The Leon Corporation had the following opening Trial Balance at the beginning of its fiscal year, July 1, 2018: Debit Cr

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The Leon Corporation Had The Following Opening Trial Balance At The Beginning Of Its Fiscal Year July 1 2018 Debit Cr 1 (71.76 KiB) Viewed 45 times

The Leon Corporation had the following opening Trial Balance at the beginning of its fiscal year, July 1, 2018: Debit Credit $ $ 4,400 6,550 1,200 15,000 $ $ Cash Accounts Receivable Supplies Equipment Accumulated Depreciation - Equipment Unearned Revenue Common Shares Retained Earnings TOTALS $ $ 6,000 2,500 5,000 13,650 $ $ $ 27,150 $ 27,150 During the month of July, the following selected transactions took place: July 2 Paid $1,500 for two months' rent in advance for July and August. 14 Collected half of the outstanding Accounts Receivable. 15 Borrowed $1,000 from the bank for one year at an (annual) interest rate of 5%. 21 Received $1,000 cash from a customer for services to be performed in August. 28 Performed $1,500 of services to another customer on account. Additional information: 1. On July 31, the company had performed $800 of services for a client that it had not billed or recorded 2. The equipment has a five-year useful life and uses straight-line depreciation. 3. Interest is due on the bank loan on the first day of each following month, beginning August 1. 4. As at July 31, the company owed $2,500 of salaries to its employees for the month just ended. Instructions a) Record the July transactions in the General Journal. b) Prepare adjusting entries on July 31, assuming the company prepares adjusting entries monthly. Round all calculations to the nearest dollar.