On August 31, 2014, the account balances of Pitre Equi
Question and Solution
On August 31, 2014, the account balances of Pitre Equipment Repair were as follows: During September, the following tr
91 % (686 Review)
On August 31, 2014, the account balances of Pitre 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. 8 Paid $1,100 for employees' salaries, of which $400 is for September and $700 for August. 10 Received $1,200 cash from customers on account. 12 Received $3,400 cash for services performed in September. 17 Purchased additional supplies on account, $1,500. 20 Paid creditors $4,500 on account. 22 Paid September and October rent, $1,000 ($500 per month). 25 Paid salaries, $1,200. 27 Performed services on account and billed customers for services provided, $900. 29 Received $700 from customers for future services. 30 Purchased additional equipment on account, $3,000. Th e company adjusts its accounts on a monthly basis. Adjustment data consist of the following: 1. Supplies on hand at September 30 cost $1,280. 2. Accrued salaries payable at September 30 total $775. 3. Equipment has an expected useful life of five years. 4. Unearned service revenue of $450 is still not earned at September 30. 5. Interest is payable on the first of each month. Instructions (a) Enter the August 31 balances in general ledger accounts. (b) Journalize the September transactions. (c) Post to the ledger accounts. (d) Prepare a trial balance at September 30. (e) Journalize and post adjusting entries. (f) Prepare an adjusted trial balance. (g) Prepare an income statement and a statement of owner's equity for September, and a balance sheet.
Your answer will be ready within 2-4 hrs. Meanwhile, check out other millions of Q&As and Solutions Manual we have in our catalog.
Crazy for Study is a platform for the provision of academic help. It functions with the help of a team of ingenious subject matter experts and academic writers who provide textbook solutions to all your course-specific textbook problems, provide help with your assignments and solve all your academic queries in the minimum possible time.
Copyright@2020 Crazy Prep Pvt. Ltd. (Crazy For Study)
Disclaimer: Crazy For Study provides academic assistance to students so that they can complete their college assignments and projects on time. We strictly do not deliver the reference papers. This is just to make you understand and used for the analysis and reference purposes only.