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EM 501 Fall 2013 Assignment #1 Due October 9 @18:30

Yuri Gagarin Company is a marketing firm. The companys account balances as of August 31, 2013 are summarized below. Yuri Gagarin Company Trial Balance August 31, 2013 Cash $10,000 Accounts Receivable 5,500 Supplies 500 Accounts Payable Y. Gagarin, Capital $16,000

$ 2,500 13,500 $16,000

The company completed the following transactions during September: a. Paid rent for the current month, $500. b. Made a payment on accounts payable, $1,000. c. Ordered and received supplies, and agreed to pay for them in 30 days, $600. d. Discovered some of the supplies were not as ordered and returned them for full credit, $100. e. Received cash from a customer for services provided, $5,000. f. Made a cash withdrawal of $1,000. Required 1. Enter the August 31, 2013 account balances from the trial balance into the Taccounts provided. 2. Record the transactions listed above into the T-accounts. Use the letters (instead of dates) to identify the transactions in your T-accounts. 3. Prepare a trial balance as of September 30, 2013. Cash Accounts Receivable Supplies

Accounts Payable

Fees Earned

Rent Expense

Y.Gagarin, Withdrawals

Y. Gagarin, Capital