1. Journalize the July transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

2. Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.)

3. Prepare a trial balance at July 31.

4. Journalize and post adjusting entries for the month ending July 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

5. Prepare an adjusted trial balance.

6. Prepare an income statement for July.

7. Prepare a retained earning statement for July.

8. Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity.)

9. Journalize and post closing entries and complete the closing process. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.)

10. Prepare a post-closing trial balance at July 31.

At June 30, 2017, the end of its most recent fiscal year, Martinez Computer Consultants' post-closing trial balance was as follows: Credit Cash Debit $4,710 1,080 620 Accounts receivable Supplies Accounts payable Unearned service revenue Common stock Retained earnings $360 1,010 3,200 1,840 $6,410 $6,410 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Martinez conducted the following transactions during July 2017, and adjusts its accounts monthly. July 1 2 3 3 6 9 10 Purchased equipment, paying $3,600 cash and signing a 2-year note payable for $18,000. 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 18,000 shares of common stock for $45,000 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 $3,600 per month. Paid $3,400 for supplies. Visited client offices and agreed on the terms of a consulting project. Martinez will bill the client, Connor Productions, on the 20th of each month for services performed. Collected $1,080 cash on account from Milani Brothers. This client was billed in June when Martinez performed the service. Performed services for Fitzgerald Enterprises. This client paid $1,010 in advance last month. All services relating to this payment are now completed. Paid $360 cash for a utility bill. This related to June utilities that were accrued at the end of June. Met with a new client, Thunder Bay Technologies. Received $10,800 cash in advance for future services to be performed Paid semi-monthly salaries for $9.900. Performed services worth $25,200 on account and billed customers. Received a bill for $2,000 for advertising services received during July. The amount is not due until August 15. Performed the first phase of the project for Thunder Bay Technologies. Recognized $9,000 of revenue from the cash advance received July 16. Received $13,500 cash from customers billed on July 20. 13 14 16 18 20 20 23 27 Adjustment data: 1. 2. 3. 4. Adjustment of prepaid insurance. Adjustment of prepaid rent. Supplies used, $1,150. Equipment depreciation, $450 per month. Accrual of interest on note payable. Salaries for the second half of July, $9,900, to be paid on August 1. Estimated utilities expense for July, $720 (invoice will be received in August). Income tax for July, $1,080, will be paid in August. 5. 6. 7. 8. The chart of accounts for Martinez Computer Consultants contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance. Prepaid Rent, Equipment, Accumulated Depreciation-Equipment, Accounts Payable, Notes Payable, Interest Payable, Income Taxes Payable, Salaries and Wages Payable, Unearned Service Revenue, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Supplies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense, Advertising Expense, Income Tax Expense, Interest Expense, Rent Expense, Supplies Expense, and Utilities Expense. Journalize the July transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit July 1 Equipment Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) Cash July 1 Bal. 4,710 July 1 3600 July 2 45000 July 3 3000 July 3 7200 July 6 3400 Accounts Receivable July 1 Bal. 1,080 Prepaid Insurance Supplies July 1 bal. 620 Prepaid Rent Equipment Equipment Accounts Payable July 1 Bal. 360 Unearned Service Revenue July 1 Bal. 1,010 Notes Payable Common Stock July 1 Bal. 3,200 Retained Earnings July 1 Bal. 1,840 Service Revenue Unearned Service Revenue July 1 Bal. 1,010 Notes Payable Common Stock July 1 Bal. 3,200 Retained Earnings July 1 Bal. 1,840 Service Revenue Salaries and Wages Expense Advertising Expense Prepare a trial balance at July 31. MARTINEZ COMPUTER CONSULTANTS Trial Balances July 31, 2017 Debit Credit Prepaid Rent $ 3600 $ cash 3600 3600 Notes Payable 18000 $ $ Journalize and post adjusting entries for the month ending July 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) No. Date Account Titles and Explanation Debit 1. 