Linda Trammel opened Alie Computer Repair, Inc. on July 1, 2018. During July, the following transactions...

 

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Linda Trammel opened Alie Computer Repair, Inc. on July 1, 2018. During July, the following transactions took place. July 1 Issued $60,000 of common stock for $60,000 cash. 2 Purchased equipment for $30,000, paying S8,000 cash and the balance on a 3 year note payable. 2 Paid $4,800 cash on a 12-month insurance policy effective July 1, 2018. 5 Purchased repair supplies for $3,100 on account. 16 Paid $2,000 cash for employees' salaries for July 1 - 15. 17 Received $6,000 from customer for repair services provided in the 1" half of July. 18 Billed customer $2,500 for repair services performed in July. 18 Received $2,000 for computer repair services to be performed in August. 28 Paid the telephone bill for the month of July in the amount of $350. 29 Collected S2,000 cash from customers billed on July 18. 31 Paid $2,500 cash on amount owed on the repair supplies purchased on July 5. 31 Received $7,000 from customer for repair service provided during the 2nd half of July. 31 Declared and paid a $500 cash dividend. 31 Received the utility for the month of July for $600. The bill will be paid in August. The chart of accounts includes: Account Account Number Title Cash 101 110 Account Receivable 120 Repair Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment 121 130 131 201 Accounts Payable Unearned Repair Revenue Salaries Payable Interest Payable 205 210 215 Page 1 Notes Payable Common Stock Retained Eamings Dividends Income Summary 250 301 302 350 351 Repair Revenue Telephone Expense Repair Supplies Expense Depreciation Expense - Equipment Insurance Expense Utilities Expense Salaries Expense 401 501 504 508 511 512 516 520 Interest Expense Adjustment Data 1. Depreciation on equipment is calculated at $6,000 per year. One month of the insurance has expired. An inventory count shows $1,400 of repair supplies on hand at July 31. Accrued (unpaid) employee salaries for July 16-31 were $2,100. Interest on the note payable is 10% per year. Repair revenue of $500 has been performed but has not yet been billed to not received from 2. 3. 4. 5. 6. the client. Linda Trammel opened Alie Computer Repair, Inc. on July 1, 2018. During July, the following transactions took place. July 1 Issued $60,000 of common stock for $60,000 cash. 2 Purchased equipment for $30,000, paying S8,000 cash and the balance on a 3 year note payable. 2 Paid $4,800 cash on a 12-month insurance policy effective July 1, 2018. 5 Purchased repair supplies for $3,100 on account. 16 Paid $2,000 cash for employees' salaries for July 1 - 15. 17 Received $6,000 from customer for repair services provided in the 1" half of July. 18 Billed customer $2,500 for repair services performed in July. 18 Received $2,000 for computer repair services to be performed in August. 28 Paid the telephone bill for the month of July in the amount of $350. 29 Collected S2,000 cash from customers billed on July 18. 31 Paid $2,500 cash on amount owed on the repair supplies purchased on July 5. 31 Received $7,000 from customer for repair service provided during the 2nd half of July. 31 Declared and paid a $500 cash dividend. 31 Received the utility for the month of July for $600. The bill will be paid in August. The chart of accounts includes: Account Account Number Title Cash 101 110 Account Receivable 120 Repair Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment 121 130 131 201 Accounts Payable Unearned Repair Revenue Salaries Payable Interest Payable 205 210 215 Page 1 Notes Payable Common Stock Retained Eamings Dividends Income Summary 250 301 302 350 351 Repair Revenue Telephone Expense Repair Supplies Expense Depreciation Expense - Equipment Insurance Expense Utilities Expense Salaries Expense 401 501 504 508 511 512 516 520 Interest Expense Adjustment Data 1. Depreciation on equipment is calculated at $6,000 per year. One month of the insurance has expired. An inventory count shows $1,400 of repair supplies on hand at July 31. Accrued (unpaid) employee salaries for July 16-31 were $2,100. Interest on the note payable is 10% per year. Repair revenue of $500 has been performed but has not yet been billed to not received from 2. 3. 4. 5. 6. the client.

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