On November 1, 2022, the following were the account balances of Sandhill Equipment Repair. Debit Credit…
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Question “On November 1, 2022, the following were the account balances of Sandhill Equipment Repair. Debit Credit…”
On November 1, 2022, the following were the account balances of Sandhill Equipment Repair. Debit Credit Cash $ 500 $3,540 3.010 Accumulated Depreciation-Equipment Accounts Payable Accounts Receivable 3,050 400 Supplies 1,870 Unearned Service Revenue Equipment 10,750 Salaries and Wages Payable 720 Common Stock 10,750 Retained Earnings 3,750 $19,170 $19,170 During November, the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $500 is for November and $720 is for October sal 10 Received $1,880 cash from customers in payment of account. 12 Received $3,810 cash for services performed in November. 15 Purchased store equipment on account $3,750. 17 Purchased supplies on account $1,370. 20 Paid creditors $2,570 of accounts payable due 22 Paid November rent $510. 25 Paid salaries $1,080. 27 Performed services on account worth $990 and billed customers. 29 Received $850 from customers for services to be performed in the future. Your answer is partially correct. Enter the November 1 balances in the ledger accounts. Cash 11/30 Bal. 3450 Accounts Receivable 11/30 Bal. 2010 3010 Supplies 11/30 Bal. 1870 1870 Equipment 11/30 Bal. 10750 10750C Accumulated Depreciation-Equipment 0 11/30Bal. D S00 Accounts Payable 11308al. 11/30 Bal | 3050 Unearned Service Revenue 11/30 Bal. 400 Salaries and Wages Payable 11/30 Bal. 11/30 Bal. C 7 20 Common Stock 11/30 Bal. 10750 Retained Earnings
Retained Earnings D O 1 11/30 Bal. 120Bal . 3750 3750 e Textbook and Media List of Accounts Your answer is partially correct. Journalize the November transactions. (If no entry is required, select “No Entry” for the account titles and enter for the amounts. Credit account titles a Date Account Titles and Explanation Debit Credit Nov. 8 Salaries and Wages Payable 720 Salaries and Wages Expense 500 Cash 1220 Nov. 10 Cash 1880 Accounts Receivable 1880 Nov. 12 Cash 3810 Service Revenue 3810 Nov. 15 | Equipment 3750 Accounts Payable 3750 Nov. 17 | Supplies Accounts Payable 1370 Nov. 20 | Accounts Payable 2570 Cash 2570 Nov. 22 Rent Expense Cash Nov.25 Salaries and Wages Expense 1080 Cash 1080 Nov. 27 Accounts Receivable Service Revenue Nov. 29 Cash Unearned Service Revenue eTextbook and Media List of Accounts
Cash 11/1 Bal. 3.540 11/8 1220 11/10 1880 11/20 2570 11/12 3810 11/22 510 11/29 850 11/25 1080 11/30 Bal. 4700 Accounts Receivable 11/1 Bal. 3,010 11/10 1880 11/27 990 AAAAAAAAAAA 11/30 Bal. 2120 Supplies 11/1 Bal. 1,870 2017 JO 1370 | 11/30 Bal. 11/30 Bal. 3240 Equipment 11/1 Bal. 10,750 11/25 3750 | 11/30bal. 11/30 Bal. 14500 C Accumulated Depreciation – Equipment 11/1 Bal. 11/1 Bal. 500 Accounts Payable 11/20 2570 11/1 Bal. 3,050 11/15 3750 11/17 1370 11/30 Bal. 5600 Unearned Service Revenue 11/1 Bal. 400 1/291 850 11/30 Bal. 1250 Salaries and Wages Payable 720 11/1 Bal. 11/30 Bal | Common Stock 11/1 Bal. 10.750 Tyne here to search
