Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need all parts, A-I answered please. I will be sure to leave a good comment and thumbs up! A. July 1 balances in the ledger

Need all parts, A-I answered please. I will be sure to leave a good comment and thumbs up!
A. July 1 balances in the ledger accounts
B. Journalize July transactions
C. Post in ledger accounts
D. Prepare a trial balance at July 31
E1. Adjust data
E2. Post adjusting entries
F. Prepare adjusted trial balance
G1. Prepare income statement for July
G2. Prepare retained earning statement for July
G3. Prepare classified balance sheet at July 31
H1. Journalize closing entries
H2. Post the closing entries and complete closing process
I. Prepare a post-closing trial balance at July 31
Plenty of photos for reference
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
At June 30, 2022, the end of its most recent fiscal year, Pronghorn Computer Consultants' post-closing trial balance was as follows: Debit Credit $4,840 1,190 640 Cash Accounts receivable Supplies Accounts payable Unearned service revenue Common stock Retained earnings $360 1.140 3.290 1,880 $6,670 $6,670 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Pronghorn conducted the following transactions during July 2022, and adjusts its accounts monthly July 1 2 3 3 6 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. Issued 18,000 shares of common stock for $45.000 cash. Paid $3,960 cash for a 12-month insurance policy effective July 1 Paid the first 2 (July and August 2022) months' rent for an annual lease of office space for $3,900 per month. Paid $3,400 for supplies Visited client offices and agreed on the terms of a consulting project. Pronghorn will bill the client, Connor Productions, on the 20th of each month for services performed Collected $1,190 cash on account from Milani Brothers. This client was billed in June when Pronghorn 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 $360 cash for a utility bill. This related to June utilities that were accrued at the end of June. 9 10 13 14 Question 1 of 1 -/1 1 2 3 3 6 9 10 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Pronghorn conducted the following transactions during July 2022, and adjusts its accounts monthly July 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 Issued 18,000 shares of common stock for $45,000 cash. Paid $3,960 cash for a 12-month insurance policy effective July 1 Paid the first 2 (July and August 2022) months' rent for an annual lease of office space for $3.900 per month Paid $3,400 for supplies Visited client offices and agreed on the terms of a consulting project, Pronghorn will bill the client. Connor Productions, on the 20th of each month for services performed Collected $1,190 cash on account from Milani Brothers. This client was billed in June when Pronghorn 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 $360 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 $13,200 cash in advance for future services to be performed Paid semi-monthly salaries for $10,300. Performed services worth $30,400 on account and billed customers. Received a bill for $2,000 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 $10,300 of revenue from the cash advance received July 16. Received $14,600 cash from customers billed on July 20, 13 14 16 18 20 20 23 27 The chart of accounts for Pronghorn 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, Uneared 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) Enter the July 1 balances in the ledger accounts. Cash Accounts Receivable V Supplies Accounts Payable Unearned Service Revenue Common Stock Retained Earnings (b) 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. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit > > Prepaid Insurance > Supplies Supplies July 1 bal 640 V Prepaid Rent Accounts Payable July 1 Bal. 360 >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Information System Audit How To Control The Digital Disruption

Authors: Philippe Peret

1st Edition

1032136162, 978-1032136165

More Books

Students also viewed these Accounting questions

Question

How do rituals and routines express organizational values?

Answered: 1 week ago