Accounting Cycle Review 4-4 (Part Level Submission) At June 30, 2017, the end of

Question

Accounting Cycle Review 4-4 (Part Level Submission) At June 30, 2017, the end of its most recent fiscal year, Bramble Computer Consultants' post-closing trial balance was as follows: Debit Credit Cash Accounts receivable Supplies Accounts payable Unearned service revenue Common stock Retained earnings $4,080 940 540 $310 870 2,800 1,580 $5,560 $5,560 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 Purchased equipment, paying $3,600 cash and signing a 2-year note payable for $15,600. 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 1 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 (July and August 2017) months' rent for an annual lease of office space for $3,100 per mont?h 6 Paid $3,000 for supplies 9 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 performed Collected $940 cash on account from Milani Brothers. This client was billed in June when Bramble performed the service Performed services for Fitzgerald Enterprises. This client paid $870 in advance last month. All services relating to this payment are now completed 10 13

Explanation / Answer

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

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