Input
Statements Date 7/31/21
Cu
ent Month JUL
Statements Year 2021
Beginning of the Cu
ent Month 7/1/21
For the Month Ended Jul 31, 2021
Jul 31, 2021
List of Accounts IS RES BS
ACCOUNTS PAYABLE REVENUES RETAINED EARNINGS, JUL 01 ADD:
ACCOUNTS RECEIVABLE EXPENSES RETAINED EARNINGS, JUL 31 LESS:
ACCUMULATED DEPRECIATION—EQUIPMENT ADD: ASSETS
ADVERTISING EXPENSE ADVERTISING EXPENSE LESS: CURRENT ASSETS
CASH DEPRECIATION EXPENSE ADVERTISING EXPENSE CURRENT LIABILITIES
COMMON STOCK INCOME TAX EXPENSE DEPRECIATION EXPENSE LIABILITIES AND STOCKHOLDERS’ EQUITY
DEPRECIATION EXPENSE INSURANCE EXPENSE INCOME TAX EXPENSE LONG-TERM LIABILITIES
EQUIPMENT INTEREST EXPENSE INSURANCE EXPENSE PROPERTY, PLANT, AND EQUIPMENT
INCOME SUMMARY NET INCOME INTEREST EXPENSE STOCKHOLDERS’ EQUITY
INCOME TAX EXPENSE NET LOSS NET INCOME TOTAL ASSETS
INCOME TAXES PAYABLE RENT EXPENSE NET LOSS TOTAL CURRENT ASSETS
INSURANCE EXPENSE SALARIES AND WAGES EXPENSE RENT EXPENSE TOTAL CURRENT LIABILITIES
INTEREST EXPENSE SERVICE REVENUE SALARIES AND WAGES EXPENSE TOTAL LIABILITIES
INTEREST PAYABLE SUPPLIES EXPENSE SERVICE REVENUE TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
NOTES PAYABLE TOTAL EXPENSES SUPPLIES EXPENSE TOTAL STOCKHOLDERS’ EQUITY
PREPAID INSURANCE UTILITIES EXPENSE TOTAL EXPENSES
PREPAID RENT UTILITIES EXPENSE
RENT EXPENSE
RETAINED EARNINGS
SALARIES AND WAGES EXPENSE
SALARIES AND WAGES PAYABLE
SERVICE REVENUE
SUPPLIES
SUPPLIES EXPENSE
UNEARNED SERVICE REVENUE
UTILITIES EXPENSE
TOTAL
Instructions
Instructions
• This is your project submission file. Read the project details and the requirements provided in a separate MS-Word file, then submit your answers here.
• Use blue cells only. Gray and white cells are read only.
• Round down all decimals.
• DO NOT rename or delete any sheets; otherwise, your submission will not be graded.
• Before submitting your work, DO rename this file to match the name of your MS-Word file. If not, your submission will not be graded. (e.g., if your MS-Word file is named "v001_Tom Hanks.docx", rename this Excel file to "v001_Tom Hanks.xlsx")
Journal
Date
(MM-DD-YY) Account Titles Debit Credit
Jul/1/2021
7/1/21
7/1/21
Dec/31/1899
Dec/31/1899
Dec/31/1899
Dec/31/1899
Dec/31/1899
Dec/31/1899
Dec/31/1899
Dec/31/1899
Dec/31/1899
Dec/31/1899
Dec/31/1899
Dec/31/1899
Ledge
Date
(MM-DD-YY) Amount Date
(MM-DD-YY) Amount Date
(MM-DD-YY) Amount Date
(MM-DD-YY) Amount Date
(MM-DD-YY) Amount Date
(MM-DD-YY) Amount
CASH PREPAID INSURANCE UTILITIES EXPENSE
Jul 01 Bal.
Jul 31 Bal. $ 0 0
$ 0 0 $ 0 0
ACCOUNTS RECEIVABLE EQUIPMENT DEPRECIATION EXPENSE
Jul 01 Bal.
Jul 31 Bal. $ 0 0
$ 0 0 $ 0 0
SUPPLIES ACCUMULATED DEPRECIATION—EQUIPMENT INSURANCE EXPENSE
Jul 01 Bal.
Jul 31 Bal. $ 0 0
$ 0 0 $ 0 0
ACCOUNTS PAYABLE NOTES PAYABLE INTEREST EXPENSE
Jul 01 Bal.
