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 15 Sold merchandise on account for $13,200, terms 2/10, n/30. The cost of the merchandise sold was $9,600. Received credit from Dimas Discount Supply for merchandise returned $700. Received collections in full, less discounts, from customers billed on sales of $13,200 on November 12. Paid Dimas Discount Supply in full, less discount. 22 25 27 NNNNNNNNN 20 Received $5,520 cash for services performed in November. Purchased equipment on account $12,000. Purchased supplies on account $4,080. 28 Paid creditors $7,200 of accounts payable due. 29 29 29 Received $1,620 from customers for services to be performed in the future. Paid November rent $900. Paid salaries $3,120. Performed services on account and billed customers $1,680 for those services. Enter the November 1 balances in ledger T-accounts. 11/1 Bal. 11/1 Bal. 21,600 Cash Accounts Receivable 5,376 Supplies 11/1 Bal. 2,064 11/1 Bal. Equipment 60,000 Accumulated Depreciation-Equipment 11/1 Bal. 2,400 Accounts Payable 11/1 Bal. 8,160 Unearned Service Revenue 11/1 Bal. 9,600 Salaries and Wages Payable 11/1 Bal. 4,080 Common Stock 11/1 Bal. 48,000 Retained Earnings 11/1 Bal. 16,800 Journalize the November transactions. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date iv. 8 Account Titles and Explanation Salaries and Wages Expense Salaries and Wages Payable Cash lov. 10 Cash Accounts Receivable lov. 11 Inventory Accounts Payable lov. 12 Accounts Receivable Sales Revenue (To record credit sale) lov. 12 Cost of Goods Sold lov. 15 V. 19 Inventory (To record cost of merchandise sold) Accounts Payable Inventory Sales Discounts Cash Accounts Receivable lov. 20 Accounts Payable Cash Inventory Debit 4,440 4,080 4,560 19,200 13,200 9,600 700 264 12,936 18,500 Credit 8,520 4,560 19,200 13,200 9,600 700 13,200 18,130 370 Nov. 20 Accounts Payable 18,500 Cash Inventory Nov. 22 Cash Service Revenue Nov. 25 Equipment Accounts Payable Nov. 27 Supplies Accounts Payable Nov. 28 Accounts Payable Cash Nov. 29 Rent Expense Nov. 29 Nov. 29 Cash (To record November rent paid) Salaries and Wages Expense Cash (To record salaries paid) Accounts Receivable Service Revenue (To record services performed) Nov. 29 Cash Unearned Service Revenue (To record receipt for services to be performed) 5,520 12,000 4,080 7,200 900 3,120 1,680 1,620 18,130 370 5,520 12,000 4,080 7,200 900 3,120 1,680 1,620 Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) 11/1 Bal. Cash 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 11/1 Bal. Accounts Receivable 5,376 11/10 4,560 11/12 13,200 11/19 13,200 11/29 1,680 11/30 Bal. 2,496 Inventory 11/11 19,200 11/30 Bal. 8,530 11/1 Bal. 11/12 9,600 11/15 700 11/20 370 Supplies 2,064 11/27 4,080 Equipment 11/1 Bal. 11/25 11/30 Bal. Equipment 60,000 12,000 72,000 Accumulated Depreciation-Equipment 11/1 Bal. 2,400 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 11/8 11/27 4,080 11/30 Bal. 17,040 Unearned Service Revenue 11/1 Bal. 9,600 11/29 1,620 Salaries and Wages Payable 4,080 11/1 Bal. 4,080 Common Stock 11/1 Bal. Retained Earnings 48,000 11/30 Bal. 48,000 11/1 Bal. 16,800 11/8 Retained Earnings 11/1 Bal. 16,800 Service Revenue 11/22 5,520 11/29 Salaries and Wages Expense 4,440 11/29 3,120 Rent Expense 11/29 900 11/12 Sales Revenue 1,680 11/12 13,200 Cost of Goods Sold 9,600 Sales Discounts 11/19 264 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 Nov. 2. 30 Nov. 3. 30 4. Nov. 30 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 Credit 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 Supplies 2,064 4,080 Equipment 11/1 Bal. 60,000 11/25 12,000 11/30 Bal. 72,000 Accumulated Depreciation-Equipment 11/1 Bal. 2,400 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 11/8 11/8 11/29 Unearned Service Revenue 11/1 Bal. 9,600 11/29 Salaries and Wages Payable 4,080 11/1 Bal. Common Stock 11/1 Bal. 48,000 11/30 Bal. 48,000 Retained Earnings 11/1 Bal. 16,800 Service Revenue 11/22 1,620 4,080 5,520 11/29 1,680 Depreciation Expense Supplies Expense Salaries and Wages Expense 4,440 3120 11/8 11/29 Salaries and Wages Expense 4,440 11/29 900 3,120 Rent Expense 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 15 Sold merchandise on account for $13,200, terms 2/10, n/30. The cost of the merchandise sold was $9,600. Received credit from Dimas Discount Supply for merchandise returned $700. Received collections in full, less discounts, from customers billed on sales of $13,200 on November 12. Paid Dimas Discount Supply in full, less discount. 