On November 1, 2017, Sage Hill Inc. had the following account balances. The company uses the...
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On November 1, 2017, Sage Hill Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $7,380 Accumulated Depreciation-Equipment $820 Accounts Receivable 1,837 Accounts Payable 2,788 Supplies 705 Unearned Service Revenue 3,280 Equipment 20,500 Salaries and Wages Payable 1,394 $30,422 Common Stock 16,400 Retained Earnings 5,740 $30,422 During November, the following summary transactions were completed. Paid $2,911 for salaries due employees, of which $1,517 is for November and $1,394 is for 8 Nov. October. 10 Received $1,558 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $6,560, terms 2/10, 11 n/30. Sold merchandise on account for $4,510, terms 2/10, n/30. The cost of the merchandise sold was $3,280. 12 15 Received credit from Dimas Discount Supply for merchandise returned $246. Received collections in full, less discounts, from customers billed on sales of $4,510 on 19 November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $1,886 cash for services performed in November. 25 Purchased equipment on account $4,100. 27 Purchased supplies on account $1,394. 28 Paid creditors $2,460 of accounts payable due. 29 Paid November rent $308. 29 Paid salaries $1,066. 29 Performed services on account and billed customers $574 for those services. 29 Received $554 from customers for services to be performed in the future. Adjustment data: 1. Supplies on hand are valued at $1,312. 2. Accrued salaries payable are $410. 3. Depreciation for the month is $205. $533 of services related to the unearned service revenue has not been performed by month- 4. end. Journalize the closing 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.) Date Account Titles and Explanation Debit Credit Nov. Sales Revenue 30 Service Revenue Income Summary (To close revenue accounts and other accounts with credit balances.) Nov. Income Summary 30 Sales Discounts Cost of Goods Sold Depreciation Expense Supplies Expense Salaries and Wages Expense Salaries and Wages Expense Rent Expense (To close expense accounts and other accounts with debit balances.) Nov. Income Summary 30 Retained Earnings (To close income summary.) Post the closing entries. (Post entries in the order of journal entries presented above. For accounts that have a zero balance select "11/30 Bal." from the list and enter O for the amount.) Cash 7,380 11/8 1,558 11/20 4,420 11/28 1,886 11/29 11/1 Bal. 2,911 6,188 11/10 2,460 11/19 308 11/22 11/29 554 11/29 1,066 11/30 Bal. 2,865 Accounts Receivable 11/1 Bal. 1,837 11/10 1,558 11/12 4,510| 11/19 4,510 11/29 574 11/30 Bal. 853 Inventory 11/11 6,560 11/12 3.280 11/15 246 11/20 126 11/30 Bal. 2,908 Supplies 11/1 Bal. 705 Adj 787 11/27 1,394 11/30 Bal. 1,312 Equipment 11/1 Bal. 20,500 11/25 4,100 11/30 Bal. 24,600 tv Accumulated Depreciation-Equipment 11/1 Bal. 820 Adj 205 11/30 Bal. 1,025 Accounts Payable 11/15 246 11/1 Bal. 2,788 6,314 11/11 2,460 11/25 11/10 6,560 11/19 4,100 11/27 1,394 11/30 Bal. 5,822 Unearned Service Revenue Adj 3,301 11/1 Bal. 3,280 11/29 554 11/30 Bal. 533 Salaries and Wages Payable 11/8 1,394 11/1 Bal. 1,394 Adj 410 11/30 Bal. 410 Common Stock 11/1 Bal. 16,400 11/30 Bal. 16,400 Retained Earnings 11/1 Bal. ,740 Service Revenue 11/22 1,886 11/29 574 Adj 3,301 Depreciation Expense Adj 205 Depreciation Expense Adj 205 Supplies Expense Adj 787 Income Summary Salaries and Wages Expense 11/8 1,517 11/29 1,066 Adi 410 Salaries and Wages Expense 11/8 1,517 11/29 1,066 Adj 410 Rent Expense 11/29 308 Sales Revenue 11/12 4,510 Cost of Goods Sold 11/12 3,280 Sales Revenue 11/12 4,510 Cost of Goods Sold 11/12 3,280 Sales Discounts 11/19 90 On November 1, 2017, Sage Hill Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $7,380 Accumulated Depreciation-Equipment $820 Accounts Receivable 1,837 Accounts Payable 2,788 Supplies 705 Unearned Service Revenue 3,280 Equipment 20,500 Salaries and Wages Payable 1,394 $30,422 Common Stock 16,400 Retained Earnings 5,740 $30,422 During November, the following summary transactions were completed. Paid $2,911 for salaries due employees, of which $1,517 is for November and $1,394 is for 8 Nov. October. 