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ACR4-3 On August 1, 2017, the following were the account balances of B&B Repair Services. Cash Accounts Receivable Notes Receivable Supplies Equipment Debit $ 6,040 2,910 4,000 1,030 10,000 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $ 600 2,300 1,260 1,420 12,000 6,400 $23.980 $23,980 During August, the following summary transactions were completed. Aug. 1 3 5 10 12 15 20 Paid $400 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. Paid August rent $380. Received $1,200 cash from customers in payment of account. Paid $3,120 for salaries due employees, of which $1,700 is for August and $1,420 is for July salaries payable. Received $2,800 cash for services performed in August. Purchased store equipment on account $2,000. Paid creditors $2,000 of accounts payable due. Purchased supplies on account $800. Paid $2,900 cash for employees' salaries. Billed customers $3,760 for services performed. Received $780 from customers for services to be performed in the future. 22 25 27 29 Adjustment data: 1. A count shows supplies on hand of $960. 2. Accrued but unpaid employees' salaries are $1,540. 3. Depreciation on equipment for the month is $320. 4. Services were performed to satisfy $800 of uneared service revenue. 5. One month's worth of advertising services has been received. 6. One month of interest revenue related to the $4,000 note receivable has accrued. The 4-month note has a 6% annual interest rate. (Hint: Use the formula from Illustration 4-18 to compute interest.) Instructions (a) Enter the August 1 balances in the ledger accounts. (Use T-accounts.) (b) Journalize the August transactions. (c) Post to the ledger accounts. B&B's chart of accounts includes Prepaid Advertising, Interest Receivable, Service Revenue, Interest Revenue, Advertising Expense, Depreciation Expense, Supplies Expense, Salaries and Wages Expense, and Rent Expense. (d) Prepare a trial balance at August 31. (e) Journalize and post adjusting entries. (f) Prepare an adjusted trial balance. (1) Cash $2,020 Tot. adj. trial balance $32,580 (g) Prepare an income statement and a retained earnings statement for August and a classified balance sheet at August 31. (h) Journalize and post closing entries and complete the closing process. (1) Prepare a post-closing trial balance at August 31. (g) Net loss $530 Record and post transaction, adjusting, and closing journal entries; prepare adjusted trial balance and financial statements. LO 2. 3. 4), AP
