On August 1, 2019, the account balances (beginning balance) of Walton Car repair workshop were...

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Accounting

  1. On August 1, 2019, the account balances (beginning balance) of Walton Car repair workshop were as follows.

No.

Particulars

Debits Amount ($)

No

Particulars

Credit Amount($)

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

1,400

153

Store Equipment

15,000

212

Salaries Payable

500

301

Capital

18,600

Total=

25,400

Total=

25,400

During August the following summary transactions were completed.

August-8

Paid $1,400 for salaries due employees, of which $900 is for August

August-10

Received $1,200 cash from customers on account.

August-12

Received $3,400 cash for services performed in August.

August-17

Purchased supplies on account $1,200.

August-20

Paid creditors $4,500 on account.

August-29

Received $650 from customers for future service

Adjustment data consist of:

1. Supplies expense $2,000.

2. Accrued salaries payable $400.

3. Service provided but not recorded of $1,500

4. Unearned service revenue of $1,450 is earned.

Requirement:

  1. Journalize the August transactions.

  1. Give the four adjusting journal entries for the month August

  1. Prepare the following ledger accounts taking into account of the beginning balance-

  1. Cash

  2. Unearned Service Revenue

  3. Service Revenue

  4. Salary Expense

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