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In: Accounting

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

Below is the post-closing trial balance of Sam 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

Sam, Capital

   

64950

87000

87000

The following transactions occurred during the month July 2019.

July

1

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

8

Invoiced customers for consultancy services performed, $13100.

14

Received $3370 cash from customers on account.

15

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

25

Sam redrew capital of $1800.

31

Paid $2600 for a two-year insurance policy.

Required

a)     Journalise the transactions, including narrations.

b)    Prepare an unadjusted trial balance as at 31 July 2019. (Total 20 Marks)

Solutions

Expert Solution

ekkarill92 answered 3 years ago
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