On August 31 2015 the Rijo Equipment Repair Corp s post

closing #8538
On August 31, 2015, the Rijo Equipment Repair Corp.'s post-closing trial balance was as
follows. The company prepares adjusting entries monthly.During September, the following
transactions were completed:Sept. 4 Paid employees $2,200 for salaries due, of which $1,400
was for August salaries payable and $800 for September.6 Received $5,400 cash from
customers in payment of accounts.11 Received $8,800 cash for services performed in
September.12 Sold common shares for $5,000.17 Purchased supplies on account, $2,000.21
Paid creditors $7,000 of accounts payable due.24 Paid September and October rent, $2,000
($1,000 per month).25 Paid salaries, $2,200.26 Performed services on account, $1,600.27
Received $1,300 from customers for services to be provided in the future.28 Paid a cash
dividend, $500.28 Paid income tax for the month, $600.Adjustment data for the month:1.
Supplies on hand total $800.2. Accrued salaries payable are $1,600.3. Accrued service revenue
for $600.4. The equipment has a useful life of 10 years.5. Unearned revenue of $800 has been
earned.Instructions(a) Prepare T accounts, and enter the opening balances at September 1.(b)
Prepare and post the September transaction entries.(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) an income statement, (2) a statement of changes in
equity, and (3) a statement of financial position.View Solution:
On August 31 2015 the Rijo Equipment Repair Corp s post closing

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