PRECISION COMPUTER CENTRE

TRIAL BALANCE

$$

$30$ June, $2022$

$$

$$

Cash

$1645$

$00$

$$

$$

$$

$$

Accounts Receivable

$2600$

$00$

$$

$$

$$

$$

Prepaid Rent

$800$

$00$

$$

$$

$$

$$

Supplies

$450$

$00$

$$

$$

$$

$$

Computer Shop Equipment

$2400$

$00$

$$

$$

$$

$$

Office Equipment

$600$

$00$

$$

$$

$$

$$

Accounts Payable

$$

$$

$210$

$00$

$$

$$

T$.$Freedman,Capital

$$

$$

$4500$

$00$

$$

$$

T$.$Freedman,Withdrawal

$100$

$00$

$$

$$

$$

$$

Service Revenue

$$

$$

$6685$

$00$

$$

$$

Advertising Expense

$1400$

$00$

$$

$$

$$

$$

Rent Expense

$800$

$00$

$$

$$

$$

$$

Utilities Expense

$180$

$00$

$$

$$

$$

$$

Phone Expense

$220$

$00$

$$

$$

$$

$$

Insurance Expense

$150$

$00$

$$

$$

$$

$$

Postage Expense

$50$

$00$

$$

$$

$$

$$

Totals

$11395$

$00$

$11395$

$00$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

At the end of July, Tony took a complete inventory of his supplies and found the following:

$5$ dozen $$ screws at a cost of $$8$ a dozen

$2$ dozen $(1)/(2)$ screws at a cost of $$5$ a dozen

$2$ cartons of computer inventory paper at a cost of $$14$ a carton

$3$ metres of coaxial cable at a cost of $$4$ per metre

After speaking to his accountant, he found that a reasonable depreciation amount for each of his long$-$term assets is as follows:

Computer purchased May $6,20$X$1$ Depreciation $$33$ a month

Office equipment purchased May $16,20$X$1$ Depreciation $$10$ a month

Computer workstations purchased July $17,20$X$1$ Depreciation $$20$ a month

Tony uses the straight$-$line method of depreciation and declares no salvage value for any of the assets. If any long$-$term asset is purchased in the first $15$ days of the month, he will charge depreciation for the full month. If an asset is purchased on the $16$th of the month, or later, he will not charge depreciation in the month it was purchased.

July$$s rent has now expired.

$$

Assignment

$1.$ Use the presented trial balance from the completed problem, and the above adjusting information to complete the worksheet for the three months ended July $31,20$X$1.$

$2.$ From the worksheets, prepare the financial statements.

$3.$ Then journalize and post the adjusting entries

$($use this template for worksheets$)$ Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet $$ Account Titles Dr$.$ Cr$.$ Dr$.$ Cr$.$ Dr$.$ Cr$.$ Dr$.$ Cr$.$ Dr$.$ Cr