At June 30, 2022, the end of its most recent fiscal year, 

Pronghorn Computer Consultants’ post-closing trial balance was as fol

Debit Credit
Cash $5,130
Accounts receivable 1,180
Supplies 680
Accounts payable $390
Unearned service revenue 1,100
Common stock 3,500
Retained earnings 2,000
$6,990 $6,990

The company underwent a major expansion in July. New staff was hired and more financing was obtained.  Pronghorn conduc

July 1 24000 Purchased equipment, paying $4,400 cash and signing a 2-year note payable for $1
2 49000 Issued 19,600 shares of common stock for $49,000 cash.
3 3600 Paid $3,600 cash for a 12-month insurance policy effective July 1.
3 7800 Paid the first 2 (July and August 2022) months’ rent for an annual lease of office sp
6 3700 Paid $3,700 for supplies.
9 no entry Visited client offices and agreed on the terms of a consulting project. Pronghorn w
10 1180 Collected $1,180 cash on account from Milani Brothers. This client was billed in Jun
13 1100 Performed services for Fitzgerald Enterprises. This client paid $1,100 in advance las
14 390 Paid $390 cash for a utility bill. This related to June utilities that were accrued at th
16 11800 Met with a new client, Thunder Bay Technologies. Received $11,800 cash in advan
18 10800 Paid semi-monthly salaries for $10,800.
20 27400 Performed services worth $27,400 on account and billed customers.
20 2200 Received a bill for $2,200 for advertising services received during July. The amount
23 9800 Performed the first phase of the project for Thunder Bay Technologies. Recognized
27 14700 Received $14,700 cash from customers billed on July 20.

Adjustment data:

1 Adjustment of prepaid insurance.

2 Adjustment of prepaid rent.
3 Supplies used, $1,250.
4 Equipment depreciation, $500 per month.
5 Accrual of interest on note payable.
6 Salaries for the second half of July, $10,800, to be paid on August 1.
7 Estimated utilities expense for July, $780 (invoice will be received in August).
8 Income tax for July, $1,180, will be paid in August.

The chart of accounts for Pronghorn Computer Consultants contains the following accounts: Cash, Accounts Receivable, Suppl

a)Enter the July 1 balances in the ledger accounts.

cash
date account titles debit credit date
1 equipment 24000 1-Jul
 cash 4400 2-Jul
notespayable 19600 10-Jul
2 cash 49000 16-Jul
common stock 49000 27-Jul
3 prepaid insurance 3600
cash 3600
3 prepaid rent 7800
cash 7800
6 supplies 3700 $51,120
cash 3700 prepaid insurance
9 no entry date
10 cash 1180 3-Jul
accounts receivable 1180
13 unearned service revenue 1100
service revenue 1100
14 accounts payable 390
cash 390
16 cash 11800
unearned service revenue 11800 $3,300
18 salaries and wages expense 10800 accumulated depreciation
cash 10800 date
20 accounts receivable 27400
service revenue 27400
20 advertising expense 2200
accounts payable 2200
23 unearned service revenue 9800
service revenue 9800
27 cash 14700
accounts receivable 14700 ($500)
interest payable
adjusting entries interest pa

entry # account titles debit credit

1 insurance expense 300
prepaid insurance 300
2 rent expense 3900
prepaid rent 3900
3 supplies expense 1250
supplies 1250 ($98)
4 depreciation expense 500 unearned service revenue
accumulated depreciation 500 date
5 interest expense 98 13-Jul
interest payable 98 23-Jul
6 salaries and wages expense 10800
salaries and wages payable 10800
7 utilities expense 780
accounts payable 780
 8 income tax expense 1180
income taxes payable 1180 ($2,000)
dividends
closing date

date account titles debit credit ret earn

31-Jul service revenue 38300 serv rev
income summary 38300 sal wag exp
31-Jul income summary 31808 rent exp
salaries and wages expense 21600 adv exp
rent expense 3900 supp exp
advertising expense 2200 util exp $0
supplies expense 1250 dep exp supplies expense
utilities expense 780 ins exp date
depreciation expense 500 int exp 31-Jul
insurance expense 300 inc tax exp
interest expense 98 inc summ
income tax expense 1180
31-Jul income summary $6,492
retained earnings 6492

