On October 1, Success Company had the following account balances: Salaries Payable $10,000 8,800 Capital Cash...

 

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On October 1, Success Company had the following account balances: Salaries Payable $10,000 8,800 Capital Cash A/R During October the following transactions took place: purchased a machine for 3,000 cash purchased supplies for 1,600 on account owner invests 28,000 cash paid 200 on account for the supplies performed services on account, 19,000 October 5: 8: 10: 14: 20: 24: 27: paid rent, 2,000 withdrew 5,000 cash Required: a. Set up T-accounts and enter the October 1 balances. b. Journalize the October transactions c. Post to the T-accounts. d. Do a trial balance on October 31. e. Journalize adjusting entries based on the following: 1. the machine depreciated 900 2. 400 of supplies were used up 3. receive Con Ed bill, $325 (not paying now) f. Post the adjusting entries to the T-accounts g. Do an adjusted trial balance h. Prepare the three financial statements 1. Income statement 2. owner's equity statement 3. Balance sheet i. Journalize closing entries j. Post these entries to the T-accounts $7200 11,600 k. Do a post-closing trial balance On October 1, Success Company had the following account balances: Salaries Payable $10,000 8,800 Capital Cash A/R During October the following transactions took place: purchased a machine for 3,000 cash purchased supplies for 1,600 on account owner invests 28,000 cash paid 200 on account for the supplies performed services on account, 19,000 October 5: 8: 10: 14: 20: 24: 27: paid rent, 2,000 withdrew 5,000 cash Required: a. Set up T-accounts and enter the October 1 balances. b. Journalize the October transactions c. Post to the T-accounts. d. Do a trial balance on October 31. e. Journalize adjusting entries based on the following: 1. the machine depreciated 900 2. 400 of supplies were used up 3. receive Con Ed bill, $325 (not paying now) f. Post the adjusting entries to the T-accounts g. Do an adjusted trial balance h. Prepare the three financial statements 1. Income statement 2. owner's equity statement 3. Balance sheet i. Journalize closing entries j. Post these entries to the T-accounts $7200 11,600 k. Do a post-closing trial balance

Answer rating: 100% (QA)

A Set up Taccounts and enter the October 1 balances CashAR DebitCredit 100008800 Salaries PayableCapital DebitCredit 720011600 B Journalize the October transactions October 5 Debit Cash 3000 Credit Ma... View the full answer