September 1 provide services to customers for cash $4700 First Name Last Name St

Question

September 1 provide services to customers for cash $4700 First Name Last Name Student ID The following transactions occur in ABC Firm 2018, September ABC Finm Trial Balance September I SDebit SCredit 7200 Cash Accounts Reccivable Supplics Land Account Payable Notes Payable 7800 15000 7500 2800 9000 13000 Balance September September 1 2 Provide services to custoners for cash, $4,700. Purchase land with a long-term note for $6,400 from Crimson Receive an invoice for $500 from the local newspaper for an advertisement that appeared on September 2 September 4 September 8 Provide services to customers on account for $6,000 September 10 Purchase supplies on account for $1,100 September 13 Pay $4,000 to Crimson Company for a long-term note. September 18 Receive $5,000 from customers on account. September 20 Pay $900 for September's rent. September 30 Pay September's utility bill of $2,000. September 30 Pay employees $4,000 for salaries for the month of September September 30 Pay a cash dividend of $1,100 to shareholders Required: 1. Record each transaction 2. Post cach transaction to the appropriate T-accounts. 3. Calculate the balance of each account at September 30. (Hint: Be sure to include the balance at the beginning of September in each T-account.) Prepare a trial balance as of September 30. 4.

Explanation / Answer

Solution 1:

Solution 2&3:

Solution 3:

Journal Entries - ABC Firm Date Particulars Debit Credit 1-Sep Cash Dr $4,700.00       To Service Revenue $4,700.00 (To record service revenue) 2-Sep Land Dr $6,400.00       To Notes Payable $6,400.00 (To record purchase of land by issuing note) 4-Sep Advertisement Expenses Dr $500.00       To Accounts payable $500.00 (Being advertisement expense due) 8-Sep Accounts receivables Dr $6,000.00       To Service Revenue $6,000.00 (To record service revenue on account) 10-Sep Supplies Dr $1,100.00       To Accounts Payable $1,100.00 (To record supplies on account) 13-Sep Notes Payable Dr $4,000.00       To Cash $4,000.00 (To record payment of note) 18-Sep Cash Dr $5,000.00       To Accounts Receivables $5,000.00 (To record cash receipt from customer) 20-Sep Rent Expense Dr $900.00       To Cash $900.00 (To record rent payment) 30-Sep Utilities Expenses Dr $2,000.00       To Cash $2,000.00 (To record utilities payment) 30-Sep Salaries Expense Dr $4,000.00       To Cash $4,000.00 (To record salaries payment) 30-Sep Dividends Dr $1,100.00       To Cash $1,100.00 (To record dividend payment)

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