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Click to come the Daten-ellek to s t recent fiscal year, Flounder Computer Consultants post-closing trial balance was as follows: Debit Credit Accounts receivable Supplies $4,390 1,010 500 Accounts payable Unearned service revenue $340 940 3.000 Common stock Retained earnings 1.700 $5.900 $5,000 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Flounder conducted the following transactions during July 2017, and adjusts its accounts monthly July 1 Purchased equipment, paying $3,600 cash and signing a 2-year note payable for $16,800. 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 16,800 shares of common stock for $42,000 cash 3 Paid $3,000 cash for a 12-month Insurance policy effective July 1 3 Paid the first 2 July and August 2017) months' rent for an annual lease of office space for $3,400 per month 6 Paid $3.200 for supplies. 9 Visited client offices and agreed on the terms of a consulting project. Flounder will bill the client, Connor Productions, on the 20th of each month for services performed 10 Collected $1,010 cash on account from Milani Brothers. This client was billed in June when Flounder performed the service. 13 Performed services for Fitzgerald Enterprises. This client paid $940 in advance last month. All services relating to this payment are now completed. 14 Paid $340 cash for a utility bil. This related to June utilities that were accrued at the end of June. 16 Met with a new cient, Thunder Bay Technologies. Received $10,100 cash in advance for future services to be performed 18 Pald semi-monthly salaries for $9,200. 20 Performed services worth $23.500 on account and billed customers. monthly July 1 Purchased equipment, paying $3,600 cash and signing a 2-year note payable for $16,000. 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 16,800 shares of common stock for $42,000 cash 3 Paid $3,000 cash for a 12 month insurance policy effective July 1. 3 Paid the first 2 July and August 2017) months' rent for an annual lease of office space for $3.400 per month 6 Paid $3.200 for supplies 9 Visited client offices and agreed on the terms of a consulting project. Flounder will be the client, Connor Productions, on the 20th of each month for services performed. 10 Collected $1,010 cash on account from Milani Brothers. This client was billed in June when Flounder performed the service. 13 Performed services for Fitzgerald Enterprises. This client paid $940 in advance last month. All services relating to this payment are now completed. 14 Paid $340 cash for a utility bill. This related to June utilities that were accrued at the end of June. 16 Met with a new client, Thunder Bay Technologies. Received $10,100 cash in advance for future services to be performed 18 Paid semi-monthly salaries for $9.200 20 Performed services worth $23.500 on account and billed customers 20 Received a bill for $1,800 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 $8.400 of revenue from the cash advance received July 16, 27 Received $12,600 cash from customers billed on July 20. Adjustment data: 1. Adjustment of prepaid insurance 2. Adjustment of prepaid rent 3. Supplies used, $1,050. 4. Equipment depreciation. $425 per month 5. Accrual of interest on note payable 6. Salaries for the second half of July $9.200, to be paid on August 1. 7. Estimated utilities expense for July $670 invoice will be received in August) 8. Income tax for July $1.010, will be paid in August, Your answer is partially correct. Journalize and post closing entries and complete the closing process. (Credit account titles are automatically indented when the amount is entered. Do not in the amounts. For accounts that have rere ending balance, the entry should be the balance date and zero for the amount.) Date Account Titles and Explanation Debit Credit July 31 Service Revenue 32840 (To close revenue account) July 31 Sarea Rent Expense Utistics Expense Depreciation Expense Insurance Expone Interest Expense (To dose expense accounts) July 31 Income Summary Retained Earnings (To close net income to retained earnings) Cash July 1 Bal. 4,390 July 1 3,600 July 2 42,000 July 3 3,000 July 10 1,010 July 3 6,800 July 16 10,100 July 6 3,200 340 July 27 12,600 July 14 July 18 9,200 July 31 Bal. 43,960 Accounts Receivable July 1 Bal. 1,010 July 20 1,010 July 10 23,500 July 27 10,900 12.600 July 31 Bal July 3 Prepaid Insurance 3,000 July 31 2,750 July 31 Bal. Supplies July 1 Bal. 580 July 31 1,050 July 6 3,200 July 31 Bal. 2,730 Prepaid Rent July 3 6,800 July 31 3,400 July 31 Bal. 3.400 Equipment July 1 Equipment 20,400 20,400 July 31 Bal. Accumulated Depreciation-Equipment July 31 July 31 Bal. July 14 340 Accounts Payable 340 July 1 Bal July 20 July 31 July 31 Bal. 1.800 670 2,470 Interest Payable July 31 July 31 Bal Salaries and Wages Payable July 31 July 31 Bal 9,200 9.200 Income Taxes Payable July 31 1,010 July 31 Bal 1,010 Unearned Service Revenue July 13 940 July 1 Bal. 940 July 23 8,400 July 16 10,100 July 20 July 31 1,800 670 2.470 July 31 Bal. Interest Payable July 31 July 31 Bal Salaries and Wages Payable July 31 9.200 July 31 Bal 9.200 Income Taxes Payable July 31 1,010 July 31 Bal. 1,010 Unearned Service Revenue July 13 940 940 July 1 Bal. 8,400 July 16 July 23 10,100 July 31 Bal. 1,700 Notes Payable July 1 16,800 July 31 Bal 16,800 Common Stock July 1 bal. 3.000 July 2 42,000 July 31 Bal. 45,000 Retained Earnings July 1 Bal. 1.700 July 31 Service Revenue July 13 940 July 20 23,500 July 31 | July 23 8.400 Salaries and Wages Expense July 18 9.200 July 31 9.200 July 31 18400 Rent Expense July 31 3.400 July 31 Advertising Expense July 20 1.800 Supplies Expense July 31 1,050 Utilities Expense July 31 670 Depreciation Expense July 31 425 Insurance Expense July 31 250 Interest Expense July 31 Income Tax Expense July 31 1,010 Income Summary Interest Expense es July 31 184 Income Tax Expense July 31 2010 ( 3 ) Income Summary PERSE LI IL eTextbook and Media List of Accounts Save for Later Last saved 9 seconds ago