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At June 30, 2017, the end of its most recent fiscal year, Bridgeport Computer Consultants post-closing trial balance was as follows: Credit Debit $4,180 960 550 Cash Accounts receivable Supplies Accounts payable Unearned service revenue Common stock Retained earnings $320 900 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 6% interest rate which is payable on the first day of each following month Issued 16,000 shares of common stock for $40.000 cash. Pald $3.000 cash for a 12-month insurance policy effective July 1 2 3 9 10 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 $3,200 per month. 6 Paid $3,000 for supplies 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. Collected $960 cash on account from Milani Brothers. This client was billed in June when Bridgeport performed the service. Performed services for Fitzgerald Enterprises. This client paid $900 in advance last month. All services relating to 13 this payment are now completed. 14 Paid $320 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 $9,600 cash in advance for future services to be performed Paid semi-monthly salaries for $8.800 20 Performed services worth $22.400 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 Performed the first phase of the project for Thunder Bay Technologies, Recognized $8.000 of revenue from the cash 23 advance received July 16. 27 Received $12.000 cash from customers billed on July 20 16 18 Adjustment data 1 Adjustment of prepaid insurance Adjustment of prepaid rent. 2 1. 2. 3. 4. 5. 6. 7 8. Adjustment of prepaid insurance. Adjustment of prepaid rent. Supplies used $1,000 Equipment depreciation, $400 per month. Accrual of interest on note payable. Salaries for the second half of July. 58.800, to be paid on August 1, Estimated utilities expense for July $640 (invoice will be received in August). Income tax for July, $960, will be paid in August The chart of accounts for Bridgeport 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. Dividends, Income Summary, Service Revenue, Supplies Expense. Depreciation Expense. Insurance Expense, Salaries and Wages Expense. Advertising Expense. Income Tax Expense. Interest Expense, Rent Expense, Supplies Expense, and Utilities Expense. Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) Cash July 1 Bal. 4,180 : . Accounts Receivable 960 July 1 Bal + Accounts Receivable July 1 Bal. 960 Prepaid Insurance Supplies July 1 bal 550 Prepaid Rent Equipment Equipment Accounts Payable July 1 Bal 320 . Unearned Service Revenue July 1 Bal 900 . Notes Payable Notes Payable Common Stock July 1 Bal 2,900 : Retained Earnings July 1 Bal 1.570 Service Revenue . Salaries and Wages Expense Advertising Expense List of Accounts