P3-5a - On September 1 2008 the account balances of Rand...

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On September 1, 2008, the account balances of Rand Equipment Repair, Inc. were as follows. No. Debits No. Credits 101 Cash $4,880 154 Accumulated Depreciation $1,500 112 Accounts Receivable 3,520 201 Accounts Payable 3,400 126 Supplies 2,000 209 Unearned Service Revenue
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1,400 153 Store Equipment 15,000 212 Salaries Payable 500 311 Common Stock 15,000 320 Retained Earnings 3,600 $25,400
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$25,400 During September the following summary 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 for services provided $1,500. 29 Received $650 from customers for future service. Adjustment data consist of: 1. Supplies on hand $1,200. 2. Accrued salaries payable $400. 3. Depreciation is $100 per month.
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