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On Sept 1, 2007, Casey Price opened Casey Catering. During that month , she completed the following transactions: Sept 1 to Sept 29 Please finish
On Sept 1, 2007, Casey Price opened Casey Catering. During that month , she completed the following transactions: Sept 1 to Sept 29
Please finish Required 1 to 10?
Thanks.
Completing the Accounting Cycle 139Deposited $7 100 in a checking account in the nameof the businessSigned a lease for $400 per month for 1090 square feet of space Paid therent for SeptemberSept . 3Purchased $5 090 worth of equipment by paying $1 000 down and beinextended credit on account by RE , Inc . for $4 000Leased a delivery van for three years for $450 per month . Paid the rentfor SeptemberSept . 5Purchased operating supplies costing $800 . ( Record as an asset )Sept . 6Paid the $6,100 premium on a one year insurantomber 1 20*7 through August 31 20*8ce policy covering Sep -Sept . 7Purchased $400 of food for the first catered event on account from FoodSupplies CoSept . 8Paid wages of $300 for assistance with the first catered eventSept . 9Received $1 , 500 as revenue for the first eventSept . 10Paid Food Supplies Co . $200 on accountSept 11Paid the Lansing State Journal $200 for advertisingSept . 15Purchased $500 of food on account from Food Supplies CoSept . 17Catered a second event and paid wages of $400Sept . 18Received $2,100 for catering salesSept . 22Paid Food Supplies Co$200 on accountSept . 23Catered the third event of the month . Purchased food costing $650 onaccount from Food Supplies Co . , paid wages of $700 , and received $2, 500for catering salesSept . 28Paid RE , Inc . $500 on accountSept . 29Withdrew $1 ,100 from the business for personal useRequired :Open the following T - accounts : Cash ; Operating Supplies Inventory ; Prepaid Insur -ance ; Equipment ; Accumululated Depreciation - Equipment ; Accounts Payable - REInc . ; Accounts Payable - Food Supplies Co . ; Casey Price , Capital ; Casey Price , Withdrawals ; Income Summary ; Catering Sales ; Food Expense ; Wages Expense ; RentExpense - Building ; Rent Expense - Van ; Depreciation Expense ; Operating SuppuppuesExpense ; Advertising Expense ; and Insurance Expense2 . Record entries in the T-accounts . Label the entries with the day paid such as " I " for theactivity on September 1Prepare the trial balance of accounts in the trial balance columns of a worksheet4 . Enter the adjustments on the worksheet adjustments columns for the following itemsThe inventory of operating supplies at the end of September showed $250 ofremaining operating supplieb . One month's insurance has expiredC . Estimated depreciation for September is $100 5 . Complete the rest of the columns of the worksheet , including thea . Adjusted trial balanceb . Income statementC . Balance sheetrity6 . Prepare a September income statementbob7 . Prepare a September 30 balance sheet58 . Post the adjusting entries to the T - accounts9 . Prepare closing entriesprizesign10 . Prepare a post - closing trial balanceStep by Step Solution
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