P3-5B On November 1, 2014, the account balances of Samone Equipment Repair, Inc. were as follows....
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P3-5B On November 1, 2014, the account balances of Samone Equipment Repair, Inc. were as follows. No. Debit No. Credit $ 2,400 158 Accumulated Depreciation-Equipment $ 2,000 2,600 1,360 101 Cash 112 Accounts Receivable 4,450 201 Accounts Payable 126 Supplies 157 Equipment 1,800 209 Unearned Service Revenue 16,000 212 Salaries and Wages Payable 311 Share Capital Ordinary 320 Retained Earnings 700 10,000 7,990 $24,650 $24,650 During November, the following summary transactions were completed. Nov. 8 Paid $1,500 for salaries due employees, of which $700 is for October salaries. 10 Received $3,420 cash from customers on account. 12 Received $3,100 cash for services performed in November. 15 Purchased equipment on account $2,000. 17 Purchased supplies on account $700. 20 Paid creditors on account $2,700. 22 Paid November rent $500. 25 Paid salaries $1,500. 27 Performed services on account and billed customers for services provided $1,900. 29 Received $350 from customers for future service. Adjustment data consist of: 1. Supplies on hand $1,400. 2. Accrued salaries payable $350. 3. Unearned service revenue of $1,380 is recognized for services performed. Instructions (a) Enter the November 1 balances in the ledger accounts. (b) Journalize the November transactions. (c) Post to the ledger accounts (d) Prepare a trial balance at November 30. (e) Journalize and post adjusting entries. (f) Prepare an adjusted trial balance. (g) Prepare an income statement and a retained earnings statement for November and a statement of financial position at November 30. P3-5B On November 1, 2014, the account balances of Samone Equipment Repair, Inc. were as follows. No. Debit No. Credit $ 2,400 158 Accumulated Depreciation-Equipment $ 2,000 2,600 1,360 101 Cash 112 Accounts Receivable 4,450 201 Accounts Payable 126 Supplies 157 Equipment 1,800 209 Unearned Service Revenue 16,000 212 Salaries and Wages Payable 311 Share Capital Ordinary 320 Retained Earnings 700 10,000 7,990 $24,650 $24,650 During November, the following summary transactions were completed. Nov. 8 Paid $1,500 for salaries due employees, of which $700 is for October salaries. 10 Received $3,420 cash from customers on account. 12 Received $3,100 cash for services performed in November. 15 Purchased equipment on account $2,000. 17 Purchased supplies on account $700. 20 Paid creditors on account $2,700. 22 Paid November rent $500. 25 Paid salaries $1,500. 27 Performed services on account and billed customers for services provided $1,900. 29 Received $350 from customers for future service. Adjustment data consist of: 1. Supplies on hand $1,400. 2. Accrued salaries payable $350. 3. Unearned service revenue of $1,380 is recognized for services performed. Instructions (a) Enter the November 1 balances in the ledger accounts. (b) Journalize the November transactions. (c) Post to the ledger accounts (d) Prepare a trial balance at November 30. (e) Journalize and post adjusting entries. (f) Prepare an adjusted trial balance. (g) Prepare an income statement and a retained earnings statement for November and a statement of financial position at November 30.
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Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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