During August 2023, Patty O'Furniture Repair Service experienced the following transactions: 

1. Aug 2 - Issued shares of common stock in exchange for cash, $4,000

 2. Aug 4 - Purchased equipment for $18,000 

3. Aug 7 - Performed furniture repair services for a customer of which $1,500 was in cash and $6,500 on account. Record as a compound journal entry. 

4. Aug 11 - Received a bill for utilities, $600. The bill will be paid in September. 

5. Aug 11 - Paid the current outstanding Accounts Payable balance in full 

6. Aug 15 - Received cash for previous services on account, $1,000 

7. Aug 16 - Prepaid September's rent expense, $900 

8. Aug 20 - Paid the following expenses in cash. Record as a compound journal entry. a. Advertising, $1,750 b. Repairs and Maintenance, $85

9. Aug 24 - Customer paid $9,600 for furniture repair services to be performed in September 

10. Aug 25 - Collected 50% of the current Accounts Receivable balance 

11. Aug 30 - Paid a $1,800 cash dividend 

12. Aug 31 - Purchased a $42,000 delivery truck in exchange for a 10-year, 5%, note (loan) 

find 1. Record the month’s transactions in journal format & post each transaction to the T-accounts 2. Record the adjustments (adjusting entries) in journal format 3. Post the adjustments to T-accounts to determine the adjusted account balances; label these as "Adj" in the T-accounts 4. Prepare an Adjusted Trial Balance 5. Prepare an Income Statement, Statement of Retained Earnings, and Balance Sheet for August 6. Prepare closing entries in journal format and post to T-accounts; date each entry as Aug 31; label these as "Clos" in the T-accounts; Be sure to show End Balances 7. Prepare a Post-closing Trial Balance

Answer rating: 100% (QA)

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