ANSWER ALL PARTS. DO NOT POST INCOMPLETE SOLUTIONS

September transactions

1 Stockholders invested $15,000 cash in the business in exchange for common stock. 1 Purchased a used limousine for $12,000, paying $3,000 cash and the balance on account. 2 Paid September rent, $500. 3 Purchased limousine cleaning supplies for $800 on account. 5 Paid $1,800 on a 1-year insurance policy, effective September 1 12 Billed customers $3,800 for limousine services. 18 Paid $1,000 of amount owed on limousine, and $400 of amount owed on cleaning supplies. 20 Paid $1,600 for employee salaries. 21 Collected $1,400 from customers billed on September 12. 25 Billed customers $1,500 for limousine services. 30 Paid gasoline expense for the month on the limousine, $400. 30 Declared and paid a $600 cash dividend. 30 Received bill for rent for October, $500.

Instructions

(a) Journalize and post the September transactions.

(b) Prepare a trial balance at September on a worksheet.

(c) Enter the following adjustments on the worksheet, and complete the worksheet:

(1) Unbilled fees for services performed at September 30 were $1,300. (2) Depreciation on the limousine for the month was $200. (3) One-twelfth of the insurance expired. (4) An inventory counts hows $500 of cleaning supplies on hand at September30. (5) Accrued but unpaid employee salaries were $500.

(d) Prepare an income statement and a retained earnings statement for September, and a classified balance sheet at September 30, 2015.

(e) Journalize and post the adjusting entries.

(f) Journalize and post the closing entries, and complete the closing process.

(g) Prepare a post-closing trial balance at September 30.