At June 30, 2017, the end of its most recent fiscal year, Monty Computer Consultants post-closing trial balance was as follows:

At June 30, 2017, the end of its most recent fiscal year, Monty Computer Consultants' post-closing trial balance was as follows: Debit Credit Cash $4,810 Accounts receivable 1.100 Supplies 630 Accounts payable $370 Unearned service revenue 1,030 Common stock 3,300 Retained earnings 1,840 $6,540 $6,540 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Monty conducted the following transactions during July 2017, and adjusts its accounts monthly. July 1 Purchased equipment, paying $3,200 cash and signing a 2-year note payable for $18,400. 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 18,400 shares of common stock for $46,000 cash. 3 Paid $3,600 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 $3,700 per month. 3 Paid the first 2 (July and August 2017) months' rent for an annual lease of office space for $3,700 per month 6 Paid $3,500 for supplies. 9 Visited client offices and agreed on the terms of a consulting project. Monty will bill the client, Connor Productions on the 20th of each month for services performed. 10 Collected $1,100 cash on account from Milani Brothers. This client was billed in June when Monty performed the service. 13 Performed services for Fitzgerald Enterprises. This client paid $1,030 in advance last month. All services relating to this payment are now completed. 14 Paid $370 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 $11,000 cash in advance for future services to be performed. 18 Paid semi-monthly salaries for $10,100. 20 Performed services worth $25,800 on account and billed customers. 20 Received a bill for $2,000 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 $9,200 of revenue from the cash advance received July 16. 27 Received $13,800 cash from customers billed on July 20. Adjustment data: 1. Adjustment of prepaid insurance. 2. Adjustment of prepaid rent. 3. Supplies used, $1,150. 4. Equipment depreciation, $450 per month. 5. Accrual of interest on note payable. 6. Salaries for the second half of July, $10,100, to be paid on August 1. 7. Estimated utilities expense for July, $740 (invoice will be received in August). 8. Income tax for July $1,100, will be paid in August. The chart of accounts for Monty 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. Journalistesi a dam the closing process. Cit ito allem walone w witry "entry for www f or the tru th Date Account Tiles and Explanation 2. 3: (Taches or account) 3: uly 3 (Taclose nat incomato retained canings Cash jyt 3230 July 2 July 10 Juy to 1600 1.104 Aly 1L00A 300 2.400 3500 181 31 1 Accounts Receivable 1200 30 230 27 1200 190 000 July 29 wy31 3: 339 Buy JUY A : Prepare a post-closing trial balance at July 31. MONTY COMPUTER CONSULTANTS Post-Closing Trial Balance Debit Credit At June 30, 2017, the end of its most recent fiscal year, Monty Computer Consultants' post-closing trial balance was as follows: Debit Credit Cash $4,810 Accounts receivable 1.100 Supplies 630 Accounts payable $370 Unearned service revenue 1,030 Common stock 3,300 Retained earnings 1,840 $6,540 $6,540 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Monty conducted the following transactions during July 2017, and adjusts its accounts monthly. July 1 Purchased equipment, paying $3,200 cash and signing a 2-year note payable for $18,400. 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 18,400 shares of common stock for $46,000 cash. 3 Paid $3,600 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 $3,700 per month. 3 Paid the first 2 (July and August 2017) months' rent for an annual lease of office space for $3,700 per month 6 Paid $3,500 for supplies. 9 Visited client offices and agreed on the terms of a consulting project. Monty will bill the client, Connor Productions on the 20th of each month for services performed. 10 Collected $1,100 cash on account from Milani Brothers. This client was billed in June when Monty performed the service. 13 Performed services for Fitzgerald Enterprises. This client paid $1,030 in advance last month. All services relating to this payment are now completed. 14 Paid $370 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 $11,000 cash in advance for future services to be performed. 18 Paid semi-monthly salaries for $10,100. 20 Performed services worth $25,800 on account and billed customers. 20 Received a bill for $2,000 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 $9,200 of revenue from the cash advance received July 16. 27 Received $13,800 cash from customers billed on July 20. Adjustment data: 1. Adjustment of prepaid insurance. 2. Adjustment of prepaid rent. 3. Supplies used, $1,150. 4. Equipment depreciation, $450 per month. 5. Accrual of interest on note payable. 6. Salaries for the second half of July, $10,100, to be paid on August 1. 7. Estimated utilities expense for July, $740 (invoice will be received in August). 8. Income tax for July $1,100, will be paid in August. The chart of accounts for Monty 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. Journalistesi a dam the closing process. Cit ito allem walone w witry "entry for www f or the tru th Date Account Tiles and Explanation 2. 3: (Taches or account) 3: uly 3 (Taclose nat incomato retained canings Cash jyt 3230 July 2 July 10 Juy to 1600 1.104 Aly 1L00A 300 2.400 3500 181 31 1 Accounts Receivable 1200 30 230 27 1200 190 000 July 29 wy31 3: 339 Buy JUY A : Prepare a post-closing trial balance at July 31. MONTY COMPUTER CONSULTANTS Post-Closing Trial Balance Debit Credit