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create a T account, post closing entries and a closing trial balance On August 1, 2022, the following were the account balances of B&B Repair
create a T account, post closing entries and a closing trial balance
On August 1, 2022, the following were the account balances of B&B Repair Services Debit Credit Cash $6,040 Accumulated Depreciation Equipment 5600 Accounts Receivable 2,910 Accounts Payable 3,720 Notes Receivable 4,000 Unearned Service Revenue 1.260 Supplies 1,030 Equipment 10,000 Common Stock 12.000 Retained Earnings 6,400 During August, the following transactions occurred I Paid $400 cash for advertising in local newspapers, Advertising flyers will be included with newspapers delivered during August and September. 8/1 . Pald August rent. 5380, 8/3 Received 51,200 cash from customers in payment on account. 8/5 Received $2,800 cash for services performed in August. B/12 Pald their two full time employees (see Payroll tab) 8/15 Purchased store equipment on account $2,000.8/16 Pald creditors $2,000 of accounts payable due. 8/20 Purchased supplies on account 5800, 8/22 Billed customers $3,760 for services performed. B/27 Paid their two full time employees (see Payroll tab) 8/28 Received 5780 from customers for services to be performed in the future, 8/29 Adjustment data (used for Adjusting Entries) A count shows supplies on hand of 5960. Accrued but unpaid employees salaries are $234 Depreciation on equipment for the month is 5320. Services were performed to satisfy $800 of unearned service revenue. One month's worth of advertising services has been received. One month of interest revenue related to the $4,000 note receivable should be accrued. The 4-month note has a 6% annual interest rateStep by Step Solution
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