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Red River Painting Company incurs the following transactions for September. 1. September 3 Paint houses in the current month for $14,500 on account. 2. September
Red River Painting Company incurs the following transactions for September. 1. September 3 Paint houses in the current month for $14,500 on account. 2. September 8 Purchase painting equipment for $15,500 cash. 3. September 12 Purchase office supplies on account for $2,400. 4. September 15 Pay employee salaries of $3,100 for the current month. 5. September 19 Purchase advertising to appear in the current month for $1,100 cash. 6. September 22 Pay office rent of $4,300 for the current month. 7. September 26 Receive $9,500 from customers in (1) above. 8. September 30 Receive cash of $4,900 in advance from a customer who plans to have his house painted in the following month. Required: 1. Record each transaction. 2. Post each transaction to T-accounts and calculate the ending balance for each account. At the beginning of September, the company had the following account balances: Cash, $40,600; Accounts Receivable, $1,150; Supplies, $390; Equipment, $6,300; Accounts Payable, $1,050; Common Stock, $19,500; Retained Earnings, $27,890. All other accounts had a beginning balance of zero. 3. Prepare a trial balance. Complete this question by entering your answers in the tabs below. General Journal T Accounts Trial Balance Prepare a trial balance. RED RIVER PAINTING COMPANY Trial Balance September 30 Accounts Cash Accounts Receivable Supplies Equipment Accounts Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense Advertising Expense Rent Expense Totals Debit Credit $ 0 $ 0
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