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Provided Information The Trial Balance of Patty O'Furniture Repair Service, as of August 1, 2023, showed the following account balances: Patty O'Furniture Repair Service Trial
Provided Information The Trial Balance of Patty O'Furniture Repair Service, as of August 1, 2023, showed the following account balances: Patty O'Furniture Repair Service Trial Balance 1-Aug-23 Account Debit Credit Cash $24,700 Accounts Receivable $7,000 Office Supplies $1,300 Prepaid Insurance $900 Equipment $27,000 Accumulated Depreciation - Equipment $12,000 Accounts Payable $2,500 Salaries Payable $5,000 Common Stock $16,000 Retained Earnings $25,400 Total $60,900 $60,900 During August 2023, Patty O'Furniture Repair Service experienced the following transactions: 1. Aug 2 - Issued shares of common stock in exchange for cash, $4,000 2. Aug 4 - Purchased equipment for $18,000 3. Aug 7 - Performed furniture repair services for a customer of which $1,500 was in cash and $6,500 on account. Record as a compound journal entry. 4. Aug 11 - Received a bill for utilities, $600. The bill will be paid in September. 5. Aug 11 - Paid the current outstanding Accounts Payable balance in full 6. Aug 15 - Received cash for previous services on account, $1,000 7. Aug 16 - Prepaid September's rent expense, $900 8. Aug 20 - Paid the following expenses in cash. Record as a compound journal entry. a. Advertising, $1,750 b. Repairs and Maintenance, $85 9. Aug 24 - Customer paid $9,600 for furniture repair services to be performed in September 10. Aug 25 - Collected 50% of the current Accounts Receivable balance 11. Aug 30 - Paid a $1,800 cash dividend 12. Aug 31 - Purchased a $42,000 delivery truck in exchange for a 10-year, 5%, note (loan) The company also made several adjustments to their accounts on August 31, as follows: 1. There were $800 of office supplies on hand at the end of August 2. Accrued salaries of $4,500 3. One month of the insurance policy expired; the Aug-1 account balance represented three remaining months on the policy 4. Recorded depreciation on the equipment, $188 Please help me find 1. Record the months transactions in journal format & post each transaction to the T-accounts 2. Record the adjustments (adjusting entries) in journal format 3. Post the adjustments to T-accounts to determine the adjusted account balances; label these as "Adj" in the T-accounts 4. Prepare an Adjusted Trial Balance 5. Prepare an Income Statement, Statement of Retained Earnings, and Balance Sheet for August 6. Prepare closing entries in journal format and post to T-accounts; date each entry as Aug 31; label these as "Clos" in the T-accounts; Be sure to show End Balances 7. Prepare a Post-closing Trial Balance
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