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At June 30, 2022, the end of its most recent fiscal year, Grouper Computer Consultants post-closing trial balance was as follows: Debit Credit Cash $
At June 30, 2022, the end of its most recent fiscal year, Grouper Computer Consultants post-closing trial balance was as follows:
Debit Credit Cash $4,500 Accounts receivable 1,030 Supplies 590 Accounts payable $340 Unearned service revenue 960 Common stock 3,100 Retained earnings 1,720 $6,120 $6,120
The company underwent a major expansion in July. New staff was hired and more financing was obtained. Grouper conducted the following transactions during July 2022, and adjusts its accounts monthly.
July 1 Purchased equipment, paying $3,200 cash and signing a 2-year note payable for $17,200. 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 17,200 shares of common stock for $43,000 cash. 3 Paid $3,000 cash for a 12-month insurance policy effective July 1. 3 Paid the first 2 (July and August 2022) months rent for an annual lease of office space for $3,400 per month. 6 Paid $3,300 for supplies. 9 Visited client offices and agreed on the terms of a consulting project. Grouper will bill the client, Connor Productions, on the 20th of each month for services performed. 10 Collected $1,030 cash on account from Milani Brothers. This client was billed in June when Grouper performed the service. 13 Performed services for Fitzgerald Enterprises. This client paid $960 in advance last month. All services relating to this payment are now completed. 14 Paid $340 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 $10,300 cash in advance for future services to be performed. 18 Paid semi-monthly salaries for $9,500. 20 Performed services worth $24,100 on account and billed customers. 20 Received a bill for $1,900 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 $8,600 of revenue from the cash advance received July 16. 27 Received $12,900 cash from customers billed on July 20.
Adjustment data:
1. Adjustment of prepaid insurance. 2. Adjustment of prepaid rent. 3. Supplies used, $1,100. 4. Equipment depreciation, $425 per month. 5. Accrual of interest on note payable. 6. Salaries for the second half of July, $9,500, to be paid on August 1. 7. Estimated utilities expense for July, $690 (invoice will be received in August). 8. Income tax for July, $1,030, will be paid in August.
The chart of accounts for Grouper 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, 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. pls solve all questions!!! Your answer is partially correct. Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity) GROUPER COMPUTER CONSULTANTS Balance Sheet July 31, 2022 Assets Current Assets Cash $ 45 Accounts Receivable 11 Prepaid Rent LO Prepaidmurance 2 Supplies Total Current Assets Current Liabilities Equipment 20400 Less Depreciation Expertise 425 Total Liabilities 19 Total Assets A5 Liabilities and Stockholders' Equity Current Labies Accounts Payable 2590 Uncanned Service Revue 1700 Interest Pavable Salaries and Wes Payable 9500 Income Tuns Pavabile 1030 Total Current Liais 14 Long-Terms Question 1 of 1 4.6276 III Notes Payable 17. Total Liabilities Stockholders' County Common Stock 46100 Retained Earnings 7499 Total Stockholders Equity 30 Total abilities and Stockholders Equity $ 05 List of Accounts Assistance Used Attempts: 1 of 2 used Submit Armor Save to later Last saved 1 second ago Saved work will be auto-submitted on the due date Auto submission can take up to 10 minutes Using multiple attempts will impact your core 5% score reduction after attempt 1 (h) Thomas
At June 30, 2022, the end of its most recent fiscal year, Grouper Computer Consultants post-closing trial balance was as follows:
The company underwent a major expansion in July. New staff was hired and more financing was obtained. Grouper conducted the following transactions during July 2022, and adjusts its accounts monthly.
Adjustment data:
The chart of accounts for Grouper 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, 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.
Debit | Credit | |||
---|---|---|---|---|
Cash | $4,500 | |||
Accounts receivable | 1,030 | |||
Supplies | 590 | |||
Accounts payable | $340 | |||
Unearned service revenue | 960 | |||
Common stock | 3,100 | |||
Retained earnings | 1,720 | |||
$6,120 | $6,120 |
The company underwent a major expansion in July. New staff was hired and more financing was obtained. Grouper conducted the following transactions during July 2022, and adjusts its accounts monthly.
July | 1 | Purchased equipment, paying $3,200 cash and signing a 2-year note payable for $17,200. 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 17,200 shares of common stock for $43,000 cash. | ||
3 | Paid $3,000 cash for a 12-month insurance policy effective July 1. | ||
3 | Paid the first 2 (July and August 2022) months rent for an annual lease of office space for $3,400 per month. | ||
6 | Paid $3,300 for supplies. | ||
9 | Visited client offices and agreed on the terms of a consulting project. Grouper will bill the client, Connor Productions, on the 20th of each month for services performed. | ||
10 | Collected $1,030 cash on account from Milani Brothers. This client was billed in June when Grouper performed the service. | ||
13 | Performed services for Fitzgerald Enterprises. This client paid $960 in advance last month. All services relating to this payment are now completed. | ||
14 | Paid $340 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 $10,300 cash in advance for future services to be performed. | ||
18 | Paid semi-monthly salaries for $9,500. | ||
20 | Performed services worth $24,100 on account and billed customers. | ||
20 | Received a bill for $1,900 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 $8,600 of revenue from the cash advance received July 16. | ||
27 | Received $12,900 cash from customers billed on July 20. |
Adjustment data:
1. | Adjustment of prepaid insurance. | |
2. | Adjustment of prepaid rent. | |
3. | Supplies used, $1,100. | |
4. | Equipment depreciation, $425 per month. | |
5. | Accrual of interest on note payable. | |
6. | Salaries for the second half of July, $9,500, to be paid on August 1. | |
7. | Estimated utilities expense for July, $690 (invoice will be received in August). | |
8. | Income tax for July, $1,030, will be paid in August. |
The chart of accounts for Grouper 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, 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.
pls solve all questions!!!
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