10 Received $1,558 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $6,560, terms 2/10, 11 n/30. Sold merchandise on account for $4,510, terms 2/10, n/30. The cost of the merchandise sold was $3,280. 12 15 Received credit from Dimas Discount Supply for merchandise returned $246. Received collections in full, less discounts, from customers billed on sales of $4,510 on 19 November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $1,886 cash for services performed in November. 25 Purchased equipment on account $4,100. 27 Purchased supplies on account $1,394. 28 Paid creditors $2,460 of accounts payable due. 29 Paid November rent $308. 29 Paid salaries $1,066. 29 Performed services on account and billed customers $574 for those services. 29 Received $554 from customers for services to be performed in the future. Adjustment data: 1. Supplies on hand are valued at $1,312. 2. Accrued salaries payable are $410. 3. Depreciation for the month is $205. $533 of services related to the unearned service revenue has not been performed by month- 4. end. Journalize the closing 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.) Date Account Titles and Explanation Debit Credit Nov. Sales Revenue 30 Service Revenue Income Summary (To close revenue accounts and other accounts with credit balances.) Nov. Income Summary 30 Sales Discounts Cost of Goods Sold Depreciation Expense Supplies Expense Salaries and Wages Expense Salaries and Wages Expense Rent Expense (To close expense accounts and other accounts with debit balances.) Nov. Income Summary 30 Retained Earnings (To close income summary.) Post the closing entries. (Post entries in the order of journal entries presented above. For accounts that have a zero balance select "11/30 Bal." from the list and enter O for the amount.) Cash 7,380 11/8 1,558 11/20 4,420 11/28 1,886 11/29 11/1 Bal. 2,911 6,188 11/10 2,460 11/19 308 11/22 11/29 554 11/29 1,066 11/30 Bal. 2,865 Accounts Receivable 11/1 Bal. 1,837 11/10 1,558 11/12 4,510| 11/19 4,510 11/29 574 11/30 Bal. 853 Inventory 11/11 6,560 11/12 3.280 11/15 246 11/20 126 11/30 Bal. 2,908 Supplies 11/1 Bal. 705 Adj 787 11/27 1,394 11/30 Bal. 1,312 Equipment 11/1 Bal. 20,500 11/25 4,100 11/30 Bal. 24,600 tv Accumulated Depreciation-Equipment 11/1 Bal. 820 Adj 205 11/30 Bal. 1,025 Accounts Payable 11/15 246 11/1 Bal. 2,788 6,314 11/11 2,460 11/25 11/10 6,560 11/19 4,100 11/27 1,394 11/30 Bal. 5,822 Unearned Service Revenue Adj 3,301 11/1 Bal. 3,280 11/29 554 11/30 Bal. 533 Salaries and Wages Payable 11/8 1,394 11/1 Bal. 1,394 Adj 410 11/30 Bal. 410 Common Stock 11/1 Bal. 16,400 11/30 Bal. 16,400 Retained Earnings 11/1 Bal. ,740 Service Revenue 11/22 1,886 11/29 574 Adj 3,301 Depreciation Expense Adj 205 Depreciation Expense Adj 205 Supplies Expense Adj 787 Income Summary Salaries and Wages Expense 11/8 1,517 11/29 1,066 Adi 410 Salaries and Wages Expense 11/8 1,517 11/29 1,066 Adj 410 Rent Expense 11/29 308 Sales Revenue 11/12 4,510 Cost of Goods Sold 11/12 3,280 Sales Revenue 11/12 4,510 Cost of Goods Sold 11/12 3,280 Sales Discounts 11/19 90
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Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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