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Prepare adjusting entries at July 31, assuming the company prepares adjusting entries monthly. (Credit account titles are automatically indented when the amount is entered. Do
Prepare adjusting entries at July 31, assuming the company prepares adjusting entries monthly. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)
The CCBC Corporation had the following opening trial balance at the beginning of its fiscal year, July 1, 2018: Debit $ 6,050 6,650 1,200 14,400 Credit Cash Accounts receivable Supplies Equipment Accumulated depreciation-equipment Unearned revenue Common shares Retained earnings Totals $4,500 2,650 6,000 15,150 $28,300 $28,300 During the month of July, the following selected transactions took place: July 2 Paid $1,000 for two months' rent in advance for July and August. 7 Purchased $220 of supplies on account 14 Collected half of outstanding accounts receivable. 15 Borrowed $1,000 from the bank for one year at an interest rate of 5%. 21 Received $1,000 cash from a customer for services to be performed in August. 28 Performed $1,000 of services to a customer on account. Additional information: 1. At July 31, the company had performed $800 of services for a client that it had not billed or recorded. 2. Refer to the July 2 transaction where rent was paid in advance and adjust, if required. 3. Supplies on hand at July 31 were $500. 4. The equipment has a five-year useful life and uses straight-line depreciationStep by Step Solution
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