Reference no: EM131146418
On September 1, 2012, the following were the account balances of Worthington Equipment Repair.
.PNG)
During September, the following summary transactions were completed.
Sept. 8 Paid $1,100 for salaries due employees, of which $400 is for September and $700 is for August salaries payable.
10 Received $1,500 cash from customers in payment of account.
12 Received $3,400 cash for services performed in September.
15 Purchased store equipment on account $3,000.
Sept. 17 Purchased supplies on account $2,000.
20 Paid creditors $4,500 of accounts payable due.
22 Paid September rent $520.
25 Paid salaries $1,200.
27 Performed services on account and billed customers for services provided $2,040.
29 Received $650 from customers for services to be provided in the future.
Adjustment data:
1. Supplies on hand $1,100.
2. Accrued salaries payable $400.
3. Depreciation $200 per month.
4. Unearned service revenue of $280 earned.
Instructions
(a) Enter the September 1 balances in the ledger T accounts.
(b) Journalize the September transactions.
(c) Post to the ledger T accounts. Use Service Revenue, Depreciation Expense, Supplies Expense, Salaries and Wages Expense, and 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 a retained earnings statement for September and a classified balance sheet at September 30.
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