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On June 30,2022 , the end of its most recent fiscal year, Bramble 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. Bramble conducted the following transactions during July 2022, and adjusts its accounts monthly. July 01 Purchased equipment, paying $6,210 cash and signing a 2-year note payable for $19,840. The equipment has a 5-year useful life. The note has a 6% interest rate, with interest payable on the first day of each following month. July 02 Issued 21,600 shares of common stock for $54,000 cash. July 03 Paid $4,950 cash for a 12-month insurance policy effective July 01. July 10 Collected $1,650 cash on account from Milani Brothers. This client was billed in June when Bramble performed the service. July 14 Paid $1,700 cash for a utility bill. This was related to June utilities that were accrued at the end of June. Adjustment data: 1. Adjustment of prepaid insurance. 2. Equipment depreciation, $434 per month. 3. Accrual of interest on note payable. 4. Estimated utilities expense for July, \$1,050 (invoice will be received next month). 5. Income tax for July, $4,500 will be paid next month. The chart of accounts for Bramble 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. - Instructions a. Journalize the July transactions (including adjusting entries). b. Enter the opening balances in the ledger accounts (Use T-accounts). c. Post to the ledger accounts. d. Prepare a trial balance at July 31, 2022. e. Journalize and post adjusting entries for the month ending July 31, 2022. f. Prepare an adjusted trial balance. g. Prepare an income statement and a retained earnings statement for July and a balance sheet at July 31,2022 . (Net income $16,105, Total assets $126,594 ) On June 30,2022 , the end of its most recent fiscal year, Bramble 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. Bramble conducted the following transactions during July 2022, and adjusts its accounts monthly. July 01 Purchased equipment, paying $6,210 cash and signing a 2-year note payable for $19,840. The equipment has a 5-year useful life. The note has a 6% interest rate, with interest payable on the first day of each following month. July 02 Issued 21,600 shares of common stock for $54,000 cash. July 03 Paid $4,950 cash for a 12-month insurance policy effective July 01. July 10 Collected $1,650 cash on account from Milani Brothers. This client was billed in June when Bramble performed the service. July 14 Paid $1,700 cash for a utility bill. This was related to June utilities that were accrued at the end of June. Adjustment data: 1. Adjustment of prepaid insurance. 2. Equipment depreciation, $434 per month. 3. Accrual of interest on note payable. 4. Estimated utilities expense for July, \$1,050 (invoice will be received next month). 5. Income tax for July, $4,500 will be paid next month. The chart of accounts for Bramble 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. - Instructions a. Journalize the July transactions (including adjusting entries). b. Enter the opening balances in the ledger accounts (Use T-accounts). c. Post to the ledger accounts. d. Prepare a trial balance at July 31, 2022. e. Journalize and post adjusting entries for the month ending July 31, 2022. f. Prepare an adjusted trial balance. g. Prepare an income statement and a retained earnings statement for July and a balance sheet at July 31,2022 . (Net income $16,105, Total assets $126,594 )
