On November 1, 2022, the following were the account balances of Wildhorse Equipment Repair Limited. Wildhorses year-end
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Question:
On November 1, 2022, the following were the account balances of Wildhorse Equipment Repair Limited. Wildhorse’s year-end is October 31 and it records adjusting entries monthly.
During November, the following summary transactions were completed.
Nov. | 8 | Paid $1,310 for salaries due to employees, of which $630 is for November and $680 is for October salaries payable. | |
10 | Received $1,450 cash from customers in payment of account. | ||
12 | Received $2,950 cash for services performed in November. | ||
15 | Purchased equipment on account for $4,010. | ||
17 | Purchased supplies on account $1,250. | ||
20 | Paid creditors $2,700 on account. | ||
22 | Paid November rent $450. | ||
25 | Paid salaries $970. | ||
27 | Performed services on account and billed customers for services provided $950. | ||
29 | Received $580 from customers for services to be provided in the future. |
Adjustment data:
1. | Supplies on hand are valued at $1,070. | |
2. | Accrued salaries payable are $480. | |
3. | Depreciation on equipment for the month is $255. | |
4. | Deferred revenue of $320 is earned. | |
5. | Incurred income taxes for the month amounting to $50, to be paid next month. |
a. Enter the November 1 balances in the ledger accounts.
b. Journalize the November transactions.
c. Enter the opening balances, and post the transactions to ledger accounts
d. Prepare a trial balance on November 30.
Related Book For
College Accounting
ISBN: 978-1119405962
1st Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Deanna C. Martin, Jill E. Mitchell
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