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Question 1 (10 points) On August 31, 2021, Rijo Equipment Repair Corp.'s opening trial balance was as follows. The company prepares adjusting entries monthly. Debit

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Question 1 (10 points) On August 31, 2021, Rijo Equipment Repair Corp.'s opening trial balance was as follows. The company prepares adjusting entries monthly. Debit Credit Cash $ 9,760 Accounts receivable 7,440 Supplies 1,600 Equipment 30,000 Accumulated depreciation equipment $3,000 Accounts payable 6,200 Salaries payable 1,400 Deferred revenue 800 Common shares 20,000 Retained earnings 17,400 $48,800 $48.800 During September, the following transactions were completed: Sept. 4 Paid employees $2.200 for salaries due, of which $1,400 was for August salaries payable and $800 for September 6 Received $5,400 cash from customers in payment of accounts. 11 Received $8,800 cash for services performed in September 12 Issued common shares for $5,000 cash. 17 Purchased supplies on account. $2,000. 21 Paid creditors $7,000 of accounts payable due. 24 Paid September and October rent, $2,000 ($1,000 per month). 25 Paid salaries, $2,200 26 Performed services on account, $1,600. 27 Received $1,300 from customers for services to be performed in the future. 28 Declared and paid a dividend, $500. 28 Paid income tax for the month, $600. Adjustment data for the month: 1. Supplies on hand total $800. 2. Accrued salaries payable are $1,600. 3. Accrued service revenue for $600. 4. The equipment has a useful life of 10 years and the company uses straight-line depreciation. 5. Deferred revenue of $800 has been earned. Instructions: Find out the balances for the following and fill in the blanks below: 1. Cash 2. Total Debits in the Adjusted Trial Balance 3. Total Expenses excluding Income tax expense in the Income Statement 4. Retained Earnings in the Statement of Financial Position 5. Total current assets in the Statement of Financial Position 6. Total current liabilities in the Statement of Financial Position. (Please follow this order for your answers. Use comma separators for thousands (e.g., 1,000;10,000; 100,000; 1.000.000). Please don't use any dollar sign before the number or decimal at the end. Please submit all your journal entries, T-accounts, Trial Balances, Income Statement, Statement of Changes in Equity and the Statement of Financial Position in the Assignment section of D2L). Blank # 1 A/ Blank #2 Blank # 3 AJ Blank #4 A/ Blank # 5 A Blank # 6 AJ

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