ull chatr 10:37 AM © 79% BAF Text Ch 04.pdf ALOU EQUIPMENT REPAIR Trial Balance August 31, 2014 Debit Credit $ 2,790 7,910 Cash Accounts receivable Supplies Equipment Accumulated depreciation-equipment Accounts payable Unearned revenue J. Alou, capital J. Alou, drawings 8,500 9,000 $ 1,800 3,100 400 21,200 15,600 Service revenue 49,600 5,500 Rent expense Salaries expense Telephone expense 24,570 2,230 $76,100 $76,100 During September, the following transactions were completed: Sept. 1 2 Borrowed $10,000 from the bank and signed a two-year, 5% note payable. Paid September rent, $500. Paid employee salaries, $1,050. Received $1,500 cash from customers on account. Received $5,700 cash for services performed in September. Purchased additional supplies on account, $1,300. Paid creditors $2,300 on account. 8. 12 15 17 20 Paid September telephone bill, $200. Paid employee salaries, $1,050. Performed services on account and billed customers for services provided, $900. Received $550 from customers for services to be provided in the future. Paid J. Alou $800 cash for personal use. 21 22 27 29 30 Adjustment data consist of the following: 1. Supplies on hand at September 30 cost $1,000. 2. Accrued salaries payable at September 30 total $630. 3. The equipment has an expected useful life of five years. 4. Unearned revenue of $450 is still not earned at September 30. 5. Interest is payable on the first of each month. Instructions (a) Prepare T accounts and enter the August 31 balances. (b) Journalize the September transactions. (c) Post to T accounts. (d) Prepare a trial balance at September 30. (e) Journalize and post adjusting entries. (f) Prepare an adjusted trial balance at September 30. (g) Prepare an income statement and a statement of owner's equity, and a classified balance sheet. (h) Prepare and post closing entries. (i) Prepare post-closing trial balance at September 30. 196 | CHAPTER 4 COMPLETION OF THE ACCOUNTING CYCLE A Company Income Statement For the Period Ending Date Revenue Operating Expenses Total Operating Expenses 0.00 Net Income (Loss) 0.00 A Company Statement of Owners Equity For the Period Ending Date J. Alou, Capital Balance Start of Period (Date!!!) Add: Investments Add: Net Income (Loss) Less Drawings Change In Capital Balance End of Period (Date!!!) 21200.00 0.00 0.00 21200.00
ull chatr 10:37 AM © 79% BAF Text Ch 04.pdf ALOU EQUIPMENT REPAIR Trial Balance August 31, 2014 Debit Credit $ 2,790 7,910 Cash Accounts receivable Supplies Equipment Accumulated depreciation-equipment Accounts payable Unearned revenue J. Alou, capital J. Alou, drawings 8,500 9,000 $ 1,800 3,100 400 21,200 15,600 Service revenue 49,600 5,500 Rent expense Salaries expense Telephone expense 24,570 2,230 $76,100 $76,100 During September, the following transactions were completed: Sept. 1 2 Borrowed $10,000 from the bank and signed a two-year, 5% note payable. Paid September rent, $500. Paid employee salaries, $1,050. Received $1,500 cash from customers on account. Received $5,700 cash for services performed in September. Purchased additional supplies on account, $1,300. Paid creditors $2,300 on account. 8. 12 15 17 20 Paid September telephone bill, $200. Paid employee salaries, $1,050. Performed services on account and billed customers for services provided, $900. Received $550 from customers for services to be provided in the future. Paid J. Alou $800 cash for personal use. 21 22 27 29 30 Adjustment data consist of the following: 1. Supplies on hand at September 30 cost $1,000. 2. Accrued salaries payable at September 30 total $630. 3. The equipment has an expected useful life of five years. 4. Unearned revenue of $450 is still not earned at September 30. 5. Interest is payable on the first of each month. Instructions (a) Prepare T accounts and enter the August 31 balances. (b) Journalize the September transactions. (c) Post to T accounts. (d) Prepare a trial balance at September 30. (e) Journalize and post adjusting entries. (f) Prepare an adjusted trial balance at September 30. (g) Prepare an income statement and a statement of owner's equity, and a classified balance sheet. (h) Prepare and post closing entries. (i) Prepare post-closing trial balance at September 30. 196 | CHAPTER 4 COMPLETION OF THE ACCOUNTING CYCLE A Company Income Statement For the Period Ending Date Revenue Operating Expenses Total Operating Expenses 0.00 Net Income (Loss) 0.00 A Company Statement of Owners Equity For the Period Ending Date J. Alou, Capital Balance Start of Period (Date!!!) Add: Investments Add: Net Income (Loss) Less Drawings Change In Capital Balance End of Period (Date!!!) 21200.00 0.00 0.00 21200.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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Can someone help me with these two questions

Transcribed Image Text:ull chatr
10:37 AM
© 79%
BAF Text Ch 04.pdf
ALOU EQUIPMENT REPAIR
Trial Balance
August 31, 2014
Debit
Credit
$ 2,790
7,910
Cash
Accounts receivable
Supplies
Equipment
Accumulated depreciation-equipment
Accounts payable
Unearned revenue
J. Alou, capital
J. Alou, drawings
8,500
9,000
$ 1,800
3,100
400
21,200
15,600
Service revenue
49,600
5,500
Rent expense
Salaries expense
Telephone expense
24,570
2,230
$76,100
$76,100
During September, the following transactions were completed:
Sept. 1
2
Borrowed $10,000 from the bank and signed a two-year, 5% note payable.
Paid September rent, $500.
Paid employee salaries, $1,050.
Received $1,500 cash from customers on account.
Received $5,700 cash for services performed in September.
Purchased additional supplies on account, $1,300.
Paid creditors $2,300 on account.
8.
12
15
17
20
Paid September telephone bill, $200.
Paid employee salaries, $1,050.
Performed services on account and billed customers for services provided, $900.
Received $550 from customers for services to be provided in the future.
Paid J. Alou $800 cash for personal use.
21
22
27
29
30
Adjustment data consist of the following:
1. Supplies on hand at September 30 cost $1,000.
2. Accrued salaries payable at September 30 total $630.
3. The equipment has an expected useful life of five years.
4. Unearned revenue of $450 is still not earned at September 30.
5. Interest is payable on the first of each month.
Instructions
(a) Prepare T accounts and enter the August 31 balances.
(b) Journalize the September transactions.
(c) Post to T accounts.
(d) Prepare a trial balance at September 30.
(e) Journalize and post adjusting entries.
(f) Prepare an adjusted trial balance at September 30.
(g) Prepare an income statement and a statement of owner's equity, and a classified balance sheet.
(h) Prepare and post closing entries.
(i) Prepare post-closing trial balance at September 30.
196 | CHAPTER 4
COMPLETION OF THE ACCOUNTING CYCLE

Transcribed Image Text:A Company
Income Statement
For the Period Ending Date
Revenue
Operating Expenses
Total Operating Expenses
0.00
Net Income (Loss)
0.00
A Company
Statement of Owners Equity
For the Period Ending Date
J. Alou, Capital
Balance Start of Period (Date!!!)
Add: Investments
Add: Net Income (Loss)
Less Drawings
Change In Capital
Balance End of Period (Date!!!)
21200.00
0.00
0.00
21200.00
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