On October 31, 2018, Alou Equipment Repair Corp.\'s opening trial balance was as

Question

On October 31, 2018, Alou Equipment Repair Corp.'s opening trial balance was as follows. The company adjusts its accounts monthly. Debit $ 16,060 15,890 4,000 18,000 Credit Cash Accounts receivable Supplies Equipment Accumulated depreciation-equipment Accounts payable Salaries payable Unearned revenue Common shares Retained earnings $3,600 4,490 1,000 900 10,760 33,200 $53,950 $53,950 During November, the following transactions were completed: Nov. 9 13 13 19 20 21 23 23 27 28 30 Paid $2,590 to employees for salaries due, of which $1,000 is for October salaries payable and $1,590 for November. Issued common shares for $4,240 Received $12,460 cash from customers in payment of accounts Received $11,400 cash for services performed in November. Purchased supplies on account, $600 Paid creditors $4,490 of accounts payable due Paid November rent, $600 Paid salaries, $2,010 Performed services on account, $3,790 Declared and paid a cash dividend, $500. Received $1,200 from customers for services to be performed in the future

Explanation / Answer

Adjusting entry :

Date account and explanation debit credit Nov 30 Supplies expense 3600    Supplies 3600 Nov 30 Salaries expense 1000    Salaries payable 1000 Nov 30 Depreciation expense (3600/12) 300     Accumlated depreciation-equipment 300 Nov 30 Unearned revenue 800    Service revenue 800 Nov 30 Income tax expense 1100     Income tax payable 1100

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