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    Journalize, post and prepare trial balance, income statement

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    See attached file for the table.

    On September 1, 2008, the account balances of Rand Equipment Repair, Inc. were as follows.
    No. Debits No. Credits
    101 Cash $4,880 154 Accumulated Depreciation $1,500
    112 Accounts Receivable 3,520 201 Accounts Payable 3,400
    126 Supplies 2,000 209 Unearned Service Revenue 1,400
    153 Store Equipment 15,000 212 Salaries Payable 500
    311 Common Stock 15,000
    320 Retained Earnings 3,600
    $25,400 $25,400

    During September the following summary transactions were completed.
    Sept. 8 Paid $1,400 for salaries due employees, of which $900 is for September.
    10 Received $1,200 cash from customers on account.
    12 Received $3,400 cash for services performed in September.
    15 Purchased store equipment on account $3,000.
    17 Purchased supplies on account $1,200.
    20 Paid creditors $4,500 on account.
    22 Paid September rent $500.
    25 Paid salaries $1,250.
    27 Performed services on account and billed customers for services provided $1,500.
    29 Received $650 from customers for future service.

    Adjustment data consist of:
    1. Supplies on hand $1,200.
    2. Accrued salaries payable $400.
    3. Depreciation is $100 per month.
    4. Unearned service revenue of $1,450 is earned.

    Instructions
    (a) Journalize the September transactions. Post to ledge accounts.
    (b) Prepare a trial balance at September 30.
    (c) Journalize and post adjusting entries.
    (d) Prepare an adjusted trial balance.
    (e) Prepare an income statement and a retained earnings statement for September and a balance sheet at September 30.

    © BrainMass Inc. brainmass.com April 3, 2020, 10:19 pm ad1c9bdddf
    https://brainmass.com/business/trial-balance/journalize-post-and-prepare-trial-balance-income-statement-433337

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