On September 1, 201X, Dan Potter opened an auto repair shop. Here is his chart of accounts:

Assets	Liabilities	Equity
101	Cash	201	Accounts Payable	301	Dan Potter, Capital
102	Accounts Receivable	302	Dan Potter, Withdrawals
103	Shop Supplies	401	Repair Fees
104	Prepaid Rent	501	Training Expense
105	Tools & Equipment	502	Rent Expense
106	Accumulated Dep. Tools	503	Gas Expense
107	Vehicles	504	Wage Expense
108	Accumulated Dep Vehicles	505	Depreciation Expense
506	Wage Expense
507	Telephone Expense
508	Advertising Expense
509	Misc. Expense

The following transactions were completed for the month of September:

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2021

September 1 – Dan Potter invested $13,000 in the auto repair shop along with $10,000 of tools and equipment

September 1 – Rented and paid 5 months’ rent in advance to Acres of Velvet Property Management, $10,000.

September 1 – Bought a truck on account from Mcfly’s Toyota Fort Worth, $17,000.

September 4 – Purchased equipment from Don’s Tool Shed, for cash, $550.

September 5 – Purchased additional equipment from Don’s Tool Shed, on account, $300.

September 6 – Replaced Engine and transmission for Kate Tyson, $9,000.

September 8 – Paid gas bill to Victor’s Gas Co., $55.

September 15 – Paid Joey Johnston, auto shop employee, $1,000.

September 17 – Completed repairs on Laura Lostseer’s 2020 Ferrari Portofino, $11,000, payment to be received October 8.

September 20 – Dan Potter withdrew $5,000 to pay personal expenses.

September 21 – Repaired Matthew Criss’s VW Bus, $6000.

Sep 22 – Paid Victor’s Gas Co for gas bill, $85.

Sep 24 – Paid Mcfly’s Toyota Fort Worth for shop supplies, $800.

September 30 - Paid Joey Johnston, auto shop employee, $1000.

September 30 – Paid Horizontical Mobile Inc September phone bill, $550.

September 30 – Received advertising bill for September, $800, from Nuts and Boldts Magazine. The bill is to be paid on Oct 2.

Required Work for September

1. Journalize transactions and post to ledger accounts.
2. Prepare a trial balance in the first two columns of the worksheet and complete the worksheet using the following adjustment data:
   1. One month’s rent had expired.
   2. An inventory shows $250 of shop supplies remaining.
   3. Depreciation on equipment, $260.
   4. Depreciation on vehicles, $510.
3. Prepare a September income statement, statement of owner’s equity, and balance sheet.
4. From the worksheet, journalize and post adjusting and closing entries (p. 3 of journal)
5. Prepare a post-closure trial balance.