View Policies Current Attempt in Progress The Coronado Corporation had the following opening trial balance at the beginning of its fiscal year, July 1, 2021: Credit $ Debit 4,900 7.120 1,080 15,600 Cash Accounts receivable Supplies Equipment Accumulated depreciation-equipment Deferred revenue Common shares Retained earnings Totals $ 6,120 2,380 5,400 14,800 $ 28,700 $ 28,700 During the month of July, the following selected transactions took place: July 2 7 14 Paid $1,480 for two months' rent in advance for July and August Purchased $200 of supplies on account. Collected half of outstanding accounts receivable. Borrowed $1,100 from the bank for one year at an interest rate of 5%. Received $1.080 cash from a customer for services to be performed in August. Performed $1,630 of services to a customer on account. 15 21 28 Question 2 of 2 - /20 July 2 7 14 Paid $1,400 for two months rent in advance for Jury and August Purchased $200 of supplies on account. Collected half of outstanding accounts receivable. Borrowed $1,100 from the bank for one year at an interest rate of 5%. Received $1,080 cash from a customer for services to be performed in August. Performed $1,630 of services to a customer on account 15 21 28 Additional information: 1. 2. 3. 4. At July 31, the company had performed $840 of services for a client that it had not billed or recorded. Recorded rent expense for the month. Supplies on hand at July 31 were $470. The equipment has a five-year useful life and uses straight-line depreciation. Interest is due on the bank loan on the first day of each following month, beginning August 1. As at July 31, the company owed $2,510 of salaries to its employees for the month just ended. As at July 31, the company had earned $2,170 of revenue that had been paid in advance. 5. 6. 7. (a) etv ee A 2 ** MacBook Air Question 2 of 2 July 2 7 14 Paid $1,480 Tor two months rent in advance for Jury and August. Purchased $200 of supplies on account. Collected half of outstanding accounts receivable. Borrowed $1,100 from the bank for one year at an interest rate of 5%. Received $1,080 cash from a customer for services to be performed in August Performed $1,630 of services to a customer on account. 15 21 28 Additional information: 1. 2. 3. 4. At July 31, the company had performed $840 of services for a client that it had not billed or recorded. Recorded rent expense for the month. Supplies on hand at July 31 were $470. The equipment has a five-year useful life and uses straight-line depreciation. Interest is due on the bank loan on the first day of each following month, beginning August 1. As at July 31, the company owed $2,510 of salaries to its employees for the month just ended. As at July 31, the company had earned $2,170 of revenue that had been paid in advance. 5. 6. 7. (a) 2 (oe tv [ Question 2 of 2