620.00
Total	103,388.00	103,388.00
		-
Bramble Computer Consultants
Post Closing Trial Balance
For the Month Ended July 31, 2017
Accounts Title	Debits	Credits
Cash	40,410.00
Accounts Receivable	10,100.00
Supplies	2,540.00
Prepaid Insurance	2,750.00
Prepaid Rent	3,100.00
Equipment	19,200.00
Accumulated Depreciation - Equipment		400.00
Accounts Payable		2,320.00
Notes Payable		15,600.00
Interest Payable		78.00
Income Tax Payable		940.00
Salaries & Wages Payable		8,600.00
Unearned Service Revenue		1,600.00
Common Stock		41,800.00
Retained Earnings		6,762.00
Total	78,100.00	78,100.00