Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On August 1, 2022, the following were the account balances of Indigo Repair Services. Adjustment data: 1. A count shows supplies on hand of $1,110.

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
On August 1, 2022, the following were the account balances of Indigo Repair Services. Adjustment data: 1. A count shows supplies on hand of $1,110. 2. Accrued but unpaid employees' salaries are $1.790. 3. Depreciation on equipment for the month is $370. 4. Services were performed to satisfy $930 of unearned service revenue. 5. One month's worth of advertising services has been received. 6. One month of interest revenue related to the $4,600 note receivable has accrued. The 4 -month note has a 6% annual Indigo's chart of accounts includes Prepaid Advertising, Interest Receivable, Service Revenue, Interest Revenuc, Advertising Expense, Depreciation Expense, Supplies Expense, Salaries and Wages Expense, and Rent Expense. Journalize the Augest transactions. (Credit occount tities are automotically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) During August, the following summary transactions were completed. Aug. Paid $460 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered 1 during August and September. 3 Paid August rent $440. 5 Received $1,390 cash from customers in payment of account. 10 Paid $3,620 for salaries due employees, of which $1,970 is for August and $1,650 is for July salaries payable. 12 Received $3.250 cash for services performed in August. 15 Purchased store equipment on account $2,320. 20 Paid creditors $2,320 of accounts payable due. 22 Purchased supplies on account $930. 25 Paid $3,360 cash for employees' salaries. 27 Billed customers $4,360 for services performed. 29 Received $900 from customers for services to be performed in the future

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

Finance And Sustainable Development

Authors: Magdalena Ziolo

1st Edition

0367819767, 978-0367819767

More Books

Students also viewed these Finance questions

Question

Find b such that f(x) = -3x 2 + bx - 1 has a maximum value of 2.

Answered: 1 week ago