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enter july 1 balances in ledger accounts and journalize Current Attempt in Progress At June 30, 2022, the end of its most recent fiscal year,
enter july 1 balances in ledger accounts and journalize
Current Attempt in Progress At June 30, 2022, the end of its most recent fiscal year, Whispering Winds Computer Consultants post-closing trial balance was as follows: Debit Credit Cash $5,740 Accounts receivable 1,320 720 Supplies Accounts payable $400 Unearned service revenue 1.140 Common stock 3,780 Retained earnings 2.460 $7.780 $7,780 The company underwent a major expansion in July, New staff was hired and more financing was obtained. Whispering Winds conducted the following 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 useful life. The note has a 6% interest rate which is payable on the first day of each following month 2 Issued 18,000 shares of common stock for $45.000 cash, 3 Pald $3,600 cash for a 12 month insurance policy effective July 1. Paid the first 2 Wuly and August 20221 months rent for an annual lease of office space for $3.700 per month 3 6 Paid $3.400 for supplies Question 1 of 1 -/15 6 Paid $3,400 for supplies. 9 10 13 Visited client offices and agreed on the terms of a consulting project. Whispering Winds will bill the client, Connor Productions, on the 20th of each month for services performed. Collected $1,320 cash on account from Milani Brothers. This client was billed in June when Whispering Winds performed the service, Performed services for Fitzgerald Enterprises. This client paid $1.140 in advance last month. All services relating to this payment are now completed, Paid $400 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 $10,800 cash in advance for future services to be performed 14 16 Paid semi-monthly salaries for $11.900. 9 & & 20 Performed services worth $28.100 on account and billed customers, 20 23 Received a bill for $2.200 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 59.800 of revenue from the cash advance received July 16. 27 Received $15,300 cash from customers billed on July 20. The chart of accounts for Whispering Winds 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. (a) Question 1 of 1 -/1 III Enter the July 1 balances in the ledger accounts Cash July 18, Accounts Receivable Supplies Accounts Payable Unearned Service Revenue Common Stock Retained Earnings C to na Question 1 of 1 -71 Journalize 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. / no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit 10 N o . G Question 1 of 1 -/1 o c
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