Homework Help is Here – Start Your Trial Now!
Business
Accounting
Services. accounting ation of ments. Debit Credit Cash Accounts Receivable Supplies Equipment $ 6,040 2,910 1,030 10,000 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings $ 600 2,300 1,260 1,420 10,000 4,400 $19,980 $19,980 During August, the following summary transactions were completed. Aug. 5 10 Received $1,200 cash from customers in payment of account. Paid $3,120 for salaries due employees, of which $1,700 is for August and $1,420 is for July salaries payable. Received $2,800 cash for services performed in August. Purchased store equipment on account $2,000. Purchased supplies on account $860. Paid creditors $2,000 of accounts payable due. Paid August rent $380. 25 12 15 17 20 22 Paid salaries $2,900. 27 Performed services worth $3,130 on account and billed customers. Received $780 from customers for services to be provided in the future. 29 Adjustment data: 1. Supplies on hand are valued at $960. 2. Accrued salaries payable are $1,540. 3. Depreciation for the month is $320. 4. Services were performed to satisfy $800 of unearned service revenue. Instructions (a) Enter the August 1 balances in the ledger accounts. (Use T-accounts.) (b) Journalize the August transactions. Continuing Cookie Chronicle 2 (c) Post to the ledger accounts. Use Service Revenue, Depreciation Expense, Supplies Expense, Salaries and Wages Expense, and Rent Expense. (d) Prepare a trial balance at August 31. (e) Journalize and post adjusting entries. (f) Prepare an adjusted trial balance. (g) Prepare an income statement and a retained earnings statement for August and a classified balance sheet at August 31. () Cash Tot, ad trial balance $2.42 $27.9 PA 2n

Services. accounting ation of ments. Debit Credit Cash Accounts Receivable Supplies Equipment $ 6,040 2,910 1,030 10,000 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings $ 600 2,300 1,260 1,420 10,000 4,400 $19,980 $19,980 During August, the following summary transactions were completed. Aug. 5 10 Received $1,200 cash from customers in payment of account. Paid $3,120 for salaries due employees, of which $1,700 is for August and $1,420 is for July salaries payable. Received $2,800 cash for services performed in August. Purchased store equipment on account $2,000. Purchased supplies on account $860. Paid creditors $2,000 of accounts payable due. Paid August rent $380. 25 12 15 17 20 22 Paid salaries $2,900. 27 Performed services worth $3,130 on account and billed customers. Received $780 from customers for services to be provided in the future. 29 Adjustment data: 1. Supplies on hand are valued at $960. 2. Accrued salaries payable are $1,540. 3. Depreciation for the month is $320. 4. Services were performed to satisfy $800 of unearned service revenue. Instructions (a) Enter the August 1 balances in the ledger accounts. (Use T-accounts.) (b) Journalize the August transactions. Continuing Cookie Chronicle 2 (c) Post to the ledger accounts. Use Service Revenue, Depreciation Expense, Supplies Expense, Salaries and Wages Expense, and Rent Expense. (d) Prepare a trial balance at August 31. (e) Journalize and post adjusting entries. (f) Prepare an adjusted trial balance. (g) Prepare an income statement and a retained earnings statement for August and a classified balance sheet at August 31. () Cash Tot, ad trial balance $2.42 $27.9 PA 2n

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Services. accounting ation of ments. Debit Credit Cash Accounts Receivable Supplies Equipment $ 6,040 2,910 1,030 10,000 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings $ 600 2,300 1,260 1,420 10,000 4,400 $19,980 $19,980 During August, the following summary transactions were completed. Aug. 5 10 Received $1,200 cash from customers in payment of account. Paid $3,120 for salaries due employees, of which $1,700 is for August and $1,420 is for July salaries payable. Received $2,800 cash for services performed in August. Purchased store equipment on account $2,000. Purchased supplies on account $860. Paid creditors $2,000 of accounts payable due. Paid August rent $380. 25 12 15 17 20 22 Paid salaries $2,900. 27 Performed services worth $3,130 on account and billed customers. Received $780 from customers for services to be provided in the future. 29 Adjustment data: 1. Supplies on hand are valued at $960. 2. Accrued salaries payable are $1,540. 3. Depreciation for the month is $320. 4. Services were performed to satisfy $800 of unearned service revenue. Instructions (a) Enter the August 1 balances in the ledger accounts. (Use T-accounts.) (b) Journalize the August transactions. Continuing Cookie Chronicle 2 (c) Post to the ledger accounts. Use Service Revenue, Depreciation Expense, Supplies Expense, Salaries and Wages Expense, and Rent Expense. (d) Prepare a trial balance at August 31. (e) Journalize and post adjusting entries. (f) Prepare an adjusted trial balance. (g) Prepare an income statement and a retained earnings statement for August and a classified balance sheet at August 31. () Cash Tot, ad trial balance $2.42 $27.9 PA 2n
Transcribed Image Text:Services. accounting ation of ments. Debit Credit Cash Accounts Receivable Supplies Equipment $ 6,040 2,910 1,030 10,000 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings $ 600 2,300 1,260 1,420 10,000 4,400 $19,980 $19,980 During August, the following summary transactions were completed. Aug. 5 10 Received $1,200 cash from customers in payment of account. Paid $3,120 for salaries due employees, of which $1,700 is for August and $1,420 is for July salaries payable. Received $2,800 cash for services performed in August. Purchased store equipment on account $2,000. Purchased supplies on account $860. Paid creditors $2,000 of accounts payable due. Paid August rent $380. 25 12 15 17 20 22 Paid salaries $2,900. 27 Performed services worth $3,130 on account and billed customers. Received $780 from customers for services to be provided in the future. 29 Adjustment data: 1. Supplies on hand are valued at $960. 2. Accrued salaries payable are $1,540. 3. Depreciation for the month is $320. 4. Services were performed to satisfy $800 of unearned service revenue. Instructions (a) Enter the August 1 balances in the ledger accounts. (Use T-accounts.) (b) Journalize the August transactions. Continuing Cookie Chronicle 2 (c) Post to the ledger accounts. Use Service Revenue, Depreciation Expense, Supplies Expense, Salaries and Wages Expense, and Rent Expense. (d) Prepare a trial balance at August 31. (e) Journalize and post adjusting entries. (f) Prepare an adjusted trial balance. (g) Prepare an income statement and a retained earnings statement for August and a classified balance sheet at August 31. () Cash Tot, ad trial balance $2.42 $27.9 PA 2n
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 7 steps with 28 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Events after the reporting period
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS