The trial balance for ABC, Inc. on June 30, 2012 is given below ABC Inc. Trial B

Question

The trial balance for ABC, Inc. on June 30, 2012 is given below ABC Inc. Trial Balance June 30, 2012 Account Debit Credit Cash 11,200 Prepaid Insurance 1,500 Accounts Receivable 4,500 Equipment 3,300 Accounts Payable 3,000 Unearned Service Revenue 2,000 Notes Payable (Long-Term) 2,000 Common Stock 13,500 20,500 20,500 The July transactions were as follows: 2-Jul Paid utilities of $1550 2-Jul Received $1,500 in cash on June 30 accounts receivable 9-Jul Paid salaries of $1000 15-Jul Billed customers for services provided $3,200 17-Jul Paid for insurance premiums for June 2012 of $300 23-Jul Received $5,200 for services provided 27-Jul Made payment of $800 to accounts payable 28-Jul Paid cash to purchase equipment of $1,600 REQUIRED: Post Journal Entries for July Transactions. I have provided one example for the first transaction. Date Account Debit Credit 2-Jul Utility Expense 1550 Cash 1550 REQUIRED: Prepare a trial balance on July 31, 2012 Tip: You may want to create T-accounts to help determine the ending balances. The T-Accounts are not required, but you may include them on this worksheet or in another place. They will NOT be graded.

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21300

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