Oct 1: Owners invest $30,000 cash. 5: Buy machine for $5,000 cash. 10:

Oct 1: Owners invest $30,000 cash.
5: Buy machine for $5,000 cash.
10: Buy supplies on account, $980
15: Perform services for $9,300 cash.
20: Pay telephone, $325.
22: Pay owners $1400(drawing)
28: Pay 350 on account for the transaction of Oct 10th.
INSTRUCTIONS
A. Journalize the above transactions.
B. Post to the T-accounts.
C. Do a trial balance (dated Oct. 31st)
D. Do adjusting journal entries, using the following:
1. Machine depreciated by $850
2. Supplies remaining = 500
3. Receive Con Ed bill, $700 (not paying now).
4. Owe the workers a salary of $1,500
E. Post the adjusting entries to the T-accounts.
F. Do an adjusted trial balance.
G. Prepare three financial statements.
1. Income statement
2. Capital statement
3. Balance sheet
H. Do closing entries.
I. Post these entries
J. Do a post-closing trial balance

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