On November 1, 2022, the following were the account balances of Blossom Equipment Repair Limited. Blossom's...
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On November 1, 2022, the following were the account balances of Blossom Equipment Repair Limited. Blossom's year-end is October 31 and it records adjusting entries monthly. Cash Accounts receivable Supplies BLOSSOM EQUIPMENT REPAIR LIMITED Post-Closing Trial Balance November 1, 2022 Equipment Accumulated depreciation - Equipment Accounts payable Salaries payable Deferred revenue Common shares Retained earnings 8 10 12 15 17 20 22 25 27 29 1. 2. 3. 4. 5. Debit $2,640 3,070 1,210 10,000 $16,920 Adjustment data: Credit During November, the following summary transactions were completed. Nov. $6,000 2,110 630 370 1,000 6,810 $16.920 Paid $1,260 for salaries due employees, of which $630 is for November and $630 is for October salaries payable. Received $1,370 cash from customers in payment of account. Received $3,150 cash for services performed in November. Purchased equipment on account $4,010. Purchased supplies on account $1,220. Paid creditors $2,430 on account. Paid November rent $450. Paid salaries $950. Performed services on account and billed customers for services provided $820. Received $490 from customers for services to be provided in the future. Supplies on hand are valued at $1,050. Accrued salaries payable are $480. Depreciation on equipment for the month is $250. Deferred revenue of $300 is earned. Incurred income taxes for the month amounting to $40, to be paid next month. Enter the November 1 balances in the ledger accounts. Cash Accounts Receivable Supplies Equipment Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Deferred Revenue Common Shares Retained Earnings On November 1, 2022, the following were the account balances of Blossom Equipment Repair Limited. Blossom's year-end is October 31 and it records adjusting entries monthly. Cash Accounts receivable Supplies BLOSSOM EQUIPMENT REPAIR LIMITED Post-Closing Trial Balance November 1, 2022 Equipment Accumulated depreciation - Equipment Accounts payable Salaries payable Deferred revenue Common shares Retained earnings 8 10 12 15 17 20 22 25 27 29 1. 2. 3. 4. 5. Debit $2,640 3,070 1,210 10,000 $16,920 Adjustment data: Credit During November, the following summary transactions were completed. Nov. $6,000 2,110 630 370 1,000 6,810 $16.920 Paid $1,260 for salaries due employees, of which $630 is for November and $630 is for October salaries payable. Received $1,370 cash from customers in payment of account. Received $3,150 cash for services performed in November. Purchased equipment on account $4,010. Purchased supplies on account $1,220. Paid creditors $2,430 on account. Paid November rent $450. Paid salaries $950. Performed services on account and billed customers for services provided $820. Received $490 from customers for services to be provided in the future. Supplies on hand are valued at $1,050. Accrued salaries payable are $480. Depreciation on equipment for the month is $250. Deferred revenue of $300 is earned. Incurred income taxes for the month amounting to $40, to be paid next month. Enter the November 1 balances in the ledger accounts. Cash Accounts Receivable Supplies Equipment Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Deferred Revenue Common Shares Retained Earnings
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Solution Below is the November 1 balance in following Ledger Accoun... View the full answer
Related Book For
College Accounting
ISBN: 978-1119405962
1st Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Deanna C. Martin, Jill E. Mitchell
Posted Date:
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