13 Performed services for Fitzgerald Enterprises. This client paid $1.,320 in advance last month. All services relating to this payment are now completed. 14 Paid $470 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 $14,200 cash in advance for future services to be performed. 18 Paid semi-monthly salaries for $13.000. 20 Performed services worth $33,000 on account and billed customers 20 Received a bill for $2.600 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 $11,800 of revenue from the cash advance received July 16 27 Received $17,700 cash from customers billed on July 20, Adjustment data 1. Adjustment of prepaid insurance. 2. Adjustment of prepaid rent. 3. Supplies used, $1,500 4. Equipment depreciation, $600 per month 5. Accrual of interest on note payable. 6. Salaries for the second half of July, $13,000, to be paid on August 1 7. Estimated utilities expense for July, $940 (invoice will be received in August) Journalize and post closing entries and complete the closing process. the occount tioles and enter O for the amounts For accounts that the amount is entered, Do have zero ending balance, the entry should be the balance date and zero for the amount) (Credit account titles are automatically indented when not indent manually If no entry is required,select "No Entry a Date Account Titles and Explanation Debit Credit uly 31 (To close revenue account) uly 31 July 31 (To close expense accounts) uly 31 (To close net income to retained earnings) July 1 Bal. July 2 July 10 July 16 July 27 Cash 6.170 July 1 59.000 July3 1,420 July3 14.200 July 6 17,700 July 14 5,200 4200 9,400 4,500 470 13.000 July 18 July 31 Bal. 61,720 July 1 Bal. July 20 July 31 Bal. Accounts Receivable 1.420 July 10 33,000 July 27 1.420 17.700 15,300 Prepaid Insurance July 3 4,200 July 31 July 31 Bal. 3,850 Supplies July 1 Bal. 810 July 31 1,500 Supplies July 1 Bal. July 6 July 31 Bal. 810 July 31 1,500 4,500 3,810 Prepaid Rent 9,400 July 31 4,700 July 3 4,700 July 31 Bal. Equipment 28,800 28,800 July 1 July 31 Bal. Accumulated Depreciation- -Equipment July 31 600 July 31 Bal 600 Accounts Payable 470 July 1 Bal 470 2,600 940 July 14 July 20 July 31 Unearned Service Revenue July 13 1,320 July 1 Bal. 11,800 July 16 1,320 14,200 2,400 July 23 July 31 Bal. Notes Payable July 1 23,600 July 31 Bal. 23,600 Common Stock July 1 bal. July 2 July 31 Bal 4,200 59,000 63,200 Retained Earnings July 1 Ball 2,410 Service Revenue Service Revenue July 13 1,320 July 20 33,000 July 23 11,800 Salaries and Wages Expense July 18 13,000 July 31 13,000 Rent Expense July 31 4,700 Advertising Expense July 20 2,600 Advertising Expense July 20 2,600 Supplies Expense July 31 1, Utilities Expense July 31 940 Depreciation Expense July 31 600 Insurance Expense July 31 350 Insurance Expense July 31 350 Interest Expense July 31 118 Income Tax Expense July 31 1,420 Income Summary