On November 1, 2025, Splish Brothers Inc. had the following account balances. The company uses the...
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On November 1, 2025, Splish Brothers Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $21,600 Accumulated Depreciation-Equipment $2,400 Accounts Receivable 5,376 Accounts Payable 8,160 Supplies 2,064 Unearned Service Revenue 9,600 Equipment 60,000 Salaries and Wages Payable 4,080 $89,040 Common Stock 48,000 Retained Earnings 16,800 $89,040 During November, the following summary transactions were completed. Nov. 8 Paid $8,520 for salaries due employees, of which $4,440 is for November and $4,080 is for October. 10 Received $4,560 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $19,200, terms 2/10, n/30. 12 Sold merchandise on account for $13,200, terms 2/10, n/30. The cost of the merchandise sold was $9,600. 15 Received credit from Dimas Discount Supply for merchandise returned $700. 19 Received collections in full, less discounts, from customers billed on sales of $13,200 on November 12. 20 222222222222 Paid Dimas Discount Supply in full, less discount. Received $5,520 cash for services performed in November. 25 Purchased equipment on account $12,000. 27 Purchased supplies on account $4,080. 28 Paid creditors $7,200 of accounts payable due. 29 Paid November rent $900. 29 29 Paid salaries $3,120. Performed services on account and billed customers $1,680 for those services. 29 Received $1,620 from customers for services to be performed in the future. Prepare an adjusted trial balance at November 30. SPLISH BROTHERS Adjusted Trial Balance Debit $ Totals $ Credit Adjustment data: 1. Supplies on hand are valued at $3,840. 2. Accrued salaries payable are $1,200. 3. Depreciation for the month is $600. 4. $1,560 of services related to the unearned service revenue has not been performed by month-end. Journalize the adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) No. Date Account Titles and Explanation 1. Nov. 30 Supplies Expense Supplies Nov. 2. Salaries and Wages Expense 30 Salaries and Wages Payable Nov. 3. Depreciation Expense 30 Accumulated Depreciation-Equipment 4. Nov. 30 Unearned Service Revenue Service Revenue Debit Post the above adjusting entries. (Post entries in the order of journal entries presented above.) Cash 11/1 Bal. 21,600 11/8 8,520 11/10 4,560 11/20 18,130 11/19 12,936 11/28 7,200 11/22 5,520 11/29 900 11/29 1,620 11/29 3,120 11/30 Bal. 8,366 2,304 1,200 600 9,660 Credit 2,304 1,200 600 9,660 Accounts Receivable 11/1 Bal. 5,376 11/10 4,560 11/12 11/29 13,200 11/19 13,200 1,680 11/30 Bal. 2,496 Inventory 11/11 19,200 11/12 9,600 11/15 700 11/20 370 11/30 Bal. 8,530 11/1 Bal. 11/27 11/30 Bal. Supplies 2,064 Adj. 2,304 4,080 3,840 Equipment 11/1 Bal. 60,000 11/25 12,000 11/30 Bal. 72,000 Accumulated Depreciation-Equipment 11/1 Bal. 2,400 Adj. 600 11/30 Bal. 3,000 Accounts Payable 11/15 700 11/1 Bal. 8,160 11/20 18,500 11/11 19,200 11/28 7,200 11/25 12,000 11/27 4,080 11/30 Bal. 17,040 Adj. 11/8 Unearned Service Revenue 9,660 11/1 Bal. 11/29 9,600 1,620 11/30 Bal. 1,560 Salaries and Wages Payable 4,080 11/1 Bal. Adj. Common Stock 11/30 Bal. 11/1 Bal. 48,000 11/30 Bal. 48,000 Retained Earnings 11/1 Bal. 16,800 Service Revenue 11/22 11/29 4,080 1,200 1,200 5,520 1,680 Adj. 9,660 Depreciation Expense Adj. 600 Adj. 11/8 11/29 Adj. Supplies Expense 2,304 Salaries and Wages Expense 4,440 3,120 1,200 Rent Expense 11/29 900 Sales Revenue 11/12 13,200 Cost of Goods Sold 11/12 9,600 Sales Discounts 11/19 264 On November 1, 2025, Splish Brothers Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $21,600 Accumulated Depreciation-Equipment $2,400 Accounts Receivable 5,376 Accounts Payable 8,160 Supplies 2,064 Unearned Service Revenue 9,600 Equipment 60,000 Salaries and Wages Payable 4,080 $89,040 Common Stock 48,000 Retained Earnings 16,800 $89,040 During November, the following summary transactions were completed. Nov. 8 Paid $8,520 for salaries due employees, of which $4,440 is for November and $4,080 is for October. 