Nile Company had the following trial balance at June 30, 2024 (its year end):

During the month of July, the following selected transactions took place:

July 2 Paid $750 cash for rent for July, August, and September. 10 Purchased $200 of supplies for cash. 14 Collected the full balance of accounts receivable. 20 Received $700 cash from a customer for services to be provided in August. 25 Provided $1,300 of services for a customer and immediately collected cash.

Additional information:

1. At July 31, the company had provided $800 of services for a customer that it had not billed or recorded.
2. Supplies on hand at July 31 were $800.
3. The equipment has a six-year useful life.
4. As at July 31, the company had performed services of $900 that had been paid in advance and were recorded as unearned revenue.

Instructions

a. Record the July transactions.
b. Prepare monthly adjusting entries at July 31.

Transcribed Image Text:

Cash Accounts receivable Supplies Equipment Accumulated depreciation-equipment Unearned revenue R. Nile, capital Totals Debit $ 5,840 850 1,100 9,360 $17,150 Credit $ 3,900 1,500 11,750 $17,150