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At June 30, 2017, the end of its most recent fiscal year, Monty Computer Consultants post-dosing trial balance was as follows: Credit Debit $4,810 1.100 630 Cash Accounts receivable Supplies Accounts payable Unearned service revenue Common stock Retained earnings $370 1.030 3,300 1,840 $6,540 $6.540 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Monty conducted the following transactions during July 2017, and adjusts its accounts monthly. July 1 2 3 3 6 Purchased equipment paying $3.200 cash and signing a 2-year note payable for $18.400. 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 18,400 shares of common stock for $46.000 cash. Paid $3,600 cash for a 12-month insurance policy effective July 1. Paid the first 2 (July and August 2017) months' rent for an annual tease of office space for $3,700 per month Paid $3,500 for supplies. Visited client offices and agreed on the terms of a consulting project. Monty will bill the client. Connor Productions, on the 20th of each month for services performed. Collected $1,100 cash on account from Milani Brothers. This client was billed in June when Monty performed the 10 BTV O BI Question 1 of 1 10 13 14 Collected 51.100 cash on account from Milan Brothers. This client was billedet me when Montrond the service Performed services for Fitzgerald Enterprises. This clipad 51030 in dvance last month. All service to this payment are now completed. Paid $370 cash for a utility bill This related to June utilities that were treat the end of Met with a new client, Thunder Bay Technologies. Received 511.000 cash in advance for future services to be performed Pald semi-monthly salaries for $10.100 Performed services worth $25.800 on account and billed customers Received a bill for $2.000 for advertising services received during July. The amount is tot dur until At 15 Performed the first phase of the project for Thunder Gay Technologies. Foecognized 59 200 of revenue from the cash advance received July 16. Received 513,800 cash from customers billed on July 20, 18 20 20 23 27 Adjustment data: 2 3 4 5. 6. Adjustment of prepaid insurance Adjustment of prepaid rent Supplies used. $1.150, Equipment depreciation $450 per month Accrual of interest on note payable. Salaries for the second half of July, $10,100, to be paid on August 1. Estimated utilities expense for July. 5740 (invoice will be received in August). Income tax for July. 51.100, will be paid in August 8 OEP here to search 20 23 Received a bill for $2.000 for advertising services received during July. The amount is to put 15 Performed the first phase of the project for Thunder Bay Technologies. Recognized 59.200 of revenue from the cash advance received July 16 Received $13,800 cash from customers billed on July 20. 27 Adjustment data 1. 2 3 4. 5. 6. Z. Adjustment of prepaid insurance, Adjustment of prepaid rent Supplies used, $1,150. Equipment depreciation. $450 per month Accrual of interest on note payable. Salaries for the second half of July, 510,100, to be paid on August 1. Estimated utilities expense for July $740 invoice will be received in August). Income tax for July $1,100, will be paid in August 8. The chart of accounts for Monty Computer Consultants contains the following accounts: Cash, 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 Expense, Rent Expense, Supplies Expense, and Utilities Expense. (a) a O AI e to search Accounts Receivable Supplies Accounts Payable Unearned Service Revenue Common Stock Retained Earnings List of Accounts a O V J & T
