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On September 1, Percy Equipment Repair had the beginning account balances presented in the attached T-accounts (Excel Template). During the month of September, the following transactions were completed:

Sept. 8 Paid $1,400 for salaries due employees, of which $900 is for September.

10 Received $1,200 cash from customers on account.

12 Received $3,400 cash for services performed in September.

15 Purchased store equipment on account $3,000.

17 Purchased supplies on account $1,200.

20 Paid creditors $4,500 on account.

22 Paid September rent $500.

25 Paid salaries $1,250.

27 Performed services on account and billed customers $2,100 for these services.

29 Received $650 from customers for future services.

At the end of the month the following adjustment were determined: Supplies on hand $1,300. Accrued salaries payable $300. Depreciation is $100 per month. Services related to unearned service revenue of $1,450 were performed.

Instructions

Journalize the September transactions Post the journal entries to the T-accounts (Use Excel Template) Prepare a Trial Balance Journalize and post the adjusting entries Prepare an Adjusted Trial Balance Prepare an Income Statement, Statement of Owners Equity and a Balance Sheet as of September 30 Prepare the closing entries

ALL STEPS ARE REQUIRED. THE JOURNAL/ACCOUNTING PAPER FOLLOWS AS PART OF THIS DOCUMENT. You will be able to type your solution directly on the provided documents. There is a separate Excel template for posting the T Accounts (the General Ledger). Please save both the assignment (along with documents) and the Excel template on your desktop.

PLEASE POST JOURNAL ENTRIES TO THE T ACCOUNTS

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