October 1 -Invested 4.000,000 cash in the business. October 2 - Purchased three used truck 3,000,000, paying 1.500.000 cash and the balance on account. October 3 - Purchased construction suppliles and materials for 450,.000 on account. October 5 - Paid 400,000 cash on one-year insurance policy, 200.000 as five-month rental payment for the warehouse etffective October 1 October 12 - Billed customers 1.250,000 for construction services rendered, October 18 - Paid 500,000 cash owed on truck, and 250.000 owed for construction supplies October 20 - Paid ten consultants' fee for 300,000 and hundred employees' salaries amounting to 300,000 October 21 - Collected 700,000 cash from customers billed on October 12 October 25 - Billed ABC Cement Company for mechanical services rendered amounting to 1,500,000
October 1 -Invested 4.000,000 cash in the business. October 2 - Purchased three used truck 3,000,000, paying 1.500.000 cash and the balance on account. October 3 - Purchased construction suppliles and materials for 450,.000 on account. October 5 - Paid 400,000 cash on one-year insurance policy, 200.000 as five-month rental payment for the warehouse etffective October 1 October 12 - Billed customers 1.250,000 for construction services rendered, October 18 - Paid 500,000 cash owed on truck, and 250.000 owed for construction supplies October 20 - Paid ten consultants' fee for 300,000 and hundred employees' salaries amounting to 300,000 October 21 - Collected 700,000 cash from customers billed on October 12 October 25 - Billed ABC Cement Company for mechanical services rendered amounting to 1,500,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please help me with Accounting

Transcribed Image Text:October 31 - Paid gas and oil for the entire month 100.000
October 31 - Owner withdrew 600,000
Supplies on hand, 250,000
Unpaid Salaries, 300.000
Instructions:
1. Journalize and post the October transactions.
2. Prepare a trial balance for October 31, 2019.
3. Prepare the Income Statement, Owner's Equity Statement, and the Balance
Sheet for October 321. 2019
4. Journalize and post adjusting entries.
5. Journalize and post-closing entries and complete the closing process.
6. Prepare the post-closing trial balance.

Transcribed Image Text:1 of 2
CHART OF ACCOUNTS
ASSETS
Account No.
Account Name
Cash
Accounts Receivable
005
010
015
020
025
Truck
Prepaid Insurance
Prepaid Rent
LIABILITIES
0105
Accounts Payable
OWNER'S EQUITY
205
210
Вар. Саpital
Erap. Drawing
REVENUE
305
Sevice Revenue
EXPENSES
405
410
415
Professional Fee
Salaries Expense
Gas and Oil
Supplies Expense
420
Erap opened Eraption Engineering Services on October 1, 2019. During October, the
following transactions were completed.
October - invested 4.000,000 cash in the business.
October 2 - Purchased three used truck 3.000.000, paying 1.500.000 cash and the
balance on account.
October 3 - Purchased construction supplies and materials for 450,000 on account.
October 5 - Paid 400,000 cash on one-year insurance policy, 200.000 as five-month
rental payment for the warehouse effective October I
October 12 - Billed customers 1.250.000 for construction services rendered,
October 18 - Paid 500,000 cash owed on truck, and 250.000 owed for construction
supplies
October 20 - Paid ten consultants' fee for 300.000 and hundred employees' salaries
amounting to 300,000
October 21 - Collected 700.000 cash from customers billed on October 12
October 25 - Billed ABC Cement Company for mechanical services rendered
amounting to 1.500.000
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