On september 1 2010 the account balances of rand equipment

Reference no: EM13580042

On September 1, 2010, the account balances of Rand Equipment Repair were as follows. No. DEBITS No. CREDITS 101 Cash: 4825 154 Accumulated Depreciation: 1550 112 Accounts Receivable: 3541 201 Accounts Payable: 3364 126 Supplies: 1957 209 Unearned Service Revenue: 1409 153 Store Equipment: 15430 212 Salaries Payable: 491 $25,753 18,939 301 J. Rand, Capital: $25,753 During September the following summary transactions were completed. Sept. 8 Paid $1,529 for salaries due employees, of which $1,038 is for September. 10 Received $1,172 cash from customers on account. 12 Received $3,443 cash for services performed in September. 15 Purchased store equipment on account $3,023. 17 Purchased supplies on account $1,173.

20 Paid creditors $4,458 on account. 22 Paid September rent $515. 25 Paid salaries $1,210. 27 Performed services on account and billed customers for services provided $1,547. 29 Received $684 from customers for future service. Adjustment data consist of: Supplies on hand $1,237. Accrued salaries payable $385. Depreciation is $161 per month. Unearned service revenue of $1,461 is earned. Instructions (a) Enter the September 1 balances in the ledger accounts. (b) Journalize the September transactions. (c) Post to the ledger accounts. Use J1 for the posting reference. Use the following accounts: No. 407 Service Revenue, No. 615 Depreciation Expense, No. 631 Supplies Expense, No. 726 Salaries Expense, and No. 729 Rent Expense. (d) Prepare a trial balance at September 30. (e) Journalize and post adjusting entries. (f) Prepare an adjusted trial balance. (g) Prepare an income statement and an owner's equity statement for September and a balance sheet at September 30.

Reference no: EM13580042

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