Uneaphed Service Revenue 11/1 Bal. 400 11/29 850 11/30 Bal. 1250 Salaries and Wages Payable 11/1 Bal. 720 11/30 Bal. Common Stock 11/1 Bal. 10,750 11/30 Bal. 10750 Retained Earnings 11/1 Bal. 3,750 11/30 Bal. 3750 Service Revenue 11/12 3810 11/27 990 11/30 Bal. 4800 Salaries and Wages Expense 500 11/25 1080 | 11/30 Bal. » D 11/30 Bal. 50 D 1580 C Rent Expense 11/22 510 11/30bal. V D 510 D C eTextbook and Media List of Accounts Your answer is partially correct. De trabalacat Nabaran
Journalize the following adjusting entries. (If no entry is required, select “No Entry” for the account titles and enter for the amounts. Credit account titles are autor 1. Supplies on hand are valued at $1,260. 2. Accrued salaries payable are $490. 3. Depreciation for the month is $290. 4. Services were performed to satisfy $520 of unearned service revenue. No. Account Titles and Explanation Debit Credit 1 Supplies Expense 1260 Supplies 1260 Salaries and Wages Expense 490 Salaries and Wages Payable 490 3. Depreciation Expense 290 Accumulated Depreciation Equipment 290 Unearned Service Revenue 520 Service Revenue 520 e Textbook and Media List of Accounts Your answer is partially correct. Post the above adjusting entries. (Post entries in the order of journal entries passed in the previous question.) 11/1 Bal. 1,220 11/10 Cash 3.540 11/8 1,880 11/20 3,810 11/22 850 11/25 2.570 510 11/12 11/29 1,080 11/30 Bal. 4.700 Accounts Receivable 3.010 11/10 11/1 Bal. 1,880 11/27 990 11/30 Bal. 2,120 Supplies 11/1 Bal. 1,870 11/30 1260 11/27 1,370 11/30 Bal. 1980 11/1 Bal. Equipment 10,750 3,750 11/15 11/30 Bal. 14.500
Prepare an adjusted trial balance. SANDHILL EQUIPMENT REPAIR Trial Balances November 30, 2022 Debit Credit eTextbook and Media List of Accounts
SANDHILL EQUIPMENT REPAIR Income Statement eTextbook and Media List of Accounts * Your answer is incorrect. Prepare a retained earnings statement for November 30. SANDHILL EQUIPMENT REPAIR Retained Earnings Statement e Textbook and Media List of Accounts X Your answer is incorrect. Prepare a classified balance sheet at November 30. (List current assets in order of liquidity.) SANDHILL EQUIPMENT REPAIR Balance Sheet Assets
LIEPOISCIOCU DESTIC JUICELLINOVCICIJU. LISL LULIIL USULUHUULI U ULILY. SANDHILL EQUIPMENT REPAIR Balance Sheet Assets Liabilities and Stockholders’ Equity
Answer
Requirement 1 – Enter the beginning balances in the following manner
Requirement 2 – Prepare the journal entries, including adjustments, as follows
Requirement 3 – Post the following journal entries to your T-Accounts
Requirement 4 – Prepare the following financial statements and a trial balance
SER Inc | ||
Adjusted Trial Balance | ||
November 30, 2022 | ||
Account Title | Debit | Credit |
Cash | $4,700 | |
Receivables | $2,120 | |
Stock | $1,260 | |
Equipment | $14,500 | |
Accumulated depreciation – Equipment | $790 | |
Unearned Revenue | $730 | |
Accounts payable | $5,600 | |
Salary and wages payable | $490 | |
Common stock | $10,750 | |
Retained earnings | $3,750 | |
Service revenue | $5,320 | |
Salaries and wages expenses | $2,070 | |
Cost of Supplies | $1,980 | |
Rent expense | $510 | |
Depreciation expense | $290 | |
Total | $27,430 | $27,430 |
SER Inc | ||
Income Statement | ||
For the Month Ended November 30, 2022 | ||
Particulars | Amount | Amount |
Revenues: | ||
Service revenue | $5,320 | |
Expenses: | ||
Salaries and wages expenses | $2,070 | |
Supplies and Expense | $1,980 | |