10 Received $4,560 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $19,200, terms 2/10, n/30. 12 Sold merchandise on account for $13,200, terms 2/10, n/30. The cost of the merchandise sold was $9,600. 15 Received credit from Dimas Discount Supply for merchandise returned $700. 19 Received collections in full, less discounts, from customers billed on sales of $13,200 on November 12. 20 222222222222 Paid Dimas Discount Supply in full, less discount. Received $5,520 cash for services performed in November. 25 Purchased equipment on account $12,000. 27 Purchased supplies on account $4,080. 28 Paid creditors $7,200 of accounts payable due. 29 Paid November rent $900. 29 29 Paid salaries $3,120. Performed services on account and billed customers $1,680 for those services. 29 Received $1,620 from customers for services to be performed in the future. Prepare an adjusted trial balance at November 30. SPLISH BROTHERS Adjusted Trial Balance Debit $ Totals $ Credit Adjustment data: 1. Supplies on hand are valued at $3,840. 2. Accrued salaries payable are $1,200. 3. Depreciation for the month is $600. 4. $1,560 of services related to the unearned service revenue has not been performed by month-end. Journalize the adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) No. Date Account Titles and Explanation 1. Nov. 30 Supplies Expense Supplies Nov. 2. Salaries and Wages Expense 30 Salaries and Wages Payable Nov. 3. Depreciation Expense 30 Accumulated Depreciation-Equipment 4. Nov. 30 Unearned Service Revenue Service Revenue Debit Post the above adjusting entries. (Post entries in the order of journal entries presented above.) Cash 11/1 Bal. 21,600 11/8 8,520 11/10 4,560 11/20 18,130 11/19 12,936 11/28 7,200 11/22 5,520 11/29 900 11/29 1,620 11/29 3,120 11/30 Bal. 8,366 2,304 1,200 600 9,660 Credit 2,304 1,200 600 9,660 Accounts Receivable 11/1 Bal. 5,376 11/10 4,560 11/12 11/29 13,200 11/19 13,200 1,680 11/30 Bal. 2,496 Inventory 11/11 19,200 11/12 9,600 11/15 700 11/20 370 11/30 Bal. 8,530 11/1 Bal. 11/27 11/30 Bal. Supplies 2,064 Adj. 2,304 4,080 3,840 Equipment 11/1 Bal. 60,000 11/25 12,000 11/30 Bal. 72,000 Accumulated Depreciation-Equipment 11/1 Bal. 2,400 Adj. 600 11/30 Bal. 3,000 Accounts Payable 11/15 700 11/1 Bal. 8,160 11/20 18,500 11/11 19,200 11/28 7,200 11/25 12,000 11/27 4,080 11/30 Bal. 17,040 Adj. 11/8 Unearned Service Revenue 9,660 11/1 Bal. 11/29 9,600 1,620 11/30 Bal. 1,560 Salaries and Wages Payable 4,080 11/1 Bal. Adj. Common Stock 11/30 Bal. 11/1 Bal. 48,000 11/30 Bal. 48,000 Retained Earnings 11/1 Bal. 16,800 Service Revenue 11/22 11/29 4,080 1,200 1,200 5,520 1,680 Adj. 9,660 Depreciation Expense Adj. 600 Adj. 11/8 11/29 Adj. Supplies Expense 2,304 Salaries and Wages Expense 4,440 3,120 1,200 Rent Expense 11/29 900 Sales Revenue 11/12 13,200 Cost of Goods Sold 11/12 9,600 Sales Discounts 11/19 264
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Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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