At June 30, 2022, the end of its most recent fiscal year, Pina Colada Computer Consultants' post-closing trial balance was as follows: Credit Debit $5,340 1,300 760 Cash Accounts receivable Supplies Accounts payable Unearned service revenue Common stock Retained earnings $430 1,160 3,350 2,460 $7,400 $7,400 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Pina Colada conducted the following transactions during July 2022. and adjusts its accounts monthly July 1 Purchased equipment paying $4,000 cash and signing a 2 year note payable for $20,000. The equipment has a 4- year useful life. The rote has a 6% interest rate which is payable on the first day of each following month. 2 3 3 6 9 The company underwent a major expansion in July. New staff was hired and more financing was obtained, Pina Colada conducted the following transactions during July 2022, and adjusts its accounts monthly. July 1 Purchased equipment paying $4,000 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. Issued 20,000 shares of common stock for $50,000 cash. Paid $3,360 cash for a 12-month insurance policy effective July 1. Paid the first 2 Ouly and August 2022) months rent for an annual lease of office space for $4,100 per month Paid $3.500 for supplies Visited client offices and agreed on the terms of a consulting project. Pina Colada will bill the client. Connor Productions, on the 20th of each month for services performed Collected $1.300 cash on account from Milan Brothers. This client was billed in June when Pina Colada performed the service Performed services for Fitzgerald Enterprises. This dient paid $1,160 in advance last month. All services relating to this payment are now completed Paid 5430 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 511 300 cash in advance for future services to be performed Paid semi-monthly salaries for $10,800 Performed services worth $27500 on account and billed customers Received a bill for $2.300 for advertising services received during July. The amount is not due until August 15 10 13 14 16 18 20 20 1 July 1 DOWN 10 13 Purchased equipment paying $4,000 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. Issued 20,000 shares of common stock for $50.000 cash. Paid $3,360 cash for a 12-month insurance policy effective July 1. Paid the first 2 Ouly and August 2022) months' rent for an annual lease of office space for $4,100 per month. Paid $3,500 for supplies Visited client offices and agreed on the terms of a consulting project. Pina Colada will bill the client, Connor Productions on the 20th of each month for services performed. Collected $1,300 cash on account from Milani Brothers. This client was billed in June when Pina Colada performed the service. Performed services for Fitzgerald Enterprises. This client paid $1,160 in advance last month. All services relating to this payment are now completed. Paid $430 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 $11300 cash in advance for future services to be performed Paid semi-monthly salaries for $10.800. Performed services worth $27.500 on account and billed customers. Received a bill for $2.300 for advertising services received during July. The amount is not due until August 15. Performed the first phase of the project for Thunder Bay Technologies. Recognized $9.300 of revenue from the cash advance received July 16. Received $16,200 cash from customers billed on July 20 14 16 18 20 20 23 27 27 Received $16.200 cash from customers billed on July 20. The chart of accounts for Pina Colada 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, 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. (a) Enter the July 1 balances in the ledger accounts Cash Accounts Receivable Accounts Receivable July 1 Bal 28600 Supplies July 1 Bal 4130 Accounts Payable July 1 2670 Unearned Service Revenue 13330 Common Stock Soooo Retained Earnings PINA COLADA COMPUTER CONSULTANTS Trial Balances Debit Credit 3 Prepare an income statement for July. PINA COLADA COMPUTER CONSULTANTS Income Statement For the Month Ended: July 31, 2022 Revenues Service Revenue Expenses Satarles and Wages Expense 5 Rent Exem Advertisine Expense Supplies Expense Utilities Eberse Depreciation Exter Rent Expense Advertising Expense Supplies Expense Utilities Expense Depreciation Expense Insurance Expense Interest Expense Income Tax Expense Total Expenses Net Income / Loss) Tenthookand Media Prepare a retained earning statement for July. PINA COLADA COMPUTER CONSULTANTS Retained Earnings Statement For the Month Ended July 31, 2022 Retained earnings, July 1 $ Add Net Income (Loss) Retained earnings, July 31 $ At June 30, 2022, the end of its most recent fiscal year, Pina Colada Computer Consultants' post-closing trial balance was as follows: Credit Debit $5,340 1,300 760 Cash Accounts receivable Supplies Accounts payable Unearned service revenue Common stock Retained earnings $430 1,160 3,350 2,460 $7,400 $7,400 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Pina Colada conducted the following transactions during July 2022. and adjusts its accounts monthly July 1 Purchased equipment paying $4,000 cash and signing a 2 year note payable for $20,000. The equipment has a 4- year useful life. The rote has a 6% interest rate which is payable on the first day of each following month. 