Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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 2 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 con non stock for $50.000 cash Paid $3.360 casistor 2 month insurance policy effective July 1 Paid the first 20 August 2002 months rent for anal lease of the space for $4100 per month 3 3 3 COM 1 July 1 2 3 3 6 9 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 Quly 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 $12.300 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, Uneared 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 Joly 1 balances in the ledger account Cash Accounts Receivable Cash Accounts Receivable Supplies Accounts Payable Unearned Service Revenue Common Stock Joumalize 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 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 for the amounts.) Date Account Titles and Explanation Debit Credit 100% ere to search

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

ISE Introductory Financial Accounting For Business

Authors: Thomas P. Edmonds, Christopher Edmonds

2nd Edition

1260575306, 9781260575309

More Books

Students also viewed these Accounting questions

Question

Define orientation, and explain the purposes of orientation.

Answered: 1 week ago

Question

What are the various career paths that individuals may use?

Answered: 1 week ago