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 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 Mcflys Toyota Fort Worth, $17,000 September 4 Purchased equipment from Dons Tool Shed, for cash, $550 September 5 Purchased additional equipment from Dons Tool Shed, on account, $300 September 6 Replaced Engine and transmission for Kate Tyson, $9,000 September 8 Paid gas bill to Victors Gas Co , $55 September 15 Paid Joey Johnston, auto shop employee, $1,000 September 17 Completed repairs on Laura Lostseers 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 Crisss VW Bus, $6000 Sep 22 Paid Victors Gas Co for gas bill, $85 Sep 24 Paid Mcflys 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 Journalize transactions and post to ledger accounts Prepare a trial balance in the first two columns of the worksheet and complete the worksheet using the following adjustment data One months rent had expired An inventory shows $250 of shop supplies remaining Depreciation on equipment, $260 Depreciation on vehicles, $510 Prepare a September income statement, statement of owners equity, and balance sheet From the worksheet, journalize and post adjusting and closing entries (p 3 of journal) Prepare a post closure trial balance During October, Dans Pretty Good Auto Repair completed these transactions October 1 Purchased additional equipment from Dons Tool Shed, $750 October 2 Paid Nuts and Boldts Magazine for September advertising, $800 October 3 Repaired Dorothy Littles Mercury Sable, $7200 October 6 Paid gas bill to Victors Gas Co , $30 October 8 Finished extensive upgrades to Mac Alexanders Cadillac Escalade, $20,000 October 12 Paid Perfectly Adequate Training LLC to send employees to mechanical training workshop, $550 October 15 Paid Joey Johnston, auto shop employee, $1000 October 17 Replaced the high altitude battery and did a horn fluid flush in Montavious Montoyas 1981 DeLorean, $2,400 Payment to be received on Nov 10 October 18 Put a refurbished 3 99L V7 engine in Josh Farmers 2007 Dodge Nitro, $3900 October 22 Sent a check to Scharich Charities for $105 to sponsor a local food bank (This amount is not to be considered an advertising expense it is a business expense and is posted to Misc Expense) October 24 Purchased parts for company vehicles from Mcflys Toyota Fort Worth, $610 October 28 Dan Potter withdrew $2,100 from the business to pay personal expenses October 30 Paid Joey Johnston, auto shop employee, $1000 October 30 Paid Horizontical Mobile phone bill, $550 October 30 Received advertising bill for October, $800, from Nuts and Boldts Magazine The bill is to be paid on Nov 2 Required Work for October Journalize transactions in a genera journal (p 4) and post to ledger accounts Prepare a trial balance in the first two columns of a blank, fold out worksheet located at the end of your textbook and complete the worksheet using the following adjustment data One months rent had expired Paid 5 months rent in advance on September 1, $10,000 An inventory shows $230 of shop supplies remaining Depreciation on equipment, $190 Depreciation on vehicles, $300 Prepare an October income statement, statement of owners equity, and balance sheet From the worksheet, journalize and post adjusting and closing entries (p 6 of journal) Prepare a post closing trial balance

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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

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:

---------

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 Mcflys Toyota Fort Worth, $17,000.

September 4 Purchased equipment from Dons Tool Shed, for cash, $550.

September 5 Purchased additional equipment from Dons Tool Shed, on account, $300.

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

September 8 Paid gas bill to Victors Gas Co., $55.

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

September 17 Completed repairs on Laura Lostseers 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 Crisss VW Bus, $6000.

Sep 22 Paid Victors Gas Co for gas bill, $85.

Sep 24 Paid Mcflys 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

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

During October, Dans Pretty Good Auto Repair completed these transactions:

October 1 Purchased additional equipment from Dons Tool Shed, $750.

October 2 Paid Nuts and Boldts Magazine for September advertising, $800.

October 3 Repaired Dorothy Littles Mercury Sable, $7200.

October 6 Paid gas bill to Victors Gas Co., $30.

October 8 Finished extensive upgrades to Mac Alexanders Cadillac Escalade, $20,000.

October 12 Paid Perfectly Adequate Training LLC to send employees to mechanical training workshop, $550.

October 15 Paid Joey Johnston, auto shop employee, $1000.

October 17 Replaced the high-altitude battery and did a horn fluid flush in Montavious Montoyas 1981 DeLorean, $2,400. Payment to be received on Nov 10.

October 18 Put a refurbished 3.99L V7 engine in Josh Farmers 2007 Dodge Nitro, $3900.

October 22 Sent a check to Scharich Charities for $105 to sponsor a local food bank. (This amount is not to be considered an advertising expense; it is a business expense and is posted to Misc. Expense)

October 24 Purchased parts for company vehicles from Mcflys Toyota Fort Worth, $610.

October 28 Dan Potter withdrew $2,100 from the business to pay personal expenses.

October 30 Paid Joey Johnston, auto shop employee, $1000.

October 30 Paid Horizontical Mobile phone bill, $550.

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

Required Work for October:

Journalize transactions in a genera journal (p. 4) and post to ledger accounts.
Prepare a trial balance in the first two columns of a blank, fold-out worksheet located at the end of your textbook and complete the worksheet using the following adjustment data:
1. One months rent had expired. Paid 5 months rent in advance on September 1, $10,000.
2. An inventory shows $230 of shop supplies remaining.
3. Depreciation on equipment, $190.
4. Depreciation on vehicles, $300.
Prepare an October income statement, statement of owners equity, and balance sheet.
From the worksheet, journalize and post adjusting and closing entries (p. 6 of journal).
Prepare a post-closing trial balance.