On November 1, 2022, the following were the account balances of Blossom Equipment Repair Limited. Blossom's...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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
Expert Answer:
Answer rating: 100% (QA)
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:
Students also viewed these accounting questions
-
On November 1, 2022, the following were the account balances of Wildhorse Equipment Repair Limited. Wildhorses year-end is October 31 and it records adjusting entries monthly. During November, the...
-
Assume that a building has a replacement cost of $250,000 but is insured for only $150,000. The roof on the house is 10 years old and has a useful life of only 20 years. The roof is severely damaged...
-
The coordinates of points A and B are given below: Easting Northing Height (meter) (meter) (meter) 41.676 66.446 225.973 127.066 31.063 185.401 Point A B What is the bearing of AB (from A to B)?...
-
How does the existence of financial distress costs and agency costs affect Modigliani and Millers theory in a world where corporations pay taxes?
-
Comparison of the two slab solutions for short times, what error is made by using Eq. 12.1-8 (based on the semi-infinite slab) instead of Eq. 12.1-31 (based on the slab of finite thickness), when...
-
Real Potential Training has used the following budgeted amounts for its controllable costs during 2025. Required (a) Prepare a budget performance report for 2025 by preparing a budget for each cost...
-
SDT Co. reports net income of $55,000. Partner salary allowances are Sweet $15,000, Drinian $5,000, and Tavros $5,000. Indicate the division of net income to each partner, assuming the income ratio...
-
You are going to pitch an idea to secure additional funding for your start-up company. The product that you are selling is insulated water bottle. Create the following: Introduction This should...
-
I See The Light Projected Income Statement For the Period Ending December 31, 20x1 $ 1,125,000.00 25,000 lamps @ $45.00 @ $30.00 Sales Cost of Goods Sold 750.000.00 Gross Profit $ 375.000.00 Selling...
-
On March 15, 2024, the Federal Reserve Board announced that commercial banks cannot lend out or invest more than 90 percent of the reserve liabilities. Find the maximum change in the money supply for...
-
Luebke Incorporated has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month was $70,000 and at the end of the...
-
Your client ABC is employed as a Telecommunications manager with Opstar a national telecommunications company which build mobile phone towers across all capital cities. The taxpayer usually works in...
-
Kendra has been collecting empty bottles and cashing them in for money at regular intervals. She receives 15 cents for each bottle and collects an average of 500 bottles per week. The market rate of...
-
See below table and fix actual cost based on the information provided. The purpose of this assignment is to understand the IT budgeting process, analyze the result and explain the variance between...
-
An IC vibration sensor has a range of 5 g and a sensitivity of 400 mV/g. The signal-conditioning circuit for this sensor gives an output of 2.65 V at 0 g. For positive acceleration, the output...
-
Determine by direct integration the location of the centroid of a parabolic spandrel. y y=kx2
-
What are the principal differences among asset liquidity management, liability management, and balanced liquidity management?
-
DeQuan Matthews started a sports travel business to help college students travel to out of town sporting events. He engaged in the following activities to establish Sports to Go. 1. Deposited $10,000...
-
Assume the following data for Surf & Sno Adventures for the quarter ended December 31. Number of employees at the beginning of the year: 8 Number of employees for fourth quarter: 10 Gross earnings...
-
Selected transactions for Toms Tutoring Company are listed below. Describe the effect of each transaction on assets, liabilities, and owners equity. For example, the first answer is (a) Increase in...
-
A university is deciding between two meal plans. One plan charges a fixed fee of \($600\) per semester and allows students to eat as much as they want. The other plan charges a fee based on the...
-
Evaluate this statement: You are a natural athlete, an attractive person who learns easily and communicates well. Clearly, you can do everything better than your friends and acquaintances. As a...
-
In elementary school and through middle school, most students have the same teacher throughout the day and for the entire school year. Then, beginning in high school, different subjects are taught by...
Study smarter with the SolutionInn App