At June 30, 2022, the end of its most recent fiscal year, Cheyenne Computer Consultants’ post-closing trial balance was as follows:
Debit |
Credit |
|||
Cash |
$4,290 |
|||
Accounts receivable |
980 |
|||
Supplies |
570 |
|||
Accounts payable |
$330 |
|||
Unearned service revenue |
920 |
|||
Common stock |
3,000 |
|||
Retained earnings |
1,590 |
|||
$5,840 |
$5,840 |
The company underwent a major expansion in July. New staff was
hired and more financing was obtained. Cheyenne conducted the
following transactions during July 2022, and adjusts its accounts
monthly.
July |
1 |
Purchased equipment, paying $2,800 cash and signing a 2-year note payable for $16,400. 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 16,400 shares of common stock for $41,000 cash. |
||
3 |
Paid $3,000 cash for a 12-month insurance policy effective July 1. |
||
3 |
Paid the first 2 (July and August 2022) months’ rent for an annual lease of office space for $3,300 per month. |
||
6 |
Paid $3,100 for supplies. |
||
9 |
Visited client offices and agreed on the terms of a consulting project. Cheyenne will bill the client, Connor Productions, on the 20th of each month for services performed. |
||
10 |
Collected $980 cash on account from Milani Brothers. This client was billed in June when Cheyenne performed the service. |
||
13 |
Performed services for Fitzgerald Enterprises. This client paid $920 in advance last month. All services relating to this payment are now completed. |
||
14 |
Paid $330 cash for a utility bill. This related to June utilities that were accrued at the end of June. |
||
16 |
Met with a new client, Thunder Bay Technologies. Received $9,800 cash in advance for future services to be performed. |
||
18 |
Paid semi-monthly salaries for $9,000. |
||
20 |
Performed services worth $23,000 on account and billed customers. |
||
20 |
Received a bill for $1,800 for advertising services received during July. The amount is not due until August 15. |
||
23 |
Performed the first phase of the project for Thunder Bay Technologies. Recognized $8,200 of revenue from the cash advance received July 16. |
||
27 |
Received $12,300 cash from customers billed on July 20. |
Adjustment data:
1. |
Adjustment of prepaid insurance. |
|
2. |
Adjustment of prepaid rent. |
|
3. |
Supplies used, $1,050. |
|
4. |
Equipment depreciation, $400 per month. |
|
5. |
Accrual of interest on note payable. |
|
6. |
Salaries for the second half of July, $9,000, to be paid on August 1. |
|
7. |
Estimated utilities expense for July, $660 (invoice will be received in August). |
|
8. |
Income tax for July, $980, will be paid in August. |
FOR THE ADJUSTED ENTRIES BELOW
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