At June 30, 2017 the end of its most recent fiscal year, Green River Computer Consultants post-closing trial balance was as follows: Debit Credit Cash $5.230 1.200 Accounts receivable Supplies 690 Accounts payable Unearned service revenue 5400 1.120 3.600 Common stock Retained earnings 2,000 57,120 $7.120 The company underwent a major expansion in July. New staff was hired and more financing was obtained Green River conducted the following transactions during July 2017, and adjusts its accounts monthly July 1 Purchased equipment paying 54.000 cash and signing a 2-year note payable for $20,000. 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. 2' Issued 20,000 shares of common stock for $50,000 cash 3 Paid $3.600 cash for a 12-month insurance policy effective July 1. 3 Paid the first 2 Ouly and August 2017) months' rent for an annual lease of office space for $4,000 per month 6 Paid $3.800 for supplies. Visited client offices and agreed on the terms of a consulting project. Green River will bill the client, Corner Productions on the 20th of each month for services performed 10 Collected $1.200 cash on account from Milani Brothers. This client was biled in June when Green River performed the service Performed services for geral Enterprises. This client paid $1,120 in advance last month All services relating to this payment are now 15 completed 14 Paid $400 cash for a utility bil. This related to June utilities that were accrued at the end of June. 16 Met with a new client, Thunder Bay Technologies. Received $12.000 cash in advance for future services to be performed. 18 Paid semi-monthly salaries for $11.000 20 Performed services worth $28.000 on account and billed customers. 20 Received a bill for $2.200 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 $10,000 of revenue from the cash advance received July 16. 27 Received $15,000 cash from customers billed on July 20 Adjustment data: 1. Adjustment of prepaid insurance. 2. Adjustment of prepaid rent. 3. Supplies used, $1.250. 4. Equipment depreciation, $500 per month. 5. Accrual of interest on note payable. 6. Salaries for the second half of July, $11,000, to be paid on August 1 7. Estimated utilities expense for July, $800 (invoice will be received in August). 8. Income tax for July $1,200, will be paid in August The chart of accounts for Green River 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 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 Credit Cash July 1 Bal. 4,000 5,230 July 1 50,000 July 3 July 2 3,600 July 10 8,000 3,800 July 16 July 27 1,200 July 3 12,000 July 6 15,000 July 14 July 18 52,630 400 11,000 July 31 Bal. Accounts Receivable July 1 Bal. 1,200 July 10 28,000 July 27 13,000 1,200 15,000 July 20 July 31 Bal. Prepaid Insurance July 3 3,600 Supplies July 1 bal. 690 July 6 3,800 Prepaid Rent Prepaid Rent July 3 8,000 Equipment July 1 24,000 July 31 Bal. 24,000 Accumulated Depreciation-Equipment Accounts Payable July 14 400 July 1 Bal. 400 July 20 2.200 Interest Payable Salaries and Wages Payable Income Taxes Payable Unearned Service Revenue July 13 1,120 July 23 1,120 July 1 Bal. 10,000 July 16 July 31 Bal. 12,000 2,000 Notes Payable 20,000 July 1 July 31 Bal. 20,000 Common Stock July 1 Bal. 3,600 July 2 50,000 July 31 Bal. 53,600 Retained Earnings July 1 Bal. 2,000 Service Revenue July 13 1,120 July 20 July 23 July 31 Bal. 28,000 10,000 39,120 Salaries and Wages Expense July 18 11,000 Rent Expense Advertising Expense July 20 2,200 Supplies Expense Utilities Expense Depreciation Expense Insurance Expense Interest Expense Income Tax Expense eTextbook and Media List of Accounts Prepare an adjusted trial balance. GREEN RIVER COMPUTER CONSULTANTS Trial Balances Debit Credit
