Abbot Equipment Repair has a September 30 year end. The company adjusts and closes its accounts on an annual basis. On August 31, 2021, the account balances of Abbot Equipment Repair were as follows:

ABBOT EQUIPMENT REPAIR

Trial Balance

August 31, 2021

Debit Credit

Cash $ 2,790

Accounts receivable 7,910

Supplies 8,500

Equipment 9,000

Accumulated depreciationequipment $ 1,800

Accounts payable 3,100

Unearned revenue 400

J. Abbot, capital 21,200

J. Abbot, drawings 15,600

Service revenue 49,600

Rent expense 5,500

Salaries expense 24,570

Telephone expense 2,230

Totals$76,100 $76,100

During September, the following transactions were completed:

Sept. 1 Borrowed $10,000 from the bank and signed a two-year, 5% note payable.

2 Paid September rent, $500.

8 Paid employee salaries, $1,050.

12 Received $1,500 cash from customers on account.

15 Received $5,700 cash for services performed in September.

17 Purchased additional supplies on account, $1,300.

20 Paid creditors $2,300 on account.

21 Paid September telephone bill, $200.

22 Paid employee salaries, $1,050.

27 Performed services on account and billed customers for services provided, $900.

29 Received $550 from customers for services to be provided in the future.

30 Paid J. Abbot $800 cash for personal use.

Adjustment data consist of the following:

Supplies on hand at September 30 cost $1,000.

Accrued salaries payable at September 30 total $630.

The equipment has an expected useful life of five years.

Unearned revenue of $450 is still not earned at September 30.

Interest is payable on the first of each month.

Instructions

a. Prepare T accounts and enter the August 31 balances.

b. Journalize the September transactions.

c. Post to T accounts.

d. Prepare a trial balance at September 30.

e. Journalize and post adjusting entries.

f. Prepare an adjusted trial balance at September 30.

g. Prepare an income statement and a statement of owner's equity, and a classified balance sheet.

h. Prepare and post-closing entries.

i. Prepare post-closing trial balance at September 30.

UNITEZE DIGITAALI 10 12 14 16 Abbot Equipment Repair has a September 30 year end. The company adjusts and closes its accounts on an annual basis. On August 31, 2021, the account balances of Abbot Equipment Repair were as follows: ABBOT EQUIPMENT REPAIR Trial Balance August 31, 2021 Debit Credit Cash $ 2,790 Accounts receivable 7,910 Supplies 8,500 Equipment 9,000 Accumulated depreciation-equipment $ 1,800 Accounts payable 3,100 Unearned revenue 400 J. Abbot, capital 21,200 J. Abbot, drawings 15,600 Service revenue 49,600 Rent expense 5,500 Salaries expense 24,570 Telephone expense 2,230 Totals $76, 100 $76,100 I During September, the following transactions were completed: Sept. 1 Borrowed $10,000 from the bank and signed a two-year, 5% note payable. 2 Paid September rent, $500. 8 Paid employee salaries, $1,050. 12 Received $1,500 cash from customers on account. 15 Received $5,700 cash for services performed in September. 17 Purchased additional supplies on account, $1,300. 20 Paid creditors $2,300 on account. 21 Paid September telephone bill, $200. 22 Pald employee salaries, $1,050. 27 Performed services on account and billed customers for services provided. $900. Telephone expense Totals 2,230 $76,100 $76,100 8 During September, the following transactions were completed: Sept. 1 Borrowed $10,000 from the bank and signed a two-year, 5% note payable. 2 Paid September rent, $500. Paid employee salaries, $1,050. 12 Received $1,500 cash from customers on account. 15 Received $5,700 cash for services performed in September. 17 Purchased additional supplies on account, $1,300. 20 Paid creditors $2,300 on account. 21 Paid September telephone bill, $200. 22 Paid employee salaries, $1,050. 27 Performed services on account and billed customers for services provided, $900. 29 Received $550 from customers for services to be provided in the future. Paid J. Abbot $800 cash for personal use. 30 Adjustment data consist of the following: I Supplies on hand at September 30 cost $1,000. Accrued salaries payable at September 30 total $630. The equipment has an expected useful life of five years. Unearned revenue of $450 is still not earned at September BO. Interest is payable on the first of each month