Debit Credit 580 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Flounder conducted the following transactions during July 2017, and adjusts its accounts July 1 Purchased equipment, paying $3,600 cash and signing a 2 year note payable for $16,800. The equipment has a year stufe. The note has a 6% interest rate which is payable on the first day of each following month 2 Issued 16,800 shares of common stock for $42.000 cash. 3 Paid $3,000 cash for a 12-month insurance policy effective July 1. 3 Paid the first 2uly and August 2017) months'rent for an annual lease of office space for $3,400 per month 6 Paid $3,200 for supplies. 9 Visited client offices and agreed on the terms of a consulting project. Flounder will bill the client, Cormor Productions on the 20th of each month for services performed 10 Collected $1,010 cash on account from Milani Brothers. This client was billed in June when Flounder performed the service. 13 Performed services for Fitzgerald Enterprises. This client paid $940 in advance last month. Allservices relating to this payment are now completed. 14 Paid $340 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 Bay Technologies. Received $10,100 cash in advance for future services to be performed. 18 Pald semi-monthly salaries for $9,200 20 Performed services worth $23.500 on account and billed customers. 20 Received a bill for $1,800 for advertising services received during July. The amount is not fue until August 15 23 Performed the first phase of the project for Thunder Bay Technologies. Recognized $6.400 of revenue from the cash advance received Jul 27 Received $12,600 cash from customers billed on July 20. Adjustment data: 1 Adjustment of prepaid insurance 2 Adjustment of prepaid rent 3. Supplies used, $1,050. Equipment depreciation, 5425 per month 5. Accrual of interest on note payable. 6. Salaries for the second half of July,$9,200, to be paid on August 1. 7. Estimated utilities expense for July 5670 (invoice will be received in August). 8. Income tax for July $1.010, will be paid in August The chart of accounts for Flounder Computer Consultants contains the following accounts Cath, 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 Expe and Utilities Expense Prepare an adjusted trial balance. FLOUNDER COMPUTER CONSULTANTS Trial Balances Debit Credit Prepare an income statement for July. FLOUNDER COMPUTER CONSULTANTS Income Statement Prepare a retained earning statement for July. FLOUNDER COMPUTER CONSULTANTS Retained Earnings Statement Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity) FLOUNDER COMPUTER CONSULTANTS Balance Sheet Assets Libilities and Stockhald a mit Llabilities and Stockholders' Equity Debit Credit 580 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Flounder conducted the following transactions during July 2017, and adjusts its accounts July 1 Purchased equipment, paying $3,600 cash and signing a 2 year note payable for $16,800. The equipment has a year stufe. The note has a 6% interest rate which is payable on the first day of each following month 2 Issued 16,800 shares of common stock for $42.000 cash. 3 Paid $3,000 cash for a 12-month insurance policy effective July 1. 3 Paid the first 2uly and August 2017) months'rent for an annual lease of office space for $3,400 per month 6 Paid $3,200 for supplies. 9 Visited client offices and agreed on the terms of a consulting project. Flounder will bill the client, Cormor Productions on the 20th of each month for services performed 10 Collected $1,010 cash on account from Milani Brothers. This client was billed in June when Flounder performed the service. 13 Performed services for Fitzgerald Enterprises. This client paid $940 in advance last month. Allservices relating to this payment are now completed. 14 Paid $340 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 Bay Technologies. Received $10,100 cash in advance for future services to be performed. 18 Pald semi-monthly salaries for $9,200 20 Performed services worth $23.500 on account and billed customers. 20 Received a bill for $1,800 for advertising services received during July. The amount is not fue until August 15 23 Performed the first phase of the project for Thunder Bay Technologies. Recognized $6.400 of revenue from the cash advance received Jul 27 Received $12,600 cash from customers billed on July 20. Adjustment data: 1 Adjustment of prepaid insurance 2 Adjustment of prepaid rent 3. Supplies used, $1,050. Equipment depreciation, 5425 per month 5. Accrual of interest on note payable. 6. Salaries for the second half of July,$9,200, to be paid on August 1. 7. Estimated utilities expense for July 5670 (invoice will be received in August). 8. Income tax for July $1.010, will be paid in August The chart of accounts for Flounder Computer Consultants contains the following accounts Cath, 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 Expe and Utilities Expense Prepare an adjusted trial balance. FLOUNDER COMPUTER CONSULTANTS Trial Balances Debit Credit Prepare an income statement for July. FLOUNDER COMPUTER CONSULTANTS Income Statement Prepare a retained earning statement for July. FLOUNDER COMPUTER CONSULTANTS Retained Earnings Statement Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity) FLOUNDER COMPUTER CONSULTANTS Balance Sheet Assets Libilities and Stockhald a mit Llabilities and Stockholders' Equity
part f)
part g)
part g2)
