Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A company incurs the following transactions for September. 1. September 3 Paint houses in the current month for $17,000 on account. 2. September 8
A company incurs the following transactions for September. 1. September 3 Paint houses in the current month for $17,000 on account. 2. September 8 Purchase painting equipment for $18,000 cash. 3. September 12 Purchase office supplies on account for $2,900. 4. September 15 Pay employee salaries of $3,600 for the current month. 5. September 19 Purchase advertising to appear in the current month for $1,000 cash. 6. September 22 Pay office rent of $4,800 for the current month. 7. September 26 Receive $12,000 from customers in (1) above. 8. September 30 Receive cash of $5,400 in advance from a customer who plans to have his house painted in the following month. Required: 1. Record each transaction. 2. 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, $43,100; Accounts Receivable, $1,400; Supplies, $440; Equipment, $6,800; Accounts Payable, $1,200; Common Stock, $22,000; Retained Earnings, $28,540. All other accounts had a beginning balance of zero. 3. Prepare a trial balance. Complete this question by entering your answers in the tabs below. General Journal T Accounts Trial Balance Prepare a trial balance. A COMPANY Trial Balance September 30 Accounts Debit Credit Cash $ 33,100 Accounts Receivable Supplies Equipment Accounts Payable 6,400 440 24,800 4,100
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started