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Input Statements Date7/31/21 Current MonthJUL Statements Year2021 Beginning of the Current Month7/1/21 For the Month Ended Jul 31, 2021 Jul 31, 2021 List of Accounts IS RES BS ACCOUNTS PAYABLE...

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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
                    ----------         ----------
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.
----------
DS version: ds XXXXXXXXXX
Answered 1 days AfterMar 07, 2022

Solution

Bhavani answered on Mar 09 2022
73 Votes
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...
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