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Comprehensive Problem Inc.

Trial Balance June 30, 2013

Cash                                  $ 26,470   
A/R                                   14,222                           
Office Supplies                    4,298
Prepaid Insurance                23,137
Equipment                          131,495
A/D – Equipment                                     $19,096
Accounts Payable                                   11,998
Unearned Service Revenue                       14,336
Notes Payable                                        60,679
Common Stock                                       63,546
Retained Earnings                                   29,967   
Totals                            $199,622          $199,622

All through the month of July 2013, the given occurred:

July 1    received $7,350 of the prior month’s receivables
July 2    paid $6,847 of the prior month’s accounts payable and paid $4,000 for July rent
July 3    paid $7,500 of the notes payable
July 5    provided a service and billed a client $4,087
July 8    bought office supplies for $3,120 cash
July 9    received $4,200 for a service to be provided
July 11  collected $8,028 of receivables
July 12  provided a service and billed a client $7,366
July 13  earned $5,500 of the prior month’s unearned revenue
July 15  bought office supplies for $2,433 on account
July 17  provided a service and billed a client $6,250
July 19  received $3,100 for a service to be provided later
July 22  paid $3,877 travel (all for July travel)
July 24  paid $4,089 of accounts payable
July 25  paid temporary employees $3,890 of wages (all for July work)
July 26  paid $6,000 of the notes payable
July 28  paid the shareholder a $2,500 dividend
July 30  provided a service fully earning the $4,200 from July 9
July 31  paid the shareholder a $3,800 dividend

REQUIRED:

problem 1: Give general journal entries in general journal form for the above transactions.

problem 2: Make a trial balance at July 31 fully taking into account the beginning balances and the general journal entries recorded in above problem (t-accounts are recommended for key, or all, accounts; don't hand in t-accounts)

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M9578

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