$1,250
salaries and wages expense
date
18-Jul
31-Jul

$21,600
interest expense
date
31-Jul

$98
closing trial balance was as follows:

obtained.  Pronghorn conducted the following transactions during July 2022, and adjusts its accounts monthly.

g a 2-year note payable for $19,600. The equipment has a 4-year useful life. The note has a 6% interest rate which is payable on the first d

ective July 1.
or an annual lease of office space for $3,900 per month.

nsulting project. Pronghorn will bill the client, Connor Productions, on the 20th of each month for services performed.
rs. This client was billed in June when Pronghorn performed the service.
ent paid $1,100 in advance last month. All services relating to this payment are now completed.
tilities that were accrued at the end of June.
ceived $11,800 cash in advance for future services to be performed.

lled customers.
eived during July. The amount is not due until August 15.
Bay Technologies. Recognized $9,800 of revenue from the cash advance received July 16.

ed in August).

h, Accounts Receivable, Supplies, Prepaid Insurance. Prepaid Rent, Equipment, Accumulated Depreciation—Equipment, Accounts Payable

accounts receivable supplies

debit date credit date debit date credit date debit
$5,130 1-Jul 4400 1-Jul 1,180 10-Jul 1180 1-Jul 680
 49000 3-Jul 3600 20-Jul 27400 27-Jul 14700 6-Jul 3700
1180 3-Jul 7800
11800 6-Jul 3700
14700 14-Jul 390
18-Jul 10800

$81,810 30690 $28,580 15880 $4,380

$12,700 $3,130
prepaid insurance prepaid rent equipment
debit date credit date debit date credit date debit
3600 31-Jul 300 3-Jul 7800 31-Jul 3900 1-Jul 24000

$3,600 300 $7,800 3900 $24,000

$3,900 $24,000
accumulated depreciation accounts payable notes payable
debit date credit date debit date credit date debit
31-Jul 500 14-Jul 390 1-Jul $390
20-Jul 2200
31-Jul 780

$0 500 $390 3370 $0

($2,980) (19,600.00)
interest payable income taxes payable salaries and wages payable
debit date credit date debit date credit date debit
31-Jul 98 31-Jul 1180

$0 98 $0 1180 $0
($1,180) ($10,800)
unearned service revenue common stock retained earnings
debit date credit date debit date credit date debit
1100 1-Jul 1,100 1-Jul 3,500
9800 16-Jul 11800 2-Jul 49000
 $10,900 12900 $0 52500 $0
(52,500.00) ($8,492)
income summary service revenue
debit date credit date debit date credit date debit
31-Jul 31808 31-Jul 38300 31-Jul 38300
31-Jul 6492

$0 0 $31,808 44792 $0
($12,984) ($38,300)
supplies expense depreciation expense insurance expense
debit date credit date debit date credit date debit
1250 31-Jul 1250 31-Jul 500 31-Jul 500 31-Jul 300

$1,250 $500 $300

$500 $300
salaries and wages expense advertising expense income tax expense
debit date credit date debit date credit date debit
10800 31-Jul 21600 20-Jul 2200 31-Jul 2200 31-Jul 1180
10800

$21,600 $2,200 $1,180

$2,200 $1,180
interest expense rent expense utilities expense
debit date credit date debit date credit date debit
98 31-Jul 98 31-Jul 3900 31-Jul 3900 31-Jul 780

$98 $3,900 $780

$3,900 $780
ate which is payable on the first day of each following month.

s performed.

