On August 1, 2022, the following were the account balances of D D Repair Services Debits Credits Cash $ 6,040 Accumulated Depreciation Equip $ 600 Accounts Receivable 2,910 Accounts Payable 2,300 Supplies 1,030 Unearned Service Revenue 1,260 Equipment 12,000 Salaries Wages Payable 1,420 $ 21,980 Common Stock 10,000 Retained Earnings 6,400 $ 21,980 During August, the following summary transactions were completed Aug 5 Received $2,800 cash for services performed in August 10 Paid $3,120 for salaries due employees, of which $1,700 is for August and $1,420 is for July Salaries Payable 12 Received $1,600 cash from customers in payment of account 15 Purchased supplies on account for $860 17 Purchased store equipment on account for $2,000 20 Paid August rent of $580 22 Paid salaries of $2,900 25 Paid creditors $2,000 of accounts payable due 27 Performed services worth $5,130 on account and billed customers 29 Received $780 from customers for services to be provided in the future Adjustment data Supplies on hand are valued at $860 Accrued salaries payable are $1,540 Depreciation for the month is $420 Services were performed to satisfy $1,000 of unearned service revenues Checkpoints Cash Balance $2,920 Debits on Adjusted Trial Balance $31,310 Total Assets $22,520 Instructions Journalize the August transactions Post to the general ledger T accounts Use Service Revenue, Depreciation Expense, Supplies Expense, Salaries Wages Expense, and Rent Expense Prepare the trial balance at August 31 Write the unadjusted trial balance in the first two columns of the trial balance worksheet Journalize and post adjusting entries Post adjusting entries both in general leger T accounts, and the middle two columns of the trial balance worksheet Prepare the adjusted trial balance (in last two columns of trial balance worksheet) Prepare an income statement and a retained earnings statement for August and a classified balance sheet at August 31 Be sure to complete the proper headings for each financial statement

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Posted on Jul 20, 2024

On August 1, 2022, the following were the account balances of D&D Repair Services.

	Debits		Credits
Cash	$ 6,040	Accumulated Depreciation - Equip.	$ 600
Accounts Receivable	2,910	Accounts Payable	2,300
Supplies	1,030	Unearned Service Revenue	1,260
Equipment	12,000	Salaries & Wages Payable	1,420
	$ 21,980	Common Stock	10,000
		Retained Earnings	6,400
			$ 21,980

During August, the following summary transactions were completed:

Aug. 5 Received $2,800 cash for services performed in August.

10 Paid $3,120 for salaries due employees, of which $1,700 is for August and

$1,420 is for July Salaries Payable.

12 Received $1,600 cash from customers in payment of account.

15 Purchased supplies on account for $860.

17 Purchased store equipment on account for $2,000.

20 Paid August rent of $580.

22 Paid salaries of $2,900.

25 Paid creditors $2,000 of accounts payable due.

27 Performed services worth $5,130 on account and billed customers.

29 Received $780 from customers for services to be provided in the future.

Adjustment data:

Checkpoints:

Cash Balance: $2,920 Debits on Adjusted Trial Balance: $31,310 Total Assets: $22,520

Instructions:

Journalize the August transactions.
Post to the general ledger T accounts. Use Service Revenue, Depreciation Expense, Supplies Expense, Salaries & Wages Expense, and Rent Expense.
Prepare the trial balance at August 31. Write the unadjusted trial balance in the first two columns of the trial balance worksheet.
Journalize and post adjusting entries. Post adjusting entries both in general leger T accounts, and the middle two columns of the trial balance worksheet.
Prepare the adjusted trial balance (in last two columns of trial balance worksheet)
Prepare an income statement and a retained earnings statement for August and a classified balance sheet at August 31. Be sure to complete the proper headings for each financial statement.