2 3 3 6 9 The company underwent a major expansion in July. New staff was hired and more financing was obtained, Pina Colada conducted the following transactions during July 2022, and adjusts its accounts monthly. July 1 Purchased equipment paying $4,000 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. Issued 20,000 shares of common stock for $50,000 cash. Paid $3,360 cash for a 12-month insurance policy effective July 1. Paid the first 2 Ouly and August 2022) months rent for an annual lease of office space for $4,100 per month Paid $3.500 for supplies Visited client offices and agreed on the terms of a consulting project. Pina Colada will bill the client. Connor Productions, on the 20th of each month for services performed Collected $1.300 cash on account from Milan Brothers. This client was billed in June when Pina Colada performed the service Performed services for Fitzgerald Enterprises. This dient paid $1,160 in advance last month. All services relating to this payment are now completed Paid 5430 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 511 300 cash in advance for future services to be performed Paid semi-monthly salaries for $10,800 Performed services worth $27500 on account and billed customers Received a bill for $2.300 for advertising services received during July. The amount is not due until August 15 10 13 14 16 18 20 20 1 July 1 DOWN 10 13 Purchased equipment paying $4,000 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. Issued 20,000 shares of common stock for $50.000 cash. Paid $3,360 cash for a 12-month insurance policy effective July 1. Paid the first 2 Ouly and August 2022) months' rent for an annual lease of office space for $4,100 per month. Paid $3,500 for supplies Visited client offices and agreed on the terms of a consulting project. Pina Colada will bill the client, Connor Productions on the 20th of each month for services performed. Collected $1,300 cash on account from Milani Brothers. This client was billed in June when Pina Colada performed the service. Performed services for Fitzgerald Enterprises. This client paid $1,160 in advance last month. All services relating to this payment are now completed. Paid $430 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 $11300 cash in advance for future services to be performed Paid semi-monthly salaries for $10.800. Performed services worth $27.500 on account and billed customers. Received a bill for $2.300 for advertising services received during July. The amount is not due until August 15. Performed the first phase of the project for Thunder Bay Technologies. Recognized $9.300 of revenue from the cash advance received July 16. Received $16,200 cash from customers billed on July 20 14 16 18 20 20 23 27 27 Received $16.200 cash from customers billed on July 20. The chart of accounts for Pina Colada 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, 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. (a) Enter the July 1 balances in the ledger accounts Cash Accounts Receivable Accounts Receivable July 1 Bal 28600 Supplies July 1 Bal 4130 Accounts Payable July 1 2670 Unearned Service Revenue 13330 Common Stock Soooo Retained Earnings PINA COLADA COMPUTER CONSULTANTS Trial Balances Debit Credit 3 Prepare an income statement for July. PINA COLADA COMPUTER CONSULTANTS Income Statement For the Month Ended: July 31, 2022 Revenues Service Revenue Expenses Satarles and Wages Expense 5 Rent Exem Advertisine Expense Supplies Expense Utilities Eberse Depreciation Exter Rent Expense Advertising Expense Supplies Expense Utilities Expense Depreciation Expense Insurance Expense Interest Expense Income Tax Expense Total Expenses Net Income / Loss) Tenthookand Media Prepare a retained earning statement for July. PINA COLADA COMPUTER CONSULTANTS Retained Earnings Statement For the Month Ended July 31, 2022 Retained earnings, July 1 $ Add Net Income (Loss) Retained earnings, July 31 $