What is the ledger account for this problem. I was able to find the solution to everything
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What is the ledger account for this problem. I was able to find the solution to everything else but not able to find the ledger
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follow th Debit Credit to prepa stateme Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable 2$ 2,300 1,260 Cash $ 6,040 2,910 4,000 600 Accounts Receivable (LO 2,3, Notes Receivable GLS Supplies Equipment 1,420 12,000 1,030 10,000 Common Stock Retained Earnings 6,400 $23,980 $23,980 During August, the following summary transactions were completed. Paid $400 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. Paid August rent $380. Received $1,200 cash from customers in payment of account. Aug. 1 3 10 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. 12 15 Purchased store equipment on account $2,000. Paid creditors $2,000 of accounts payable due. Purchased supplies on account $800. Paid $2,900 cash for employees' salaries. Billed customers $3,760 for services performed. Received $780 from customers for services to be performed in the future. 20 22 25 27 29 Adjustment data: 1. A count shows supplies on hand of $960. 2. Accrued but unpaid employees' salaries are $1,540. 3. Depreciation on equipment for the month is $320. 4. Services were performed to satisfy $800 of unearned service revenue. 5. One month's worth of advertising services has been received. 6. One month of interest revenue related to the $4,000 note receivable has accrued. The 4-month note has a 6% annual interest rate. (Hint: Use the formula from Illustration 4-18 to compute interest.) Instructions a) Enter the August 1 balances in the ledger accounts. (Use T-accounts.) b) Journalize the August transactions. c) Post to the ledger accounts. B&B's chart of accounts includes Prepaid Advertising, Interest Receivable, Service Revenue, Interest Revenue, Advertising Expense, Depre- ciation Expense, Supplies Expense, Salaries and Wages Expense, and Rent Expense. d) Prepare a trial balance at August 31. e) Journalize and post adjusting entries. ) Prepare an adjusted trial balance. g) Prepare an income statement and a retained earnings statement for August and a classified balance sheet at August 31. h) Journalize and post closing entries and complete the closing process. E) Prepare a post-closing trial balance at August 31. follow th Debit Credit to prepa stateme Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable 2$ 2,300 1,260 Cash $ 6,040 2,910 4,000 600 Accounts Receivable (LO 2,3, Notes Receivable GLS Supplies Equipment 1,420 12,000 1,030 10,000 Common Stock Retained Earnings 6,400 $23,980 $23,980 During August, the following summary transactions were completed. Paid $400 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. Paid August rent $380. Received $1,200 cash from customers in payment of account. Aug. 1 3 10 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. 12 15 Purchased store equipment on account $2,000. Paid creditors $2,000 of accounts payable due. Purchased supplies on account $800. Paid $2,900 cash for employees' salaries. Billed customers $3,760 for services performed. Received $780 from customers for services to be performed in the future. 20 22 25 27 29 Adjustment data: 1. A count shows supplies on hand of $960. 2. Accrued but unpaid employees' salaries are $1,540. 3. Depreciation on equipment for the month is $320. 4. Services were performed to satisfy $800 of unearned service revenue. 5. One month's worth of advertising services has been received. 6. One month of interest revenue related to the $4,000 note receivable has accrued. The 4-month note has a 6% annual interest rate. (Hint: Use the formula from Illustration 4-18 to compute interest.) Instructions a) Enter the August 1 balances in the ledger accounts. (Use T-accounts.) b) Journalize the August transactions. c) Post to the ledger accounts. B&B's chart of accounts includes Prepaid Advertising, Interest Receivable, Service Revenue, Interest Revenue, Advertising Expense, Depre- ciation Expense, Supplies Expense, Salaries and Wages Expense, and Rent Expense. d) Prepare a trial balance at August 31. e) Journalize and post adjusting entries. ) 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. h) Journalize and post closing entries and complete the closing process. E) Prepare a post-closing trial balance at August 31.
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Cash Dr Cr Beg balance 6040 01Aug 400 05Aug 1200 03Aug 380 12Aug 2800 10Aug 3120 29Aug 780 20Aug 2000 25Aug 2900 end balance 2020 10820 10820 Accounts ... View the full answer
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