Sept. 1	Issued 5,000 shares of Sweet Angels common stock for $13,000. Each share has a $1.75 par.
1	Borrowed $7,500 on a 2-year, 8% note payable.
1	Paid $9,000 to purchase used floor and window cleaning equipment from a company going out of business ($4,820 was for the floor equipment and $4,180 for the window equipment).
2	Paid $200 for September for internet and phone service.
3	Purchased cleaning supplies for $950 on account.
3	Hired 4 employees. Each will be paid $450 per 5-day work week (Monday-Friday). Employees will begin working on Monday, September 6th.
6	Discussions with the insurance agent indicated that providing outside window cleaning services would cost too much to insure. Sylvia sold the window cleaning equipment for $4,000 cash.
6	Negotiated insurance coverage at a rate of $9,840 per year. Sylvia paid $2,460 cash for the first quarter of coverage.
8	Paid $2.70 per share to buy 300 shares of Sweet Angels, Inc common stock from a shareholder who disagreed with management goals. The shares will be held as treasury stock.
9	Paid $500 on amount owed on cleaning supplies.
13	Paid for employees wages for the week of September 6-10.
15	Billed customers $3,600 for cleaning services performed through September 10, 2021.
17	Received $900 from a customer for 4 weeks of cleaning services to begin on September 20, 2021.
20	Paid employees wages for the week of September 13-17.
21	Purchased additional cleaning supplies for $700.
22	Billed customers $3,900 for cleaning services performed through September 17th.
23	Collected $2,400 cash from customers billed on September 15.
24	Paid $200 for Internet and phone services for October.
27	Paid employees wages for the week of September 20-24
28	Declared and paid a cash dividend of $0.11 per share.
29	Collected $4,200 from customers billed on September 15 & 22.
29	Billed customers $4,300 for cleaning services performed through September 24th
30	Received notice that a customer who was billed $150 for services performed September 10th has filed for bankruptcy. Sweet Angels, Inc does not expect to collect any portion of this outstanding receivable. (Sweet Angels will follow the GAAP Guidelines for uncollectible accounts.)

Instructions:

1. Journalize the September transactions.
2. Post to ledger accounts.
3. Prepare a Trial Balance as of September 30, 2021.

Adjustment Data:

1. Services performed for customers through September 30, 2021, but unbilled and uncollected were $3,000.
2. Sweet Angels used the allowance method to estimate bad debts. Sweet Angels estimates that 3% of its month-end receivables will not be collected.
3. Record 1 month of depreciation for the floor equipment. Use the straight-line method, an estimated life of 5 years, and $400 salvage value.
4. Record 1 month of insurance expense.
5. An inventory count shows $750 of supplies on hand on September 30th.
6. Record services performed for the customer who paid in advance on September 17th.
7. Accrue for wages owed through September 30, 2021.
8. Accrue interest expense for one month.

Instructions:

4. Journalize the adjusting entries. (Round all amounts to whole dollars.)
5. Post the adjusting entries to the ledger accounts. (HintCalculate new balances where needed)
6. Prepare an Adjusted Trial Balance as of September 30, 2021.
7. Journalize the closing entries. (HintUse your Adjusted Trial Balance for accounts and amounts)
8. Post the Closing Entries to the ledger accounts.
9. Prepare a Post-Closing Trial Balance on September 30, 2021.