At June 30, 2017, the end of its most recent fiscal year, Riverbed Computer Cons

Question

At June 30, 2017, the end of its most recent fiscal year, Riverbed Computer Consultants' post-closing trial balance was as follows: Debit Credit $5,330 1,220 700 Cash Accounts recelvable Accounts payable Unearned service revenue Common stock $410 1,140 3,700 2,000 Retained earmnings75o $7,20 The company underwent a major exparsion in July. New staff was hired and more fnanding was obtained,. Riverbed conducted the followting transactions during July 2017, and adjusts its acc monthly. My 1 Purchased equipment, paying $3,000 cash and signing a 2-year note payable for $20,400. The equipment has a 4-year useful life. The note has a 6% interest rate which is payable first day of each following month. ssued 20,400 shares of commn stock for $51,000 cash. 3 Paid $3,600 cash for a 12-morth insurance policy effective July 1 3 Paid the first 2 (uly and August 2017) months' rent for an annual lease of ffice space for $4,100 per month. 6 Paid $3,900 for supplies 9 Visited dlient offices and agreed on the terms of a consulting project. Riverbed will bill the client, Connor Productions, on the 20th of each month for services performed. 10 Collected $1,220 cash on account from Milani Brothers. This client was billed in June when Riverbed performed the service 13 Performed services for Fitzgerald Enterprises. This client paid $1,140 in advance last month. All services relating to this payment are now completed 14 Paid $410 cash for a utility bil. This related to June utbilities that were accrued at the end of June. 16 Met with a new clent, Thunder Bay Technologies. Received $12,200 cash in advance for future services to be performed 18 Paid semi-monthly salaries for $11,200. 20 Performed services worth $28,600 on account and bited customers 20 Received a bill for $2,200 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 $10,200 of revenue from the cash advance received July 16 27 Recelved $15,300 cash from customers billed on July 20

Explanation / Answer

(a)

Cash Jul. 1 Bal. 5330 Accounts Receivable Jul. 1 Bal. 1220 Supplies Jul. 1 Bal. 700 Accounts Payable Jul. 1 Bal. 410 Unearned Service Revenue Jul. 1 Bal. 1140 Common Stock Jul. 1 Bal. 3700 Retained Earnings Jul. 1 Bal. 2000

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