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Please fill in blanks for the CLOSING ENTRIES At June 30, 2017, the end of its most recent fiscal year, Bridgeport Computer Consultants' post-closing trial
Please fill in blanks for the CLOSING ENTRIES
At June 30, 2017, the end of its most recent fiscal year, Bridgeport Computer Consultants' post-closing trial balance was as follows: Debit Credit 4,180 960 550 Cash Accounts receivable Supplies Accounts payable Unearned service revenue Common stock Retained earnings $ 320 900 2,900 1,570 $ 5,690 $5,690 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Bridgeport conducted the following transactions during July 2017, and adjusts its accounts monthly July 1 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. Issued 16,000 shares of common stock for $ 40,000 cash. 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 Visited client offices and agreed on the terms of a consulting project. Bridgeport will bill the client, Connor Productions, on the 20th of each month for services performed Collected $ 960 cash on account from Milani Brothers. This client was billed in June when Bridgeport performed the service Performed services for Fitzgerald Enterprises. This client paid $ 900 in advance last month. All services relating to this payment are now completed Paid $ 320 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 $ 9,600 cash in advance for future services to be performed 2 3 3 6 9 10 13 14 16Step by Step Solution
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