Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need to check my answers. ill give a thumbs up! a) Set up T-Accounts with opening balances b) Prepare journal entries to record the September

need to check my answers. ill give a thumbs up!
image text in transcribed
image text in transcribed
a) Set up T-Accounts with opening balances b) Prepare journal entries to record the September transactions and post to T-Accounts c) Prepare a trial balance at September 30, d) Prepare and post the adjusting journal entries for the month e) Prepare an adjusted trial balance at September 30 Rapid Repair On August 31, 2021, Rapid Repair's opening trial balance was as follows. The company adjusts in accounts monthly Account Debit Credit Cash 9,760.00 Accounts Receivable 7,440.00 Supplies 1,600.00 Equipment 30,000.00 Accumulated Amortization - Equipment 3,000.00 Accounts Payable 6,200.00 Salaries Payable 1,400.00 Unearned Revenue 800.00 Owner, Capital 37,400.00 48,800.00 48,800.00 During September, the following transactions were completed: Sept. 4 Paid employees $2,200 for salaries due, of which $1,400 was for August salaries payable and $800 for September. 6 Received $5,400 cash from customers in payment of accounts. 11 Received $8,800 cash for services performed in September 12 Owner invested $5,000 into the company, 17 Purchased Supplies on account, $2,000. 21 Paid creditors $7,000 of accounts payable due. 24 Paid September and October rent. $2,000 ($1,000 per month). 25 Paid salaries, $2,200. 26 Performed services on account, $1,600 27 Received $1,300 from customers for services to be provided in the future. 28 Owner withdrew, $500 from the company, 28 Paid Income tax for the month, 5600 Adjusting entries data for the end of the month: 1. Supplies on hand total $800. 2. Accrued Salaries payable are $1,600. 3. Accrued Service Revenue for $600. 4. The equipment has a useful life of 10 years and the company uses straight-line depreciation 5. Unearned revenue of $800 has been earned

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Managers Interpreting Accounting Information For Decision Making

Authors: Paul M. Collier

2nd Edition

0470016094, 9780470016091

More Books

Students also viewed these Accounting questions