Question
Below is the post-closing trial balance of Gracie Consultancy Services as at 30 June 2019: Debit $ Credit $ Cash at bank 38250 Accounts receivable
Below is the post-closing trial balance of Gracie Consultancy Services as at 30 June 2019:
Debit $ | Credit $ | |
Cash at bank | 38250 | |
Accounts receivable | 8250 | |
Equipment | 40500 | |
Accumulated depreciation - Equipment |
| 675 |
Accounts payable | 14250 | |
Wages payable |
| 4500 |
Revenue received in advance | 2625 | |
Gracie, Capital |
| 64950 |
87000 | 87000 |
The following transactions occurred during the month July 2019.
July | 1 | Paid employee salaries, $4500 for June. Gracie pays her employees accrued salaries on the first day of each calendar month. |
8 | Invoiced customers for consultancy services performed, $13100. | |
14 | Performed $1125 of services for customers who paid in advance in June for consultancy services to be performed in July. | |
15 | Paid $8100 for 4 months office building rent. | |
25 | Gracie redrew capital of $1800. | |
31 | Purchased office supplies on account for $1350. |
Required
a) Journalise the transactions, including narrations. (15 Marks)
b) Prepare an unadjusted trial balance as at 31 July 2019
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started