accounting (balance sheet, retained earnings...)
posted by Omar .
On September 1, 2002, the account balances of Rijo Equipment Repair Corp. were as follows:
Nbr: Debits Nbr: Credits
101 Cash $4,880 154 Accumulated depreciation $1,500
112 Accounts receivable 3,520 201 Accounts payable 3,400
126 Supplies 2,000 209 Unearned service revenue 1,400
153 Store equipment 15,000 212 Salaries payable 500
311 Common stock 10,000
320 Retained earnings 8,600
During September the following summary transactions were completed:
Sep 8 Paid salaries due employees, of which a portion was for September. $1,100 Total paid
600 September amount
Sep 10 Received cash from customers on account. 1,200
Sep 12 Received cash for services performed in September. 3,400
Sep 15 Purchased store equipment on account. 3,000
Sep 17 Purchased supplies on account. 1,500
Sep 20 Paid creditors on account. 4,500
Sep 22 Paid September rent. 500
Sep 25 Paid salaries. 1,050
Sep 27 Performed services on account and billed customers for services rendered. 700
Sep 29 Received cash from customers for future services. 650
Adjustment data consists of:
1 Supplies on hand at the end of the month: $1,700
2 Accrued salaries payable: 400
3 Depreciation rate per month: 200
4 Unearned services revenue which was earned during the month: 1,450
(a) Enter the September 1 balances in the ledger accounts. The ledger is found after the journal in instruction (e).
(b) Journalize the September transactions. The journal is found after instruction (e). Utilize J1 as a reference. J1
(c) Post to the ledger accounts. Use J1 for the posting reference. Use the following accounts:
407 Service revenue 726 Salaries expense
615 Depreciation expense 729 Rent expense
631 Supplies expense
(d) Prepare a trial balance at September 30. (This form will be utilized for instruction (f) as well.) (e) Journalize and post the adjusting entries. Continue these following your last journal entry required by instruction (b).
(f) Prepare an adjusted trial balance. Use the next columns in the trial balance created in instruction (d), above.
(g) (1) Prepare an income statement for September.
(g) (2) Prepare a retained earnings statement for September.
(g) (3) Prepare a balance sheet for September 30, 2002.