Rent expense | $510 | |
Depreciation expense | $290 | |
Total Expenses | $4,850 | |
Net income | $470 | |
SER Inc | ||
Retained Earnings Statement | ||
For the Month Ended November 30, 2022 | ||
Particulars | Amount | |
November 1, 2009 – Retained Earnings | $3,750 | |
Add: Net income | $470 | |
Retained Earnings – November 30 | $4,220 | |
SER Inc | ||
Balance Sheet | ||
30-Nov-22 | ||
Assets | Amount | Amount |
Current Assets | ||
Cash | $4,700 | |
Account Receivable | $2,120 | |
Stock | $1,260 | |
Total Current Assets | $8,080 | |
Equipment, Plant and Property | ||
Equipment | $14,500 | |
Deduct: Accumulated Decreciation – Equipment | ($790) | $13,710 |
Total Assets | $21,790 | |
Liabilities and Stockholders’ Equity | ||
Current Liabilities | ||
Accounts payable | $5,600 | |
Unearned Revenue | $730 | |
Salary and wages payable | $490 | |
Total Current Liabilities | $6,820 | |
Stockholders’ Equity | ||
Common stock | $10,750 | |
Retained earnings | $4,220 | |
Equity of total stockholders | $14,970 | |
Total liabilities and stockholders equity | $21,790 |
Cash $3,540 Accounts Available $3.050 Nov 1, Nov 1 End. Balance $3.5401 Accounts Receivable 3.0010 End. Bal Unearned Service Revenue 400 Nov 1 Nov 1 End. Bal Supplies $3,010 $1.870 S400 End. Salary and Wages for Bal Workers $720 Nov 1 Nov 1. End Bal $1,870 $720 Ende. Equipment Bal $10.750 Accumulated Depreciation – Equipment 500 Nov 1 Nov 1 End. Bal $10.750 500 End. Bal Common Stock $10,750 Nov 1 $10.750 End. Retained Earnings in Bal $3.750 Nov 1 End. Bal
Credit Date Nov. 8 Salary and Wages Expense Salaries & Wages Payable Cash to record wages and salaries paid. Debit $500 $720 Nov. 10, Cash Service Revenue To track service revenue of $990 $850 Nov. 29, Cash Unearned Service Revenue Adjusting journal entries Adj. Accounting Title and Explanation 1 Supplies Cost ($1,870+ $1.370 – $1.260) Supplies To record adjustments for supplies used Credit Debit $1.980 $1.980 90 Salaries & Wages Expense Salaries & Wages Payable To record adjustment of accrued salaries $490-3 $290 Depreciation Charge Accumulated Depreciation–Equipment To record adjustment to depreciation expense unearned service revenue Service Revenue Recording service revenue was $520
Nov 20 Nov 1 Nov 10 Nov 12 Nov 29 End. Bal Nov 8 Nov 20 Nov 22 Nov 25 Accounts Payable $2,570 $3.050 $3,750 $1,370 Nov 1 Nov 15 Nov 17 Cash $3.540 $1,220 $1.880 $2,570 $3.810 $510 $850 $1,080 $4,700 Accounts Receivable $3,010 $1.880 $990 $2,120 Supplies $1,870 $1,980 $1,370 $1.260 Nov 10 Nov 1 Nov 27 End. End. Bal $5.600 Bal Unearned Service Revenue Adj. 4 $520 $400 Nov 1 $850 Nov 29 $730 End. Balance Salaries and Wages Nov 8 $720 Nov 29 $850 Nov 29 $730 End. 2 $490 End. Bal Adj. 1 Nov 1 Nov 15 End. Bal Nov 1 Nov 15 End. Equipment Bal $10,750 $3.750 $14.500 Accumulated Depreciation – Equipment $500 Nov. 1 $290 Adj. 3 $790 End. Bal Stock Common Stock $10.750 Nov 1 Salaries & Wages Expense Nov 8, 500 Nov 25, $1,080 Adj. 2 $490 End. Bal $2,070 $11.750 End. Bal Rent Expense $510 Retained Earnings 3.750 Nov 1 Nov 22 End. $510 Bal $3,750 End. Bal Adj. 1 Supplies Expense $1.980 $1.980 End. Bal Service Revenue $3.810 $990 $520 Nov 12 Nov 27 Adj. 4 Adj. 3 End. Bal Depreciation Cost $290 $290 $5320 End Bal
Conclusion
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