Question
On October 1, Success Company had the following account balances: Cash $12,000 Salaries Payable $7000 A/R 8,000 Capital 13,000 During October the following transactions took
On October 1, Success Company had the following account balances:
Cash $12,000 Salaries Payable $7000
A/R 8,000 Capital 13,000
During October the following transactions took place:
October 5: purchased a machine for 4,000 cash
8: purchased supplies for 1,550 on account
10: owner invests 32,000 cash
14: paid 400 on account for the supplies
20: performed services on account, 21,000
24: paid rent, 2,200
27: withdrew 6,000 cash
WHATS IN BOLD HAS ALREADY BEEN ASNWERED ON CHEGG
(From post 1 on chegg)
- Set up T-accounts and enter the October 1 balances.
- Journalize the October transactions
- Post to the T-accounts.
(From post 2 on chegg)
- Do a trial balance on October 31.
- Journalize adjusting entries based on the following:
the machine depreciated 775
420 of supplies were used up
receive Con Ed bill, $350 (not paying now)
(From post 3 on chegg)
- Post the adjusting entries to the T-accounts
- Do an adjusted trial balance
- Prepare the three financial statements which are the
Income statement
owners equity statement
Balance sheet
This is post 4 and you only have to answer this part
- Journalize closing entries
- Post these entries to the T-accounts
- Do a post-closing trial balance
(IF YOU CANT FIND THE PARTS ALREADY ANSWERED ON CHEGG---- please tell me the steps i would need to do in order to properly calculate 1,2 and 3!
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