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The Novak Corporation had the following unadjusted trial balance at the end of its fiscal year, July 31, 2025. Debit Credit Cash $8,255 Accounts
The Novak Corporation had the following unadjusted trial balance at the end of its fiscal year, July 31, 2025. Debit Credit Cash $8,255 Accounts Receivable 4,855 Supplies 1,480 Prepaid Rent 1,580 Equipment 15,060 Accumulated Depreciation-Equipment $6,024 Accounts Payable Unearned Service Revenue 280 3,580 Notes Payable 1,080 Common Stock 5,080 Retained Earnings 15,186 Totals $31,230 $31,230 Additional information for adjusting entries: 1. On July 31, the company had performed $880 of services for a client that it had not billed or recorded. 2. Record rent expense this month. The current balance in Prepaid Rent represents 2 months of rent. 3. Supplies on hand on July 31 were $580. 4. Unrecorded monthly depreciation is $251. 5. 6. Interest is due on the note payable on the first day of each following month, beginning August 1. Interest for July is $2. As of July 31, the company owed $2,580 of salaries and wages to its employees for the month just ended. 7. During July, the company satisfied $2,080 worth of services related to amounts that had previously been recorded as Unearned Service Revenue. This revenue has not yet been recorded. Date No. Account Titles and Explanation Debit Credit July 31 1. July 31 2. July 31 3. July 31 4. July 31 5. July 31 6. July 31 7.
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