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At June 3 0 , 2 0 2 2 , the end of its most recent fiscal year, Sheffield Computer Consultants' post - closing trial
At June the end of its most recent fiscal year, Sheffield Computer Consultants' postclosing trial balance was as follows: Purchased equipment, paying $ cash and signing a year note payable for $ The equipment has a year
useful life. The note has a interest rate which is payable on the first day of each following month.
Issued shares of common stock for $ cash.
Paid $ cash for a month insurance policy effective July
Paid the first July and August months' rent for an annual lease of office space for $ per month.
Paid $ for supplies.
Visited client offices and agreed on the terms of a consulting project. Sheffield will bill the client, Connor Productions,
on the th of each month for services performed.
Collected $ cash on account from Milani Brothers. This client was billed in June when Sheffield performed the
service.
Performed services for Fitzgerald Enterprises. This client paid $ in advance last month. All services relating to
this payment are now completed.
Paid $ 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 $ cash in advance for future services to be
performed.
Paid semimonthly salaries for $ Paid $ 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 $ cash in advance for future services to be
performed.
Paid semimonthly salaries for $
Performed services worth $ on account and billed customers.
Received a bill for $ for advertising services received during July. The amount is not due until August
Performed the first phase of the project for Thunder Bay Technologies. Recognized $ of revenue from the cash
advance received July
Received $ cash from customers billed on July
The chart of accounts for Sheffield Computer Consultants contains the following accounts: Cash, Accounts Receivable, Supplies,
Prepaid Insurance. Prepaid Rent, Equipment, Accumulated DepreciationEquipment, Accounts Payable, Notes Payable, Interest
Payable, Income Taxes Payable, Salaries and Wages Payable, Unearned Service Revenue, Common Stock, Retained Earnings, Income
Summary, Service Revenue, Supplies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense, Advertising
Expense, Income Tax Expense, Interest Expense, Rent Expense, and Utilities Expense. Journalize the July transactions. 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. Record journal entries in the order presented in the
problem. If no entry is required, select No Entry" for the account titles and enter O for the amounts.
Date
Account Titles and Explanation
Debit
CreditPost to the ledger accounts. Post entries in the order of journal entries presented in the previous part.
Accounts ReceivablePost to the ledger accounts. Post entries in the order of journal entries presented in the previous part.
Accounts Receivable
The company underwent a major expansion in July. New staff was hired and more financing was obtained. Sheffield conducted the
following transactions during July and adjusts its accounts monthly.
July Purchased equipment, paying $ cash and signing a year note payable for $ The equipment has a year
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