On September 1, 20X1, the account balances of Rand Equipment Repair, Inc. were as follows.

Requirement:

Debits

Credits

Cash

14780

Accumulated Depreciation

1500

The balance of cash account after 8 Sept transaction is

Accounts Receivable

3320

Accounts Payable

3400

The balance of cash account after 9 Sept transaction is

Supplies

2000

Notes Payable

10000

The balance of cash account after 12 Sept transaction is

Prepaid Insurance

300

Unearned Service Revenue

1400

The balance of cash account after 15 Sept transaction is

Store Equipment

15000

Salaries Payable

500

The balance of accounts payable after 15 Sept transaction is

Share Capital-Ordinary

16000

The balance of accounts payable after 17 Sept transaction is

Retained Earnings

2600

The balance of accounts payable after 20 Sept transaction is

35400

35400

Rand Equipment Repair, Inc.

During September the following summary transactions were completed.

Income Statement

for the month ended 30 Sept 20x1

Sept. 8

Paid 1,300 for salaries due employees, of which 500 is for August.

Service Revenue

9

Shareholders invested 13,000 cash in the business in exchange for ordinary shares.

10

Received 1,200 cash from customers for services billed in August.

Depreciation Expense

12

Received 3,300 cash for services performed in September.

Interest Expense

15

Purchased store equipment on account 6,000.

Insurance Expense

17

Purchased supplies on account 1,200.

Supplies Expense

20

Paid 3,000 for accounts payable due.

Salaries Expense

25

Paid salaries 1,500 for September.

Rent Expense

27

Performed services on account and billed customers for services provided 1,800.

28

Declared and paid a 400 cash dividend.

Total Expense

29

Received 850 from customers for future service.

30

Paid rent 2400 for 1 September to 30 November.

Net Income

Adjustment data consist of:

Current Assets

$

Liabilities

$

1. A count of supplies on September 30, 20X1 indicates that supplies on hand 1,100.

Cash

Accounts Payable

2. Accrued salaries payable 600.

Accounts Receivable

Notes Payable

3. Depreciation is 200 per month.

Supplies

Interest Payable

4. Unearned services revenue on 30 Spetember is 700

Prepaid Insurance

Unearned Service Revenue

5. The prepaid insurance is the remaining cost of a fully paid 12-month insurance policy, effective November 1, 20X0.

Prepaid Rent

Salaries Payable

6. There is only one note payable which is a 10,000 18%, 9-month note dated September 1, 20X1. (Note: 18% is the annual rate)

Total current assets

Total Liabilities

7. Earned but unbilled fees at 30 September were 1,300.

Property, Plant and Equipment

Equity

Store Equipment

Share Capital-Ordinary

** your answers should include numerals only, no dollar sign ("$") ( ) , no comma "," ,

Accumulated Depreciation

Retained Earnings

eg five thousand dollars should be input as 5000, otherwise, no marks will be awarded.

Book value of Store Equipment

Total Assets