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On July 31, 20x1, after one month of operation, the general ledger of Dakota Consulting contained the following accounts and balances. The firm adjusts losses
On July 31, 20x1, after one month of operation, the general ledger of Dakota Consulting contained the following accounts and balances. The firm adjusts losses from uncollectible accounts only at the end of the fiscal year. Monthly adjustments are listed below. Adjustments: (a) On July 31, an inventory of the supplies showed that itens costing $536 were on hand. (b) On July 1, the fir paid $7,200 in advance for 6 months rent. (c) On July 1, the firm paid $660 interest in advance on a 3month note that it issued to the bank. (d) On July 2, the firm purchased office equipment for $18,000. The office equipnent is expected to have a useful life of 5 years and a salvage value of $1,500. (e) On July 1, the firm issued a 3-month, 9 percent note for $6,886. (f) During July, the firm received $500 fron customers in advance of providing services. An analyze of the firm's records shows that the futl anount applies to services provided in July. Prepare the Trial Balance, Adjustments, and Adjusted Trial Balance sections of a worksheet. years and a satvage vatue or $1, sub. (e) On July 1, the firm issued a 3 -month, 9 percent note for $6,800. (f) During July, the firm received $500 from customers in advance of providing services. An analyze of the firm's records shows that the full amount applies to services provided in Juty. Prepare the Trial Balance, Adjustments, and Adjusted Trial Balance sections of a worksheet
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