At June 30, 2017, the end of its most recent fiscal year, Blue Computer Consulta

Question

At June 30, 2017, the end of its most recent fiscal year, Blue Computer Consultants’ post-closing trial balance was as follows:

The company underwent a major expansion in July. New staff was hired and more financing was obtained. Blue conducted the following transactions during July 2017, and adjusts its accounts monthly.

Adjustment data:

The chart of accounts for Blue Computer Consultants contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance. Prepaid Rent, Equipment, Accumulated Depreciation—Equipment, Accounts Payable, Notes Payable, Interest Payable, Income Taxes Payable, Salaries and Wages Payable, Unearned Service Revenue, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Supplies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense, Advertising Expense, Income Tax Expense, Interest Expense, Rent Expense, Supplies Expense, and Utilities Expense.

Prepare a trial balance at July 31

Debit Credit Cash $6,380 Accounts receivable 1,460 Supplies 840 Accounts payable $490 Unearned service revenue 1,370 Common stock 4,400 Retained earnings 2,420 $8,680 $8,680

Explanation / Answer

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JOurnal:

Unadjusted Adjusted Entries Adjusted-post closing Unadjusted Trial Balance Debit Credit Debit Credit Debit Credit Accounts Receivable 15900 15900 Cash 64850 64850 Prepaid Rent 9800 4900 4900 Equipment 28800 28800 Accumulated Depreciation 600 -600 Prepaid Insurance 4200 350 3850 Supplies 5440 1500 3940 Note Payable 6% 24400 24400 Common Stock 24400 Share 65400 65400 Salary Payable 13400 13400 Interes Payable 122 122 Income Tax Payable 1460 1460 Accounts Payable 2700 980 3680 Unearned Service Revenue 2400 2400 Advertising Expense 2700 2700 Salaries Expense 13400 13400 26800 Service Revenue 47770 47770 Insurance Expense 350 350 Supply Expense 1500 1500 Depreciation Expense 600 600 Retained Earning 2420 2420 Interst Expense 122 122 Utility Expense 980 980 Income Tax Expense 1460 1460 Rent Expense 4900 4900 Total 145090 145090 23312 23312 161052 161052

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