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 $ 2,500
Y. Gagarin, Capital 13,500
$16,000 $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 T-
accounts 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