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Current Attempt in Progress At June 30, 2017, the end of its most recent fiscal year, Bridgeport Computer Consultants post-closing trial balance was as follows
Current Attempt in Progress At June 30, 2017, the end of its most recent fiscal year, Bridgeport Computer Consultants post-closing trial balance was as follows Credit Cash Debit $4,180 960 550 Accounts receivable Supplies Accounts payable $320 Unearned service revenue Common stock Retained earnings 2.900 1.570 $5.690 $5,690 The company underwent a major expansion in July. New staff was hired and more financing was obtained Bridgeport conducted the following transactions during July 2017, and adjusts its accounts monthly July 1 Purchased equipment, paying $3.200 cash and signing a 2 year note payable for $16,000. The equipment has a 4-year useful life. The note has a ex interest rate which is payable on the first day of each following month 2 issued 16,000 shares of common stock for $40,000 cash. 3 Pald $3,000 cash for a 12-month insurance policy effective July 1 3 Paid the first 2 Uuly and August 2017) months' rent for an annual lease of office space for $3.200 per month 6 Pald $3.000 for supplies. 9 Visited client offices and agreed on the terms of a consulting project. Bridgeport will bill the client, Connor Productions on the 20th of each month for services performed 10 Collected 59 60 cash on account from Milan Brothers. This client was billed in June when Bridgeport performed the service. 13 Performed services for Firgerald Enterprises. This client paid $900 in advance last month. All services relating to this payment are now completed 14 Paid $320 cash for a utility bill. This related to une utilities that were accrued at the end of June. 16 Met with a new client, Thunder Bay Technologies. Received $9.400 cash in advance for future services to be performed 18 Paid semi-monthly salaries for $0.800 20 Performed services worth $22.400 on account and billed customers. 20 Received a bill for $1,000 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 $8,000 of revenue from the cash advance received July 16 27 Received $12,000 cash from customers billed on July 20, 27 Received $12,UUU Cast IIUM CuSlunel SUMCU UI JUI LU. Adjustment data: 1. Adjustment of prepaid insurance. 2. Adjustment of prepaid rent. 3. Supplies used, $1,000. 4. Equipment depreciation, $400 per month. 5. Accrual of interest on note payable. 6. Salaries for the second half of July, $8,800, to be paid on August 1. 7. Estimated utilities expense for July, $640 (invoice will be received in August). 8. Income tax for July, $960, will be paid in August. Enter the July 1 balances in the ledger account. Cash 3,200 [July 1 Accounts Receivable Supplies Accounts Payable 15929 July 1 Unearned Service Revenue Common Stock Retained Earnings e Textbook and Media Current Attempt in Progress At June 30, 2017, the end of its most recent fiscal year, Bridgeport Computer Consultants post-closing trial balance was as follows Credit Cash Debit $4,180 960 550 Accounts receivable Supplies Accounts payable $320 Unearned service revenue Common stock Retained earnings 2.900 1.570 $5.690 $5,690 The company underwent a major expansion in July. New staff was hired and more financing was obtained Bridgeport conducted the following transactions during July 2017, and adjusts its accounts monthly July 1 Purchased equipment, paying $3.200 cash and signing a 2 year note payable for $16,000. The equipment has a 4-year useful life. The note has a ex interest rate which is payable on the first day of each following month 2 issued 16,000 shares of common stock for $40,000 cash. 3 Pald $3,000 cash for a 12-month insurance policy effective July 1 3 Paid the first 2 Uuly and August 2017) months' rent for an annual lease of office space for $3.200 per month 6 Pald $3.000 for supplies. 9 Visited client offices and agreed on the terms of a consulting project. Bridgeport will bill the client, Connor Productions on the 20th of each month for services performed 10 Collected 59 60 cash on account from Milan Brothers. This client was billed in June when Bridgeport performed the service. 13 Performed services for Firgerald Enterprises. This client paid $900 in advance last month. All services relating to this payment are now completed 14 Paid $320 cash for a utility bill. This related to une utilities that were accrued at the end of June. 16 Met with a new client, Thunder Bay Technologies. Received $9.400 cash in advance for future services to be performed 18 Paid semi-monthly salaries for $0.800 20 Performed services worth $22.400 on account and billed customers. 20 Received a bill for $1,000 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 $8,000 of revenue from the cash advance received July 16 27 Received $12,000 cash from customers billed on July 20, 27 Received $12,UUU Cast IIUM CuSlunel SUMCU UI JUI LU. Adjustment data: 1. Adjustment of prepaid insurance. 2. Adjustment of prepaid rent. 3. Supplies used, $1,000. 4. Equipment depreciation, $400 per month. 5. Accrual of interest on note payable. 6. Salaries for the second half of July, $8,800, to be paid on August 1. 7. Estimated utilities expense for July, $640 (invoice will be received in August). 8. Income tax for July, $960, will be paid in August. Enter the July 1 balances in the ledger account. Cash 3,200 [July 1 Accounts Receivable Supplies Accounts Payable 15929 July 1 Unearned Service Revenue Common Stock Retained Earnings e Textbook and Media
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