At June 30,2022 , the end of its most recent fiscal year, Ayayai Computer Consultants' post-closing trial balance was as follows: The company underwent a major expansion in July. New statf was hired and more financing was obtained. Ayayai conducted the folowing 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 usefol 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 $50,000cash. 3. Paid $3.480 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 otfice space for \$4,400 per nonth. Paid $3.500 for supplies. 9. Visited client offices and agreed on the terms of a consulting project. Ayayai will bill the client, Connor Productions, on the 20 th of each month for services perfarmed. 10 Collected $1,230 cash on account from Milani Brothers. This client was billed in June when Ayayai perfermed the service. 13 Performed services for Fitzgerald Enterprisen. This client paid \$1,240 in advance last month. All services relating to this payment arenow completed. 14 Paid $430 cash for a utility bill. This related to lune utilities that were accerued at the end of June. 16. Met with a new client, Thunder Bay Technologies. Received $12.500 cash in advance for future services to be pertormed: 18 Paid semi monthly salaries for $11,300 20 Pertormed services worth $26,000 on account and billed customers. 20. Recelved a bill for $2,000 for advertising services recelved dueing fuly. The amount is not due until August 15 : 23 Performed the first phase of the project for Thunder Bay Technologies. Recognized $9.400 of revenue from the casi advance received luly 16. 27 Received $16300 cashifromin customers billed on July 20. Enter the July 1 balances in the ledger accounts. At June 30,2022 , the end of its most recent fiscal year, Ayayai Computer Consultants' post-closing trial balance was as follows: The company underwent a major expansion in July. New statf was hired and more financing was obtained. Ayayai conducted the folowing 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 usefol 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 $50,000cash. 3. Paid $3.480 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 otfice space for \$4,400 per nonth. Paid $3.500 for supplies. 9. Visited client offices and agreed on the terms of a consulting project. Ayayai will bill the client, Connor Productions, on the 20 th of each month for services perfarmed. 10 Collected $1,230 cash on account from Milani Brothers. This client was billed in June when Ayayai perfermed the service. 13 Performed services for Fitzgerald Enterprisen. This client paid \$1,240 in advance last month. All services relating to this payment arenow completed. 14 Paid $430 cash for a utility bill. This related to lune utilities that were accerued at the end of June. 16. Met with a new client, Thunder Bay Technologies. Received $12.500 cash in advance for future services to be pertormed: 18 Paid semi monthly salaries for $11,300 20 Pertormed services worth $26,000 on account and billed customers. 20. Recelved a bill for $2,000 for advertising services recelved dueing fuly. The amount is not due until August 15 : 23 Performed the first phase of the project for Thunder Bay Technologies. Recognized $9.400 of revenue from the casi advance received luly 16. 27 Received $16300 cashifromin customers billed on July 20. Enter the July 1 balances in the ledger accounts
