Boilermaker House Painting Company incurs the following transactions for September:
1. Paint houses in the current month for $11,000 on account.
2. Purchase painting equipment for $12,000 cash.
3. Purchase office supplies on account for $1,700.
4. Pay workers' salaries of $2,400 for the current month
5. Purchase advertising to appear in the current month for $1,200 caslh
6. Pay office rent of $3,600 for the current month.
7. Receive $6,000 from customers in (1) above.
8. Receive cash of $4,200 in advance from a customer who plans to have his house painted in the following month.
Required:
1. Prepare journal entries for the above transactions.
2. Post each transaction to T-accounts and calculate the ending balances.
At the beginning of September, the company had the following account balances:
Cash $17,100
Accounts Receivable 800
Supplies 320
Equipment 5,600
Accounts Payable 700
Common Stock 16,000
Retained Earnings 7,120.
All other accounts had a beginning balance of zero.
3. Prepare a trial balance.
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Boilermaker House Painting Company incurs the following transactions for September:
1. Paint houses...
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