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In: Accounting

Below is the post-closing trial balance of Gracie Consultancy Services as at 30 June 2019: Debit...

Below is the post-closing trial balance of Gracie Consultancy Services as at 30 June 2019:

Debit $

Credit $

Cash at bank

38250

Accounts receivable

8250

Equipment

40500

Accumulated depreciation - Equipment

675

Accounts payable

14250

Wages payable

4500

Revenue received in advance

2625

Gracie, Capital

   

64950

87000

87000

The following transactions occurred during the month July 2019.

July

1

Paid employee salaries, $4500 for June. Gracie pays her employees’ accrued salaries on the first day of each calendar month.

8

Invoiced customers for consultancy services performed, $13100.

14

Performed $1125 of services for customers who paid in advance in June for consultancy services to be performed in July.

15

Paid $8100 for 4 months office building rent.

25

Gracie redrew capital of $1800.

31

Purchased office supplies on account for $1350.

Required

a)     Journalise the transactions, including narrations.

b)    Prepare an unadjusted trial balance as at 31 July 2019

Solutions

Expert Solution

Journal entry
S.no. Accounts title and explanations Debit $ Credit $
a. Wages payable 4500
     Cash account 4500
(for wages paid)
b. Accounts receivable 13100
    Service revenue 13100
(For services revenue recognized)
c. Revenue received in advance 1125
     Service revenue 1125
(for revenue recognized)
d. Prepaid rent account 8100
     Cash account 8100
(for rent paid in advance)
e. Gracie Withdrawals 1800
     Cash account 1800
(for drawings made)
f. Office supplies 1350
     Accounts payable 1350
(for supplies purchased)
Trial Balance
Debit $ Credit $
Cash (38250-4500-8100-1800) 23850
Accounts receivable (8250+13100) 21350
Prepaid rent 8100
Office supplies 1350
Equipment 40500
Acc. Dep 675
Accounts payable (14250+1350) 15600
Revenue received in advance (2625-1125) 1500
Gracie Capital 64950
Gracie withdrawals 1800
Service revenue (13100+1125) 14225
TOTAL 96950 96950

ekkarill92 answered 3 years ago
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