Journalize transactions and follow through accounting cycle to preparation of fi
ID: 2425047 • Letter: J
Question
Journalize transactions and follow through accounting cycle to preparation of financial statements.
(LO 4, 5, 6), AP
Debit
Credit
3,000
$16,820
$16,820
During November, the following summary transactions were completed.
Adjustment data:
1.
2.
3.
4.
Instructions
Enter the November 1 balances in the ledger accounts. (Use T-accounts.)
Journalize the November transactions.
Post to the ledger accounts. Use Service Revenue, Depreciation Expense, Supplies Expense, Salaries and Wages Expense, and Rent Expense.
Prepare a trial balance at November 30.
Journalize and post adjusting entries.
Prepare an adjusted trial balance.
Journalize transactions and follow through accounting cycle to preparation of financial statements.
(LO 4, 5, 6), AP
On November 1, 2014, the following were the account balances of Rijo Equipment Repair.Debit
Credit
Cash $? 2,790 Accumulated Depreciation—Equipment $???500 Accounts Receivable 2,910 Accounts Payable 2,300 Supplies 1,120 Unearned Service Revenue 400 Equipment 10,000 Salaries and Wages Payable 620 Common Stock 10,000 Retained Earnings3,000
$16,820
$16,820
During November, the following summary transactions were completed.
Nov. ?8 Paid $1,220 for salaries due employees, of which $600 is for November and $620 is for October salaries payable. 10 Received $1,800 cash from customers in payment of account. 12 Received $3,700 cash for services performed in November. 15 Purchased store equipment on account $3,600. 17 Purchased supplies on account $1,300. 20 Paid creditors $2,500 of accounts payable due. 22 Paid November rent $480. 25 Paid salaries $1,000. 27 Performed services on account worth $900 and billed customers. 29 Received $750 from customers for services to be provided in the future.Adjustment data:
1.
Supplies on hand are valued at $1,100.2.
Accrued salaries payable are $480.3.
Depreciation for the month is $250.4.
Services were performed to satisfy $500 of unearned service revenue.Instructions
1.Enter the November 1 balances in the ledger accounts. (Use T-accounts.)
2.Journalize the November transactions.
3.Post to the ledger accounts. Use Service Revenue, Depreciation Expense, Supplies Expense, Salaries and Wages Expense, and Rent Expense.
4.Prepare a trial balance at November 30.
5.Journalize and post adjusting entries.
6.Prepare an adjusted trial balance.
Explanation / Answer
2. Journal entries for November:
4. Unadjusted Trial Balance as of November 30
5. Adjusting entries:
6. Adjusted Trial Balance as of November 30:
Date Account Title Debit Credit $ $ Nov 8 Salaries and wages payable 620 Salaries and wages expense 600 Cash 1,220 10 Cash 1,800 Accounts receivable 1,800 12 Cash 3,700 Service revenue 3,700 15 Store equipment 3,600 Accounts payable 3,600 17 Supplies 1,300 Accounts payable 1,300 20 Accounts payable 2,500 Cash 2,500 22 Rent expense 480 Cash 480 25 Salaries and wages expense 1,000 Cash 1,000 27 Accounts receivable 900 Service revenue 900 29 Cash 750 Unearned service revenue 750Related Questions
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