Alou Equipment Repair has a September 30 year end. The
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Alou Equipment Repair has a September 30 year end. The company adjusts and closes its accounts on an annual basis. On
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Alou Equipment Repair has a September 30 year end. The company adjusts and closes its accounts on an annual basis. On August 31, 2014, the account balances of Alou Equipment Repair were as follows: During September, the following transactions were completed: Sept. 1 Borrowed $10,000 from the bank and signed a two-year, 5% note payable. 2 Paid September rent, $500. 8 Paid employee salaries, $1,050. 12 Received $1,500 cash from customers on account. 15 Received $5,700 cash for services performed in September. 17 Purchased additional supplies on account, $1,300. 20 Paid creditors $2,300 on account. 21 Paid September telephone bill, $200. 22 Paid employee salaries, $1,050. 27 Performed services on account and billed customers for services provided, $900. 29 Received $550 from customers for services to be provided in the future. 30 Paid J. Alou $800 cash for personal use. 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?
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