Question

The following events apply to Equipment Services Inc. in its first year of operation:

1. Acquired $60,000 cash from the issue of common stock.
2. Received an $8,200 cash advance for services to be provided in the future.
3. Purchased $2,000 of supplies on account.
4. Earned $36,000 of service revenue on account.
5. Incurred $16,100 of operating expenses on account.
6. Collected $28,500 cash from accounts receivable.
7. Made a $15,100 payment on accounts payable.
8. Paid a $2,000 cash dividend to stockholders.
9. Recognized $1,600 of supplies expense.
10. Recorded $3,100 of accrued salaries expense.
11. Recognized $3,100 of revenue for services provided to the customer in Event 2.

Required
a. Record the events in T-accounts and determine the ending account balances.
b. Test the equality of the debit and credit balances of the T-accounts by preparing a trial balance.

• Required A
• Required B

Record the events in T-accounts and determine the ending account balances.

I have filled in some but need help with the remaining. Thanks.

Cash Accounts Receivable Beg. Bal Beg. Bal 1. 60,000 15,100 7. 4. 36,000 28,500 6. 2. 8,200 2,000 8. 6. 28,500 End. Bal 79,600 End. Bal 7,500 Supplies Accounts Payable Beg. Bal Beg. Bal 2,000 3. 16,100 5. 7. 15,100 End. Bal End. Bal 3,000 Salaries Payable Unearned Revenue Beg. Bal Beg. Bal 3,100 3,100 8,200 2. End. Bal 3,100 End. Bal 5,100 Common Stock Retained Earnings Beg. Bal Beg. Bal End. Bal End. Bal Dividends Service Revenue Beg. Bal Beg. Bal 8. 2,000 End. Bal 2,000 End. Bal Operating Expenses Salaries Expense Beg. Bal Beg. Bal 5. 16,100 End. Bal 16,100 End. Bal Supplies Expense Beg. Bal End. Bal

Answer 1

Journal Entries -

	Dr	Cr
Cash	60000
To common stock		60000
Cash	8200
To unearned revenue		8200
Supplies	2000
To accounts payable		2000
Accounts receivable	36000
To services provided		36000
Operating expense	16100
To Accounts payable		16100
Cash	28500
To Accounts receivable		28500
Accounts payable	15100
To Cash		15100
Dividend	2000
To cash		2000
operating expense	1600
To Supplies		1600
Salary Expense	3100
To Salary payable		3100
Unearned revenue	3100
To services provided		3100

T Accounts -

Cash
	Dr.	Cr.
Common stock	60000
Unearned revenue	8200
Accounts receivable	28500
Accounts payable		15100
Dividend		2000
Ending balance		79600
Common stock/Capital
	Dr.	Cr.
Cash		60000
Ending balance	60000
unearned Revenue
	Dr.	Cr.
Cash		8200
service provide	3100
Ending balance	5100
Supplies
	Dr.	Cr.
Accounts payable	2000
supplies expense		1600
Ending balance		400
Accounts payable
	Dr.	Cr.
Supplies		2000
operating expense		16100
Cash	15100
Ending balance	3000
Accounts receivable
	Dr.	Cr.
Services provided	36000
Cash		28500
Ending balance		7500
Service provided
	Dr.	Cr.
Accounts receivable		36000
unearned revenue		3100
Ending balance	39100
operating expense
	Dr.	Cr.
Expenses payable	16100
operating expense	1600
Ending balance		17700
Dividend
	Dr.	Cr.
Cash	2000
Ending balance		2000
Salary
	Dr.	Cr.
salary payable	3100
Ending balance		3100
Salary payable
	Dr.	Cr.
Salary		3100
Ending balance	3100

Trial Balance

	Dr	Cr
Cash	79600
Capital		60000
Unearned revenue		5100
Supplies	400
Accounts payable		3000
Accounts receivable	7500
service provided		39100
operating expense	17700
dividend	2000
Salary	3100
salary payable		3100
Total	110300	110300

Please check with your answer and let me know.