Accounting Cycle Review 4-4 (Part Level Submission) At June 30, 2017, the end of its most recent fiscal year, Bramble Computer Consultants' post-closing trial balance was as follows: Debit Credit Cash Accounts receivable Supplies Accounts payable Unearned service revenue Common stock Retained earnings $4,080 940 540 $310 870 2,800 1,580 $5,560 $5,560 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Bramble conducted the following transactions during July 2017, and adjusts its accounts monthly July Purchased equipment, paying $3,600 cash and signing a 2-year note payable for $15,600. 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 1 2 Issued 15,600 shares of common stock for $39,000 cash 3 Paid $3,000 cash for a 12-month insurance policy effective July 1 3 Paid the first 2 (July and August 2017) months' rent for an annual lease of office space for $3,100 per mont?h 6 Paid $3,000 for supplies 9 Visited client offices and agreed on the terms of a consulting project. Bramble will bill the client, Connor Productions, on the 20th of each month for services performed Collected $940 cash on account from Milani Brothers. This client was billed in June when Bramble performed the service Performed services for Fitzgerald Enterprises. This client paid $870 in advance last month. All services relating to this payment are now completed 10 13 Accounting Cycle Review 4-4 (Part Level Submission) At June 30, 2017, the end of its most recent fiscal year, Bramble Computer Consultants' post-closing trial balance was as follows: Debit Credit Cash Accounts receivable Supplies Accounts payable Unearned service revenue Common stock Retained earnings $4,080 940 540 $310 870 2,800 1,580 $5,560 $5,560 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Bramble conducted the following transactions during July 2017, and adjusts its accounts monthly July Purchased equipment, paying $3,600 cash and signing a 2-year note payable for $15,600. 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 1 2 Issued 15,600 shares of common stock for $39,000 cash 3 Paid $3,000 cash for a 12-month insurance policy effective July 1 3 Paid the first 2 (July and August 2017) months' rent for an annual lease of office space for $3,100 per mont?h 6 Paid $3,000 for supplies 9 Visited client offices and agreed on the terms of a consulting project. Bramble will bill the client, Connor Productions, on the 20th of each month for services performed Collected $940 cash on account from Milani Brothers. This client was billed in June when Bramble performed the service Performed services for Fitzgerald Enterprises. This client paid $870 in advance last month. All services relating to this payment are now completed 10 13