follows: At June 30, 2017, the end of its most recent fiscal year, Riverbed Comp

Question

follows: At June 30, 2017, the end of its most recent fiscal year, Riverbed Computer Consultants' post-cosing trial balance was as Debit Credt $5,330 1,220 700 Accounts receivable Accounts payable Unearned service revenue Common stock Retained earnings $410 3,700 2,000 $7,250 7,250 company underwent a mo or expansion in My New staff was h ed and more and was obtained. Riverbed conducted the ello ing transactions dur ng 3 y 2017, s a as is ace monthly July 1 P chased equipment, paying-$3,600 cash and signing a 2-year note payable for $20 40 . The equp ent hi 4 year useful in he note hat S% in rest rate whi is arable first day of each following month. Issued 20,400 shares of commýn stock for $51,000 cash. 3 Paid3,600 cash for a 12-month insurance policy effective July 1. 3 Paid the first 2 Ouly and August 2017) months' rent for an annual lease of office 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 bill. This related to June utilities that were accrued at the end of June. 16 Met with a new client, 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 billed 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 Received $15,300 cash from customers billed on July 20

Explanation / Answer

No. Date Account Titles and Explanation Debit Credit 1 31-Jul Insurance Expense $300 Prepaid Insurance $300 2 31-Jul Rent Expense $4,100 Prepaid Rent $4,100 3 31-Jul Supplies Expense $1,300 Supplies $1,300 4 31-Jul Depreciation Expense $500 Accumulated Depreciation - Equipment $500 5 31-Jul Interest Expense $102 Interest Payable $102 6 31-Jul Salaries and Wages Expense $11,200 Salaries and Wages Payable $11,200 7 31-Jul Utilities Expense $820 Accounts Payable $820 8 31-Jul Income Tax Expense $1,220 Income Taxes Payable $1,220 Prepaid Insurance 3-Jul $3,600 31-Jul $300 July 31 Bal. $3,300 Supplies 1-Jul Bal. $700 31-Jul $1,300 6-Jul $3,900 July 31 Bal. $3,300 Prepaid Rent 3-Jul $8,200 31-Jul $4,100 July 31 Bal. $4,100 Accumulated Depreciation - Equipment 31-Jul $500 July 31 Bal. $500 Accounts Payable 14-Jul $410 1-Jul Bal. $410 20-Jul $2,200 31-Jul $820 July 31 Bal. $3,020 Interest Payable 31-Jul $102 July 31 Bal. $102 Salaries and Wages Payable 31-Jul $11,200 July 31 Bal. $11,200 Income Taxes Payable 31-Jul $1,220 July 31 Bal. $1,220 Retained Earnings 1-Jul Bal. $2,000 Salaries and Wages Expense 18-Jul $11,200 31-Jul $11,200 July 31 Bal. $22,400 Rent Expense 31-Jul $4,100 Advertising Expense 20-Jul $2,200 Supplies Expense 31-Jul $1,300 Utilities Expense 31-Jul $820 Depreciation Expense 31-Jul $500 Insurance Expense 31-Jul $300 Interest Expense 31-Jul $102 Income Tax Expense 31-Jul $1,220

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