iD edugen.wileyplus.com Chegg Study Guided Solutions and Study Help I Chegg.com
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iD edugen.wileyplus.com Chegg Study Guided Solutions and Study Help I Chegg.com WileyPLUS How to take a screenshot on your Mac- Apple Support Kimmel, Financial Accounting, 8e Help I System Announceme ON BACK NEXT Debit Credit ASSIGNMENT RESOURCES Cash Accounts receivable Supplies Accounts payable Unearned service revenue $4,500 1,030 590 Accounting Cycle Review Assignment Accounting Cycle Review 4-4 (Part Lev ubmission $340 960 3,100 1,720 $6,120 $6,120 Review Results by StudyCommon stock Obiective Retained earnings The company underwent a major expansion in July. New staff was hired and more financing was obtained. Grouper conducted the following transactions during July 2017, and adjusts its accounts monthly. Purchased equipment, paying $3,200 cash and signing a 2-year note payable for $17,200. 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. Issued 17,200 shares of common stock for $43,000 cash. Paid $3,000 cash for a 12-month insurance policy effective July 1 Paid the first 2 (July and August 2017) months' rent for an annual lease of office space for $3,400 per month. Paid $3,300 for supplies. Visited client offices and agreed on the terms of a consulting project. Grouper will bill the client, Connor Productions, on the 20th of each month for services July 1 2 3 3 6 a 10 Collected $1,030 cash on account from Milani Brothers. This client was billed in June when Grouper performed the service 13 Performed services for Fitzgerald Enterprises. This client paid $960 in advance last month. All services relating to this payment are now completed 14 Paid340 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 $10,300 cash in advance for future services to be performed 18 Paid semi-monthly salaries for $9,500 20 Performed services worth 24,100 on account and billed customers. 20 Received a bill for $1,900 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 $8,600 of revenue from the cash advance received July 16 27 Received $12,900 cash from customers billed on July 20Explanation / Answer
Grouper Computer Consultants Trial Balance July 31, 2017 Debit Credit Cash 45590 Accounts Receivable 11200 Supplies 3890 Equipment 20400 Accumulated depreciation on Equipment 425 Prepaid Insurance 2750 Prepaid Rent 3400 Interest Payable 86 Notes Payable 17200 Salary Payable 9500 Accounts payable 1900 Unearned Service Revenue 1700 Common Stock 46100 Retained earnings 10319 Total 87230 87230 Working Note : Income statement related trial balance Depreciation 425 Rent expense 3400 Insurance expense 250 Salary expense 19000 Advertisement expenses 1900 Interest expense 86 Revenue from Service 33660 Net Income 8599 33660 33660 If this does not work, let me know. because no information about utility expense & supplies expense is given.
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