On November 1, 2022, the account balances of Hamm Equipment Repair were asfollows. During November, the following summary transactions were
On November 1, 2022, the account balances of Hamm Equipment Repair were asfollows.
During November, the following summary transactions were completed.Nov. 2 Paid $700 for salaries due employees.10 Received $3,620 cash from customers on account.12 Received $3,100 cash for services performed in November.15 Purchased equipment on account $2,000.16 Paid $1,000 for salaries and wages.17 Purchased supplies on account $700.20 Paid creditors on account $2,700.22 Paid November rent $400.27 Performed services on account and billed customers for these services $2,200.30 Paid salaries $800.
Adjustment data consist of:1. Supplies on hand $1,400.2. Salaries earned but not yet paid $350.3. Depreciation for the month is $200.
Instructionsa. Enter the November 1 balances in the ledger accounts.b. Journalize the November transactions.c. Post to the ledger accounts. Use J1 for the posting reference. Use the following additional accounts: No. 400 Service Revenue, No. 631 Supplies Expense, No. 711 Depreciation Expense, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.d. Prepare a trial balance at November 30.e. Journalize and post adjusting entries. (Use J2 as the posting reference.)f. Prepare an adjusted trial balance.g. Prepare an income statement and an owner?s equity statement for November and a balance sheet at November 30.Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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