The CCBC Corporation had the following opening trial balance at the beginning of its fiscal year,…

The CCBC Corporation had the following opening trial balance at the beginning of its fiscal year, July 1, 2018:

During the month of July, the following selected transactions took place:

July 2 Paid $1,000 for two months’ rent in advance for July and August.

7 Purchased $220 of supplies on account

14 Collected half of outstanding accounts receivable.

15 Borrowed $1,000 from the bank for one year at an interest rate of 5%.

21 Received $1,000 cash from a customer for services to be performed in August.

28 Performed $1,000 of services to a customer on account.

Additional information:

1. At July 31, the company had performed $800 of services for a client that it had not billed or recorded.

2. Refer to the July 2 transaction where rent was paid in advance and adjust, if required.

3. Supplies on hand at July 31 were $500.

4. The equipment has a five-year useful life and uses straight-line depreciation.

5. Interest is due on the bank loan on the first day of each following month, beginning August 1.

6. As of July 31, the company owed $2,500 of salaries to its employees for the month just ended.

7. As of July 31, the company had earned $2,000 of revenue that had been paid in advance

Record the July transactions.

Prepare adjusting entries at July 31, assuming the company prepares adjusting entries monthly.

Include:

1. -adjusting entry for services provided but not billed
2. -adjusting entry for rent expenses for the month paid in advance
3. -adjusting entry for supplies expense
4. -depreciation expense
5. -interest expense accrued but not paid
6. -salaries owed to employees
7. -revenue paid in advance