2. 3. > 4. 5. 6. 7. 8. 3,600 3.000 July 1 Bal. July 2 July 10 July 16 July 27 Cash 4,710 July 1 45,000 July 3 1,080 July 3 10,800 July 6 13,500 July 14 July 18 47,630 7,200 3,400 360 9,900 July 31 Bal. 1.080 July 1 Bal. July 20 July 31 Bal. Accounts Receivable 1,080 July 10 25,200 July 27 11,700 13.500 Prepaid Insurance July 3 3,000 Supplies July 1 bal. 620 July 6 3,400 Prepaid Rent July 3 7,200 July 1 July 31 Bal. Equipment 21,600 21,600 Accumulated Depreciation-Equipment Accounts Payable 360 July 1 Bal. July 14 360 July 20 2,000 Interest Payable Salaries and Wages Payable > Income Taxes Payable Unearned Service Revenue 1,010 July 13 July 23 1,010 July 1 Bal. 9,000 July 16 July 31 Bal. 10.800 1,800 Notes Payable July 1 July 31 Bal. 18,000 18,000 Common Stock July 1 Bal. July 2 i 3,200 45,000 Q () 10:24 AM 3/18/2021 11 Common Stock July 1 Bal. July 2 July 31 Bal. 3,200 45,000 48,200 Retained Earnings July 1 Bal. 1,840 1,010 Service Revenue July 13 July 20 July 23 July 31 Bal. 25,200 9,000 35,210 Salaries and Wages Expense July 18 9,900 Rent Expense Advertising Expense July 20 2,000 Supplies Expense Utilities Expense Depreciation Expense Prepare an adjusted trial balance. MARTINEZ COMPUTER CONSULTANTS Trial Balances Debit Credit $ $ Prepare an income statement for July. MARTINEZ COMPUTER CONSULTANTS Income Statement $ $ $ (32) Prepare a retained earning statement for July. MARTINEZ COMPUTER CONSULTANTS Retained Earnings Statement $ $ List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity.) MARTINEZ COMPUTER CONSULTANTS Balance Sheet Assets $ $ $ Liabilities and Stockholders' Equity $ $ Liabilities and Stockholders' Equity $ $ Journalize and post closing entries and complete the closing process. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Debit Credit Date Account Titles and Explanation July 31 (To close revenue account) July 31 (To close expense accounts) July 31 (To close net income to retained earnings) Cash 3,600 July 1 Bal. July 2 July 10 July 16 July 27 4,710 July 1 45,000 July 3 1,080 July 3 10,800 July 6 13,500 July 14 July 18 47,630 3,000 7,200 3,400 360 9,900 July 31 Bal. 1,080 July 1 Bal. July 20 July 31 Bal. Accounts Receivable 1,080 July 10 25,200 July 27 11,700 13,500 Prepaid Insurance 3,000 July 31 2,750 July 3 July 31 Bal. 250 1,150 July 1 Bal. July 6 July 31 Bal. Supplies 620 July 31 3,400 2,870 Prepaid Rent 7,200 July 31 3,600 July 3 July 31 Bal. 3.600 July 1 July 31 Bal. Equipment 21,600 21,600 Accumulated Depreciation Equipment July 31 July 31 Bal. 450 450 July 14 360 Accounts Payable 360 July 1 Bal July 20 July 31 July 31 Bal. 2,000 720 2,720 Interest Payable July 31 July 31 Bal. 90 90 Salaries and Wages Payable July 31 July 31 Bal. 9,900 9,900 Income Taxes Payable July 31 July 31 Bal. 1.080 1,080 1,010 July 13 July 23 Unearned Service Revenue 1,010 July 1 Bal. 9,000 July 16 July 31 Bal. 10,800 1.800 Notes Payable July 1 July 31 Bal. 18,000 18,000 3,200 Common Stock July 1 bal. July 2 July 31 Bal. 45.000 48,200 Retained Earnings July 1 Bal. 1,840 Service Revenue July 13 1.010 July 20 25,200 Service Revenue July 13 1,010 July 20 25,200 July 23 9,000 Salaries and Wages Expense July 18 9,900 July 31 9,900 Rent Expense July 31 3,600 Advertising Expense July 20 2,000 1 Supplies Expense July 31 1,150 Utilities Expense July 31 720 Depreciation Expense July 31 450 Comprehensi S NWP Asses S NWPA X At lune 30, 20 Untitled docu in a periodo + assessment.education.wiley.com/was/ui/v2/assess.. AG Apps my.unc.edu My Drive myHomework - Ho... Coterminal Angle C... Netflix Other bookmarks + Comprehensive Accounting Cycle Review Project Question 1 of 1 3.31 / 30 Supplies Expense July 31 1.150 Utilities Expense July 31 720 Depreciation Expense July 31 450 Insurance Expense July 31 250 Interest Expense July 31 90 1 Income Tax Expense July 31 1.080 Income Summary List of Accounts Save for Later o o 00 10:26 AM 3/18/2021 11 Prepare a post-closing trial balance at July 31. MARTINEZ COMPUTER CONSULTANTS Post-Closing Trial Balance Debit Credit $ $ $ $ List of Accounts Save for Later Attempts: 0 of 5 used Submit