Hint: Trial Balance totals are $32,750, Adjusted Trial Balance totals are $33,15

Question

Hint: Trial Balance totals are $32,750, Adjusted Trial Balance totals are $33,150, Net Income is $3,500 , Ending retained earnings is $12,100 and Total Assets are $26,100. On September 1, 2017, the account balances of Percy Equipment Repair were as follows No 101 112 126 153 No 154 201 209 212 311 320 Debits Credits Cash Accounts Receivable Supplies Equipment $4,880 3,520 2,000 15,000 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings 1,500 3,400 1,400 500 10,000 25,400 25,400 During September, the following summary transactions were completed Sept. 8 10 12 15 17 20 22 25 27 29 Paid $1,400 for salaries due employees, of which $900 is for September Received $1,200 cash from customers on account. Received $3,400 cash for services performed in September Purchased store equipment on account $3,000 Purchased supplies on account $1,200 Paid creditors $4,500 on account. Paid September rent $500 Paid salaries $1,750 Performed services on account and billed customers $4,100 for these services Received $650 from customers for future service. Adjustment data consist of: 1. 2. 3. 4. 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.

Explanation / Answer

Income Statement for September 2017

Balance Sheet as on 30 September 2017

$ $ Total Revenue $ ( 3,400 + 4,100 +1450) 8,950 Less Supplies consumed 1900 Salary expense $ ( 2650+300) 2,950 Rent 500 Depreciation 100 Net income 3,500

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.