(Record and post transaction and adjusting entries; prepare unadjusted and adjusted trial balances and financial statements.)...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
(Record and post transaction and adjusting entries; prepare unadjusted and adjusted trial balances and financial statements.) On August 31, 2024, Rijo Equipment Repair Corp.'s opening trial balance was as follows. The company prepares adjusting entries monthly. Cash Accounts receivable Supplies Equipment Accumulated depreciation-equipment Accounts payable Salaries payable Deferred revenue Common shares Retained earnings During September, the following transactions were completed: Debit Credit $ 9,760 7,440 1,600 30,000 $ 3,000 6,200 1,400 800 20,000 17,400 $48,800 $48,800 Sept. 6 Paid employees $2,800 for salaries due, of which $1,400 was for August salaries payable and $1,400 for September. 7 Received $5,400 cash from customers in payment of accounts. 11 Received $8,800 cash for services performed in September. 12 Issued common shares for $5,000 cash. 17 Purchased supplies on account, $2,000. 20 Paid salaries, $2,800. 21 Paid creditors $7,000 of accounts payable due. EN22222 24 26 Paid September and October rent, $2,000 ($1,000 per month). Performed services on account, $1,600. 27 Received $1,300 from customers for services to be performed in the future. Declared and paid a dividend, $500. 28 28 Paid income tax for the month, $600. Adjustment data for the month: 1. Supplies on hand total $800. 2. Accrued salaries payable are $1,680. 3. Accrued service revenue for $600. 4. The equipment has a useful life of 10 years and the company uses straight-line depreciation. 5. Deferred revenue of $800 has been earned. Instructions a. Prepare journal entries to record the September transactions. b. Set up T accounts, enter any opening balances, and post the journal entries prepared in part (a). c. Prepare a trial balance at September 30. d. Prepare and post the adjusting journal entries for the month. e. Prepare an adjusted trial balance at September 30. f. Prepare (1) a statement of income, (2) a statement of changes in equity, and (3) a statement of financial position. (Record and post transaction and adjusting entries; prepare unadjusted and adjusted trial balances and financial statements.) On August 31, 2024, Rijo Equipment Repair Corp.'s opening trial balance was as follows. The company prepares adjusting entries monthly. Cash Accounts receivable Supplies Equipment Accumulated depreciation-equipment Accounts payable Salaries payable Deferred revenue Common shares Retained earnings During September, the following transactions were completed: Debit Credit $ 9,760 7,440 1,600 30,000 $ 3,000 6,200 1,400 800 20,000 17,400 $48,800 $48,800 Sept. 6 Paid employees $2,800 for salaries due, of which $1,400 was for August salaries payable and $1,400 for September. 7 Received $5,400 cash from customers in payment of accounts. 11 Received $8,800 cash for services performed in September. 12 Issued common shares for $5,000 cash. 17 Purchased supplies on account, $2,000. 20 Paid salaries, $2,800. 21 Paid creditors $7,000 of accounts payable due. EN22222 24 26 Paid September and October rent, $2,000 ($1,000 per month). Performed services on account, $1,600. 27 Received $1,300 from customers for services to be performed in the future. Declared and paid a dividend, $500. 28 28 Paid income tax for the month, $600. Adjustment data for the month: 1. Supplies on hand total $800. 2. Accrued salaries payable are $1,680. 3. Accrued service revenue for $600. 4. The equipment has a useful life of 10 years and the company uses straight-line depreciation. 5. Deferred revenue of $800 has been earned. Instructions a. Prepare journal entries to record the September transactions. b. Set up T accounts, enter any opening balances, and post the journal entries prepared in part (a). c. Prepare a trial balance at September 30. d. Prepare and post the adjusting journal entries for the month. e. Prepare an adjusted trial balance at September 30. f. Prepare (1) a statement of income, (2) a statement of changes in equity, and (3) a statement of financial position.
Expert Answer:
Answer rating: 100% (QA)
Answer a Journal entries to record the September transactions Sept 6 Salaries Expense 2800 Salaries Payable 1400 Cash 1400 Sept 7 Cash 5400 Accounts R... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Posted Date:
Students also viewed these accounting questions
-
I need help on this read from bottom to top. Image transcription text 7"} The second ?nancial statement to prepare is the statement of retained earnings. To determine the ending balance of...
-
Determine that one of these nodes has high probability of running the windows operating system. What is the information you used to make this determination, and what value did you use? root@kali:~#...
-
Jake needed a summer job and was lucky enough to land a position as a ticket collector at a local amusement park. On his first day, he was assigned to work alongside Tim who had worked at the park...
-
Referring to Exhibit 5.2, calculate the missing amounts. $210,000 $165,000 $75,000 S? 2 Cost of goods sold Gross profit from sales109,000 Operating expenses Net income (loss) 42,000 303,000 206,000...
-
A soft tennis ball is dropped onto a hard floor from a height of 1.55 m and rebounds to a height of 1.12m. (Assume that the positive direction is upward.) (a) Calculate its velocity (in m/s) just...
-
Oil is cooled by spraying a mist of the hot liquid through cool air at \(T_{\infty}=27^{\circ} \mathrm{C}\). Two droplets, each of diameter \(D=100 \mu \mathrm{m}\) and temperature \(250^{\circ}...
-
Vic Corporation manufactures various types of color laser printers in a highly automated facility with high fixed costs. The market for laser printers is competitive. The various color laser printers...
-
A roller coaster car (RC) of mass m = 1200 kg (includes passengers) is to be thrust into motion from a height H with a speed of vo = 2 m/s. It is to come down the track and complete a full circle...
-
For 2022, Bonita Company has cost of goods manufactured of $500000, beginning finished goods inventory of $24300, and ending finished goods inventory of $21000. How much is cost of goods sold? O...
-
Discuss the important factors relating to any particular source of new finance from the point of view of the enterprise and its existing owner(s) as well as the providers of new finance? 4.2...
-
Give the polynomial form ax+bx+c of the function f given in vertex form as f(x) = 8(x + 9) + 1
-
How does emotional intelligence contribute to effective leadership, particularly in navigating complex interpersonal dynamics, inspiring team motivation, and fostering a culture of collaboration and...
-
North Atlantic Corporation produces a single product. The company had no beginning inventory and they produced 70,000 units in 2022 and sold 60,000 units. The operating data for 2022 follow:...
-
Can you elucidate the role of emotional intelligence in conflict resolution processes, exploring how the ability to recognize and regulate emotions enhances communication effectiveness, empathy, and...
-
Go to the link given below: http://www.carnegiecouncil.org/programs/index.html Take a look at the Carnegie Council for Ethics and International affairs. Choose a topic of multiculturalism to pursue....
-
The age-old saying for investing is "buy low and sell high," but this is easier said than done. Investors who panic about falling prices sell their investments, which in turn lowers the price and...
-
The overall process of creating a capital budget proposal has a lot of similarities to writing a business plan for a start-up company. Describe three aspects of the similarities between a budget...
-
There are three general categories of capital budget scenarios: replacement, expansion, and investment in a NewCo. Describe the overall decision-making context for each. How do they draw on similar...
-
In analysis, some focus seems to be on the need for NPV equations to be applied to projects that are mutually exclusive. But in practice we find that the lines are blurred in capital budgeting....
Study smarter with the SolutionInn App