Journalize the July transactions. Thank you!
Accounting Cydle Review 4-4 (Part Level Submission) At June 30, 2017, the end of its most recent fiscal year, Bridgeport Computer Consultants' post-closing trial balance was as follows: Cash Accounts receivable Supplies Accounts payable Unearned service revenue Common stock Retained earnings $4,180 550 5320 2,900 1,570 $5,690 $5,690 The company underwent a major exparision in Tuly. New staff was hired and more financing was obtained. Bridgeport conducted the following transactions during July 2017, and adjusts its accounts monthly. July1 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. 2 Issued 16,000 shares of common stock for $40,000 cash. 3 Paid $3,000 cash for a 12-month insurance policy effective July 1 Paid the first 2 (July and August 2017) months' rent for an annual lease of office space for $3,200 per month. Paid $3,000 for supplies. 3 6 9 Visited client offices and agreed on the terms of a consulting project. Bridgeport will ball the client, Connor Productions, on the 20th of each month for services performed 10 Collected $960 cash on account from Milani Brothers. This client was billed in June when Bridgeport performed the service 13 Performed services for Fitzgerald 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 June utilities that were accrued at the end of June. 16 Met with a new client, Thunder Day Technologies. Received $9,600 cash in advance for future services to be perfomed 18 Paid semi-monthly salaries for $8,800. 20 Performed services worth $22,400 o 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 $8,000 of revenue from the cash advance received July 16 27 Received $12,000 cash from customers billed on July 20 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. 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, No Unearned Service Revenue, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Supplics Expensc, Depreciation Expense, Insurance Expense, Salaries and Wages Expense, Advertising Expense, Income Ta Expense (b) ournalize the July transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually, Record journal entries in the order presented in the problem. If no entry is requ Date Account Titles and Explanation Debit Credit
