Nile Company had the following trial balance at June 30, 2017 (its year end): During the month

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Nile Company had the following trial balance at June 30, 2017 (its year end):
Nile Company had the following trial balance at June 30,

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 earned $900 of revenue that had been paid in advance.
Instructions
(a) Record the July transactions.
(b) Prepare monthly adjusting entries at July 31.

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Accounting Principles

ISBN: 978-1119048503

7th Canadian Edition Volume 1

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

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