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In: Accounting

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

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

Debit $

Credit $

Cash at bank

25500

Accounts receivable

5500

Equipment

27000

Accumulated depreciation - Equipment

450

Accounts payable

9500

Wages payable

3000

Revenue received in advance

1750

Felix, Capital

   

43300

58000

58000

The following transactions occurred during the month July 2019.

July

1

Paid employee salaries, $3000 for June. Felix pays his employees’ accrued salaries on the first day of each calendar month.

8

Invoiced customers for consultancy services performed, $8750.

14

Received $2250 cash from customers on account.

15

Performed $750 of services for customers who paid in advance in June for consultancy services to be performed in July.

25

Felix redrew capital of $1250.

31

Paid $1750 for a one-year insurance policy.

Required

a)     Journalise the transactions, including narrations.

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

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Expert Solution

ekkarill92 answered 2 years ago
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