Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please follow the table that is given. Ty Sunland Company had the following trial balance at June 30, 2021 (its year end). Debit Credit Cash

image text in transcribed

image text in transcribed

image text in transcribed

Please follow the table that is given.

Ty

Sunland Company had the following trial balance at June 30, 2021 (its year end). Debit Credit Cash $5,880 Accounts Receivable 710 Supplies 1,280 Equipment 9,288 Accumulated Depreciation-Equipment $3,870 Unearned Revenue 1,530 Sunland, Capital 11,758 Totals $17,158 $17,158 During the month of July, the following selected transactions took place: July 2 Paid $810 cash for rent for July, August, and September 10 Purchased $240 of supplies for cash. 14 Collected the full balance of accounts receivable. 20 Received $620 cash from a customer for services to be provided in August. 25 Provided $1,370 of services for a customer and immediately collected cash. Additional information: 1. At July 31, the company had provided $880 of services for a customer that it had not billed or recorded. 2. Supplies on hand at July 31 were $700. 3. The equipment has a six-year useful life. As at July 31, the company had performed services of $990 that had been paid in advance and was recorded as unearned 4. revenue. Record the July transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (Paid rent in advance.) (Purchase supplies for cash.) (Collection on account.) (Received cash in advance from customer.) (Performed services for cash.) Prepare monthly adjusting entries at July 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit July 31 (To accrue revenue for services performed but not billed or collected.) July 31 (To record rent expense.) July 31 (To record supplies used.) July 31 (To record depreciation expense.) July 31 (To record revenue for services performed.)

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

Auditing Concepts And Methods A Guide To Current Auditing Theory And Practice

Authors: Mcgraw-Hill

5th Edition

0070099995, 978-0070099999

More Books

Students also viewed these Accounting questions

Question

Methods of Delivery Guidelines for

Answered: 1 week ago