22 25 27 NNNNNNNNN 20 Received $5,520 cash for services performed in November. Purchased equipment on account $12,000. Purchased supplies on account $4,080. 28 Paid creditors $7,200 of accounts payable due. 29 29 29 Received $1,620 from customers for services to be performed in the future. Paid November rent $900. Paid salaries $3,120. Performed services on account and billed customers $1,680 for those services. Enter the November 1 balances in ledger T-accounts. 11/1 Bal. 11/1 Bal. 21,600 Cash Accounts Receivable 5,376 Supplies 11/1 Bal. 2,064 11/1 Bal. Equipment 60,000 Accumulated Depreciation-Equipment 11/1 Bal. 2,400 Accounts Payable 11/1 Bal. 8,160 Unearned Service Revenue 11/1 Bal. 9,600 Salaries and Wages Payable 11/1 Bal. 4,080 Common Stock 11/1 Bal. 48,000 Retained Earnings 11/1 Bal. 16,800 Journalize the November transactions. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date iv. 8 Account Titles and Explanation Salaries and Wages Expense Salaries and Wages Payable Cash lov. 10 Cash Accounts Receivable lov. 11 Inventory Accounts Payable lov. 12 Accounts Receivable Sales Revenue (To record credit sale) lov. 12 Cost of Goods Sold lov. 15 V. 19 Inventory (To record cost of merchandise sold) Accounts Payable Inventory Sales Discounts Cash Accounts Receivable lov. 20 Accounts Payable Cash Inventory Debit 4,440 4,080 4,560 19,200 13,200 9,600 700 264 12,936 18,500 Credit 8,520 4,560 19,200 13,200 9,600 700 13,200 18,130 370 Nov. 20 Accounts Payable 18,500 Cash Inventory Nov. 22 Cash Service Revenue Nov. 25 Equipment Accounts Payable Nov. 27 Supplies Accounts Payable Nov. 28 Accounts Payable Cash Nov. 29 Rent Expense Nov. 29 Nov. 29 Cash (To record November rent paid) Salaries and Wages Expense Cash (To record salaries paid) Accounts Receivable Service Revenue (To record services performed) Nov. 29 Cash Unearned Service Revenue (To record receipt for services to be performed) 5,520 12,000 4,080 7,200 900 3,120 1,680 1,620 18,130 370 5,520 12,000 4,080 7,200 900 3,120 1,680 1,620 Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) 11/1 Bal. Cash 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 11/1 Bal. Accounts Receivable 5,376 11/10 4,560 11/12 13,200 11/19 13,200 11/29 1,680 11/30 Bal. 2,496 Inventory 11/11 19,200 11/30 Bal. 8,530 11/1 Bal. 11/12 9,600 11/15 700 11/20 370 Supplies 2,064 11/27 4,080 Equipment 11/1 Bal. 11/25 11/30 Bal. Equipment 60,000 12,000 72,000 Accumulated Depreciation-Equipment 11/1 Bal. 2,400 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 11/8 11/27 4,080 11/30 Bal. 17,040 Unearned Service Revenue 11/1 Bal. 9,600 11/29 1,620 Salaries and Wages Payable 4,080 11/1 Bal. 4,080 Common Stock 11/1 Bal. Retained Earnings 48,000 11/30 Bal. 48,000 11/1 Bal. 16,800 11/8 Retained Earnings 11/1 Bal. 16,800 Service Revenue 11/22 5,520 11/29 Salaries and Wages Expense 4,440 11/29 3,120 Rent Expense 11/29 900 11/12 Sales Revenue 1,680 11/12 13,200 Cost of Goods Sold 9,600 Sales Discounts 11/19 264 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 Nov. 2. 30 Nov. 3. 30 4. Nov. 30 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 Credit 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 Supplies 2,064 4,080 Equipment 11/1 Bal. 60,000 11/25 12,000 11/30 Bal. 72,000 Accumulated Depreciation-Equipment 11/1 Bal. 2,400 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 11/8 11/8 11/29 Unearned Service Revenue 11/1 Bal. 9,600 11/29 Salaries and Wages Payable 4,080 11/1 Bal. Common Stock 11/1 Bal. 48,000 11/30 Bal. 48,000 Retained Earnings 11/1 Bal. 16,800 Service Revenue 11/22 1,620 4,080 5,520 11/29 1,680 Depreciation Expense Supplies Expense Salaries and Wages Expense 4,440 3120 11/8 11/29 Salaries and Wages Expense 4,440 11/29 900 3,120 Rent Expense Sales Revenue < 11/12 13,200 Cost of Goods Sold 11/12 9,600 Sales Discounts 11/19 264
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Related Book For
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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