Nile Company had the following trial balance at June 30, 2024 (its year end): During the month

Question:

Nile Company had the following trial balance at June 30, 2024 (its year end):


During the month of July, the following selected transactions took place:

July 2 Paid $750 cash for rent for July, August, and September. 10 Purchased $200 of supplies for cash. 14 Collected the full balance of accounts receivable. 20 Received $700 cash from a customer for services to be provided in August. 25 Provided $1,300 of services for a customer and immediately collected cash.


Additional information:

1. At July 31, the company had provided $800 of services for a customer that it had not billed or recorded.
2. Supplies on hand at July 31 were $800.
3. The equipment has a six-year useful life.
4. As at July 31, the company had performed services of $900 that had been paid in advance and were recorded as unearned revenue.


Instructions

a. Record the July transactions.
b. Prepare monthly adjusting entries at July 31.

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Related Book For  book-img-for-question

Accounting Principles Volume 1

ISBN: 9781119786818

9th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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