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Calculate the ending balance for each account

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Question - Boilermaker House Painting Company incurs the following transactions for September.

1. September 3 Paint houses in the current month for $12,500 on account.

2. September 8 Purchase painting equipment for $13,500 cash.

3. September 12 Purchase office supplies on account for $2,000.

4. September 15 Pay employee salaries of $2,700 for the current month.

5. September 19 Purchase advertising to appear in the current month for $1,200 cash.

6. September 22 Pay office rent of $3,900 for the current month.

7. September 26 Receive $7,500 from customers in (1) above.

8. September 30 Receive cash of $4,500 in advance from a customer who plans to have his house painted in the following month.

Required - Post each transaction to T-accounts and calculate the ending balance for each account. At the beginning of September, the company had the following account balances: Cash, $38,600; Accounts Receivable, $950; Supplies, $350; Equipment, $5,900; Accounts Payable, $850; Common Stock, $17,500; Retained Earnings, $27,450. All other accounts had a beginning balance of zero.

Reference no: EM132637356

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