Question: Based on the journal entries for Everything at a Discount problem, please complete the unadjusted trial balance, the adjusting entries (the 3 for August 31)
Based on the journal entries for Everything at a Discount problem, please complete the unadjusted trial balance, the adjusting entries (the 3 for August 31) and the adjusted trial balance
August 1Harry Farmer ("Farmer") issues $80,000 shares of common stock for cash
August 3Farmer purchased equipment for $55,000; 37,500 was paid immediately with cash, and the remaining balance was billed to Farmer with payment due in 30 days
.August 6Farmer purchases supplies for $300 cash.
August 10Farmer provides $4,000 in consulting services to a customer who asks to be billed for the service
August 13Farmer pays $175 utility bill
August 14Farmer receives $3,200 cash payment from a customer for services Farmer has yet to provide
August 16Farmer distributes $150 cash dividend to stockholders
August 17Farmer receives $5,200 from a customer for services rendered
August 19Farmer paid $2,000 toward the outstanding liability from the August 3 transaction
August 22Farmer paid $4,500 cash in salaries to employees
August 28The customer from the August 10 transaction pays $1,500 cash toward the account.Additional information
August 31Farmer took an inventory of supplies and discovered that there is $250 of supplies remaining
August 31The depreciation on the equipment purchased is $2,500 during August.
August 31Farmer reviewed his bank statement and discovered that the bank paid him $350 interest earned during the month that was previously uncollected and unrecorded.
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