Answered step by step
Verified Expert Solution
Question
1 Approved Answer
intro to college Accounting - recording journal entries; The CCBC Corporation had the following post-closing trial balance at the beginning of its fiscal year, July
intro to college Accounting - recording journal entries;
The CCBC Corporation had the following post-closing trial balance at the beginning of its fiscal year, July 1, 2015:
Debit | Credit | ||||||
Cash | $ | 7,700 | |||||
Accounts receivable | 6,600 | ||||||
Supplies | 1,200 | ||||||
Equipment | 13,800 | ||||||
Accumulated depreciationequipment | $ | 5,500 | |||||
Unearned revenue | 2,750 | ||||||
Common shares | 6,000 | ||||||
Retained earnings | 15,050 | ||||||
Totals | $ | 29,300 | $ | 29,300 |
During the month of July, the following selected transactions took place:
July 2 | Paid $1,000 for two months rent in advance for July and August. | ||
7 | Purchased $200 of supplies on account. | ||
14 | Collected half of outstanding accounts receivable. | ||
15 | Borrowed $1,000 from the bank at an interest rate of 5%. | ||
21 | Received $1,000 cash from a customer for services to be provided in August. | ||
28 | Provided $1,000 of services to a customer on account. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started