Question
Sheffield Security Company provides security services. Selected transactions for Sheffield are presented below. Oct. 1 Invested $60,000 cash in the business. .2 Hired part-time security
Sheffield Security Company provides security services. Selected transactions for Sheffield are presented below.
Oct. 1 Invested $60,000 cash in the business.
.2 Hired part-time security consultant. Salary will be $2,600 per month. First day of work will be October 15.
.4 Paid one month of rent for building for $2,600
.7 Purchased equipment for $17,000, paying $3,000 cash and the balance on account
.8Paid $600 for advertising
.10 Received bill for equipment repair cost of $340
.12 Provided security services for event for $3,200 on account
.16 Purchased supplies for $400 on account
.21 Paid balance due from October 7 purchase of equipment
.24 Received and paid utility bill for $148
.27 Received payment from customer for October 12 services performed
.31 Paid employee salaries and wages of $5,500.b)
A. Post the transactions to T-accounts.
Cash
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Bal.
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Bal.
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Bal.
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Bal.
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Bal.
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Bal.
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Bal.
Accounts Receivable
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Bal.
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Bal.
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Bal.
Supplies
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Bal.
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Bal.
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Equipment
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Bal.
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Bal.
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Bal.
Accounts Payable
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Bal.
Owner's Capital
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Bal.
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Service Revenue
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Advertising Expense
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Bal.
Salaries And Wages Expense
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Bal.
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Bal.
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Maintenance & Repairs Expense
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Bal.
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Bal.
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Bal.
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Bal.
Rent Expense
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Bal.
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Bal.
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Bal.
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Bal.
Utilities Expense
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Bal.
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Bal.
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Bal.
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Bal.
B.)Prepare a trial balance at October 31, 2017
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
15th edition
978-1118159644, 9781118562185, 1118159640, 1118147294, 978-1118147290
