The following account balances are provided for Modern Communications, Inc. at July 31, 201’7 Balance $ 250,000 170,000 150 38,000 40,000 36,000 486,850 84,000 300 36,000 40,000 426,000 350,000 84,700 as Accounts receivable Interest receivable Investments Spare parts and supplies Prepaid insurance Equipment (net) Accounts payable Interest payable Salaries payable Unearned revenue Bank loan due October 1, 2018 Common stock (no par) Retained earnings All August 2017 transactions follow: 1. Provided services on account for a total of $395,000 2. Customers redeemed gift cards for $18,000 in services 3. Used S16,000 in parts and supplies 4. Sold an investment costing $8,000 for S5,000 cash. 5. Paid accounts payable of $67,000 6. Collected $206,000 on customer accounts 7. Issued common stock for $75,000 8. Purchased S35,000 of equipment in exchange for a note payable due on March 1, 2018 9. Paid S86,000 for employee services. $36,000 was for July services and $9,000 was for services to be performed in September. 10. Received a $1,200 bill for August utilities 11. Paid S2,350 for August radio advertisements 12. Received an interest payment $450 including the interest accrued at 7/31/2017 13. Paid S9,000 for August rent.
