Question 1 of 1 /13 View Policies Current Attempt in Progress At June 30, 2017, the end of its most recent fiscal year, Grouper Computer Consultants post-closing trial balance was as follows: Debit Credit Cash $4,500 Accounts receivable 1,030 Supplies Accounts payable $340 Unearned service revenue 960 Common stock 3,100 Retained earnings 1.720 $6.120 $6.120 590 1 2 3 6 9 The company underwent a major expansion in July. New staff was hired and more financing was obtained Grouper conducted the following transactions during July 2017, and adjusts its accounts monthly July Purchased equipment, paying $3,200 cash and signing a 2-year note payable for $17200. 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 17,200 shares of common stock for $43,000 cash. Paid $3,000 cash for a 12 month insurance policy effective July 1 Paid the first 2 (uly and August 2017) months' rent for an annual lease of office space for $3.400 per month Paid $3.300 for supplies Visited client offices arts agreed on the terms of a consulting project. Grouper will bill the client Connor Productions, on the 20th of each month for services performed. Collected $1,030 cash on account from Milani Brothers. This client was billed in June when Grouper performed the service Performed services for Fitzgerald Enterprises. This client paid $960 in advance last month. All services relating to this payment are now completed. Paid $340 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 $10,300 cash in advance for future services to be performed Paid semi-monthly salaries for $9.500. Performed services worth $24.100 on account and billed customers. Received a bill for $1.900 for advertising services received during July. The amount is not due until August 15. Performed the first phase of the project for Thunder Bay Technologies. Recognized 58.600 of revenue from the cash advance received July 16. Received $12.900 cash from customers billed on July 20. 10 13 14 16 18 20 20 23 27 Adjustment data: Adjustment of prepaid insurance Adjustment of prepaid rent 2 Question 1 of 1 -/1 E Adjustment data: 1. 2. 3. 4. 5. 6. 7. 8 Adjustment of prepaid insurance, Adjustment of prepaid rent. Supplies used, $1,100 Equipment depreciation $425 per month. Accrual of interest on note payable. Salaries for the second half of July, $9,500, to be paid on August 1. Estimated utilities expense for July $690 (invoice will be received in August). Income tax for July $1,030, will be paid in August The chart of accounts for Grouper 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) Enter the July 1 balances in the ledger accounts Cash Accounts Receivable Supplies Accounts Payable Unearned Service Revenue Common Stock Question 1 of 1 The chart of accounts for Grouper 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) Enter the July 1 balances in the ledger accounts. Cash Accounts Receivable Supplies Accounts Payable 1 Unearned Service Revenue Common Stock Retained Earnings List of Accounts Save for later Attempts:0 of 3 used Submit