Question
Pharoah Company had the following trial balance at June 30, 2021 (its year end). DebitCredit Cash$5,720Accounts Receivable970Supplies1,250Equipment9,504Accumulated DepreciationEquipment$3,960Unearned Revenue1,340Pharoah, Capital12,144Totals$17,444$17,444 During the month of July,
Pharoah Company had the following trial balance at June 30, 2021 (its year end).
DebitCreditCash$5,720Accounts Receivable970Supplies1,250Equipment9,504Accumulated DepreciationEquipment$3,960Unearned Revenue1,340Pharoah, Capital12,144Totals$17,444$17,444
During the month of July, the following selected transactions took place:
July 2Paid $600 cash for rent for July, August, and September.10Purchased $230 of supplies for cash.14Collected the full balance of accounts receivable.20Received $600 cash from a customer for services to be provided in August.25Provided $1,310 of services for a customer and immediately collected cash.
Additional information:
1.At July 31, the company had provided $960 of services for a customer that it had not billed or recorded.2.Supplies on hand at July 31 were $750.3.The equipment has a six-year useful life.4.As at July 31, the company had performed services of $810 that had been paid in advance and was recorded as unearned revenue.
Record the July transactions.
Prepare monthly adjusting entries at July 31
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