Nile Company had the following trial balance at June 3
Question and Solution
Nile Company had the following trial balance at June 30, 2014 (its year end): During the month of July, the following
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Nile Company had the following trial balance at June 30, 2014 (its year end): During the month of July, the following selected transactions took place: July 2 Paid $750 cash for rent for July, August, and September. 10 Purchased $200 of supplies for cash. 14 Collected the full balance of accounts receivable. 20 Received $700 cash from a customer for services to be provided in August. 25 Provided $1,300 of services for a customer and immediately collected cash. Additional information: 1. At July 31, the company had provided $800 of services for a client that it had not billed or recorded. 2. Supplies on hand at July 31 were $800. 3. The equipment has a six-year useful life. 4. As at July 31, the company had earned $900 of revenue that had been paid in advance. Instructions (a) Record the July transactions. (b) Prepare monthly adjusting entries at July 31.
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