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The Sarasota Corporation had the following unadjusted trial balance at the end of its fiscal year, July 31, 2025. Debit Credit Cash $8,295 Accounts
The Sarasota Corporation had the following unadjusted trial balance at the end of its fiscal year, July 31, 2025. Debit Credit Cash $8,295 Accounts Receivable 4,895 Supplies 1,520 Prepaid Rent 1,620 Equipment 15,060 Accumulated Depreciation-Equipment $6,024 Accounts Payable Unearned Service Revenue 320 3,620 Notes Payable Common Stock Retained Earnings 1,120 5,120 15,186 Totals $31,390 $31,390 Additional information for adjusting entries: 1. On July 31, the company had performed $920 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 $620. 4. Unrecorded monthly depreciation is $251. 5. 6. 7. 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 $2,620 of salaries and wages to its employees for the month just ended. During July, the company satisfied $2,120 worth of services related to amounts that had previously been recorded as Unearned Service Revenue. This revenue has not yet been recorded.
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