Jul 31 Bal. $ 0 0
$ 0 0 $ 0 0
UNEARNED SERVICE REVENUE INTEREST PAYABLE INCOME TAX EXPENSE
Jul 01 Bal.
Jul 31 Bal. $ 0 0
$ 0 0 $ 0 0
COMMON STOCK INCOME TAXES PAYABLE
Jul 01 Bal.
Jul 31 Bal. $ 0 0
$ 0 0 $ 0 0
RETAINED EARNINGS SERVICE REVENUE
Jul 01 Bal.
Jul 31 Bal. $ 0 0
$ 0 0 $ 0 0
Pre-Closing TB
GREEN RIVER COMPUTER CONSULTANTS
Trial Balances
Before Adjustments After Adjustments
Accounts Debit Credit Debit Credit
CASH
ACCOUNTS RECEIVABLE
PREPAID INSURANCE
SUPPLIES
EQUIPMENT
ACCUMULATED DEPRECIATION—EQUIPMENT
ACCOUNTS PAYABLE
INTEREST PAYABLE
INCOME TAXES PAYABLE
UNEARNED SERVICE REVENUE
NOTES PAYABLE
COMMON STOCK
RETAINED EARNINGS
SERVICE REVENUE
UTILITIES EXPENSE
DEPRECIATION EXPENSE
INSURANCE EXPENSE
INTEREST EXPENSE
INCOME TAX EXPENSE
TOTAL
IS
GREEN RIVER COMPUTER CONSULTANTS
Income Statement
Revenues
Expenses
Total expenses
RS
GREEN RIVER COMPUTER CONSULTANTS
Retained Earnings Statement
Retained earnings, Jul 01
Add:
BS
GREEN RIVER COMPUTER CONSULTANTS
Balance Sheet
Assets
Cu
ent assets
Total cu
ent assets
Property, plant, and equipment
Total assets
Cu
ent liabilities
Total cu
ent liabilities
Long-term liabilities
Stockholders’ equity
ACTG 201 Term Project (SPRING 2022)
v010_Alba
On Jun 30, 2021, the end of its most recent fiscal year, Green River Computer Consultants’ post-closing trial balance was as follows:
Debit Credit
------------------------------------------------------------------------------------------------
Cash $7,515
Accounts receivable 1,503
Supplies 1,002
Accounts payable $800
Unearned service revenue 2,020
Common stock 4,500
Retained earnings 2,700
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Total $10,020 $10,020
The company underwent a major expansion in July. New staff was hired and more financing was obtained. Green River conducted the following transactions during July 2021, and adjusts its accounts monthly.
July 01 Purchased equipment, paying $4,270 cash and signing a 2-year note payable for $21,080. The equipment has a 5-year useful life. The note has a 6% interest rate, with interest payable on the first day of each following month.
July 02 Issued 20,400 shares of common stock for $51,000 cash.
July 03 Paid $4,500 cash for a 12-month insurance policy effective July 01.
July 10 Collected $2,250 cash on account from Milani Brothers. This client was billed in June when Green River performed the service.
July 13 Performed services for Fitzgerald Enterprises. This client paid $2,020 in advance last month. All services relating to this payment are now completed.
July 14 Paid $700 cash for a utility bill. This was related to June utilities that were accrued at the end of June.
July 20 Performed services worth $28,150 on account and billed customers.
Adjustment data:
1. Adjustment of prepaid insurance.
2. Equipment depreciation, $422 per month.
3. Accrual of interest on note payable.
4. Estimated utilities expense for July, $1,100 (invoice will be received next month).
5. Income tax for July, $1,500 will be paid next month.
The chart of accounts for Green River 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, Income Summary, Service Revenue, Supplies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense, Advertising Expense, Income Tax Expense, Interest Expense, Rent Expense, and Utilities Expense.
• Instructions
a. Journalize the July transactions (including adjusting entries).
. Enter the opening balances in the ledger accounts. (Use T-accounts.)
c. Post to the ledger accounts.
d. Prepare a trial balance at July 31.
e. Journalize and post adjusting entries for the month ending July 31.
f. Prepare an adjusted trial balance.
g. Prepare an income statement and a retained earnings statement for July and a balance sheet at Jul 31, XXXXXXXXXXNet income $26,668, Total assets $108,753)
Submit your answers in the Excel file separately provided.
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DS version: ds XXXXXXXXXX