On September 1, 2014, the account balances of Percy Equipment Repair were as follows.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 $2,100 for these services.29 Received $650 from customers for future service.Adjustment data consist of:1. Supplies on hand $1,300.2. Accrued salaries payable $300.3. Depreciation is $100 per month.4. Services related to unearned service revenue of $1,450 were performed.Instructions(a) Enter the September 1 balances in the ledger accounts.(b) Journalize the September transactions.(c) Post to the ledger accounts. Use J1 for the posting reference. Use the following additional accounts: No. 407 Service Revenue, No. 615 Depreciation Expense, No. 631 Supplies Expense, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.(d) Prepare a trial balance at September 30.(e) Journalize and post adjusting entries.(f) Prepare an adjusted trial balance.(g) Prepare an income statement and an owner’s equity statement for September and a balance sheet at September30.
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On September 1 2014 the account balances of Percy Equipment