Reference no: EM132670944
The following transactions were completed for the month of September 201X
September 1 - Dan Potter invested $13,000 in the auto repair shop along with $10,000 of tools and equipment.
September 1 - Rented and paid 5 months' rent in advance to Acres of Velvet Property Management, $10,000.
September 1 - Bought a truck on account from Mcfly's Toyota Fort Worth, $17,000.
September 4 - Purchased equipment from Don's Tool Shed, for cash, $550.
September 5 - Purchased additional equipment from Don's Tool Shed, on account, $300.
September 6 - Replaced Engine and transmission for Kate Tyson, $9,000.
September 8 - Paid gas bill to Victor's Gas Co., $55.
September 15 - Paid Joey Johnston, auto shop employee, $1,000.
September 17 - Completed repairs on Laura Lostseer's 2020 Ferrari Portofino, $11,000, payment to be received October 8.
September 20 - Dan Potter withdrew $5,000 to pay personal expenses.
September 21 - Repaired Matthew Criss's VW Bus, $6000.
Sep 22 - Paid Victor's Gas Co for gas bill, $85.
Sep 24 - Paid Mcfly's Toyota Fort Worth for truck parts, $800.
September 30 - Paid Joey Johnston, auto shop employee, $1000.
September 30 - Paid Horizontical Mobile Inc September phone bill, $550.
September 30 - Received advertising bill for September, $800, from Nuts and Boldts Magazine. The bill is to be paid on Oct 2.
Problem 1) Journalize transactions and post to ledger accounts.
Problem 2) build a trial balance in the first two columns of the worksheet and complete the worksheet using the following adjustment data:
a) One month's rent had expired.
b) An inventory shows $250 of equipment remaining.
c) Depreciation on equipment, $260.
d) Depreciation on vehicles, $510.
Problem 3) build a September income statement, statement of owner's equity, and balance sheet.
Problem 4) From the worksheet, journalize and post adjusting and closing entries (p. 3 of journal)
Problem 5) build a post-closure trial balance.