n—Equipment, Accounts Payable, Notes Payable, Interest Payable, Income Taxes Payable, Salaries and Wages Payable, Unearned Service

trial balance
debit
date credit 1 cash $51,120
31-Jul 1250 2 accoutns receivable 12,700.00
 3 supplies 4,380.00
4 prepaid insurance 3,600.00
5 prepaid rent 7,800.00
6 equipment 24,000.00
7 accounts payable
8 notes payable
9 unearned service revenue
1250 10 common stock
11 retained earnings
12 service revenue
date credit 13 salaries and wages expense 10,800.00
14 advertising expense 2,200.00
116,600.00

date credit
1-Jul 19600

income statement
19600 revenues
service revenue

wages payable expenses

date credit supplies expense
31-Jul 10800 depreciation expense
insurance expense
salaries and wages expense
advertising expense
income tax expense
interest expense
10800 rent expense
utilities expense
total expenses
date credit net income/loss
1-Jul 2,000
31-Jul 6492 retained earnings statement
beg bal ret earn 2000
add net income 6492
end bal ret earn 8492
 8492
balance sheet

date credit assets

13-Jul 1100 current assets
20-Jul 27400 cash
23-Jul 9800 accounts receivable
supplies
prepaid insurance
prepaid rent
38300 total current assets
ppe
equipment
date credit less: accumulated depreciation
31-Jul 300 total ppe
total assets

liabilities and stockholders equity

current liab
accounts payable
interest payablee
salaries and wages payable
income taxes payable
date credit unearned service revenue
31-Jul 1180 total current liab

long-term liabilities
notes payable
total long term lliab
equity
common stock
retained earnings
total equity
date credit total liab+equity
31-Jul 780
ayable, Unearned Service Revenue, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Supplies Expense, D

adjusted trial balance

credit debit credit
cash $51,120
accounts receivable $12,700
 supplies $3,130
prepaid insurance $3,300
prepaid rent $3,900
equipment $24,000
2,200.00 accumulated depreciation-equipment (500.00)
19,600.00 accounts payable (2,980.00)
2,000.00 notes payable (19,600.00)
52,500.00 interest payable (98.00)
2,000.00 income taxes payable (1,180.00)
38,300.00 salaries and wages payable ($10,800)
unearned service revenue (2,000.00)
common stock (52,500.00)
116,600.00 retained earnings (8,492.00)
service revenue ($38,300)
supplies expense $1,250
depreciation expense $500
insurance expense $300
salaries and wages expense $21,600
advertising expense $2,200
income tax expense $1,180
interest expense $98
rent expense $3,900
utilities expense $780
129,958.00 $ (136,450.00)

closing trial balance

38300 cash
accounts receivable
supplies
1250 prepaid insurance
500 prepaid rent
300 equipment
21600 accumulated depreciation
2200 accounts payable
1180 salaries payable
98 income taxes payable
3900 unearned service revenue
780 interest payable
31808 notes payable
6492 common stock
retained earnings
51120
12700
3130
3300
3900
74150

24000
-500
23500
97650

2980
98
10800
1180
2000
17058

19600
19600

52500
8492
60992
97650
venue, Supplies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense, Advertising Expense, Income Tax Expens

cash $51,120
accounts receivable $12,700
 prepaid insurance $3,300
supplies $3,130
prepaid rent $3,900
equipment $24,000
accumulated depreciation (500.00)
accounts payable (2,980.00)
interest payablee (98.00)
salaries and wages payable ($10,800)
income taxes payable ($1,180)
unearned service revenue (2,000.00)
notes payable (19,600.00)
common stock (52,500.00)
retained earnings ($8,492)
service revenue ($38,300)
salaries and wages expense $21,600
rent expense $3,900
advertising expense $2,200
supplies expense $1,250
utilities expense $780
depreciation expense $500
insurance expense $300
interest expense $98
income tax expense $1,180
129,958.00 $ (136,450.00)

trial balance
debit credit
51120
12700
3130
3300
3900
24000
500
2980
10800
1180
2000
98
19600
52500
8492
98150 98150
xpense, Income Tax Expense, Interest Expense, Rent Expense, Supplies Expense, and Utilities Expense.