PREPARE A POST $-$ CLOSING TRIAL BALANCE $-$Subject #$1$

On September $1,2020,$ Mr Harbord formed a corporation called Free Diving. The new corporation was able to begin operations immediately.

The corporation performs adjusting entries monthly. Closing entries are performed each quarter.

During September, the corporation entered into the following transactions:

September $1,$ Issued to Mr Harbord $4,000$ shares of capital stock amounting $$50$ each in exchange of cash.

September $1,$ Purchase a building $$50,000$ and paid by issuing a one$-$year note payable

September $2,$ Purchase furniture for $$12,000$ in cash

September $3,$ Received a bill from Universal Utilities for the month of September amounting $$500.$ Payment is due in $45$ days.

September $4,$ Purchase for $$26,000$ a land in cash

September $5,$ Paid $$6,000$ to Pan Ocean as four months' advance rent for a boat.

September $14,$ Sequoia Co$.$ paid $$9,000$ cash for a transport to be performed in emergency the same day.

September $15$ Declared a dividend of $$1,200$ payable on September ${30}^{th}$

September $24,$ Purchase office supplies for $$1,250$ and paid $$725$ in cash and the rest on account

September $25,$ Factor Tree corp paid $$22,000$ cash for transports of wood to be performed in the coming weeks.

September $26,$ Performed a transportation of goods for Ying Co$.$ Sales invoice show an amount of $$9,000$ due in $30$ days.

September $26,$ paid $4$ weeks salaries for $$20,000$

September $27$ Paid the account payable created on September $24..$

Data for Adjusting Entries

The advance payment of rent on September $5$ covered a period of $4$ months.

A physical count revealed $$400$ of office supplies on hand at the end of the month

One month interest on the note payable is $$250$

The furniture is being depreciated by straight line method over a period of $5$ years and the residual value is $$1,500$

Unrecorded and uncollected earned Revenue amounted $$900.$

Free Diving has earned $$9,000$ of the revenues that had been collected in advance

Free Diving pays $$5,000$ for a five days work week $($Monday to Friday$),$ September $30$ is a Tuesday.

The building has a residual value of $$5,000$ and an estimated useful life of $20$ years. Use straight line method.