Question 17 of 30 During the month of November, 2014, the following transactions

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Question 17 of 30 During the month of November, 2014, the following transactions were completed: On November 1, 2014, A Company has a trial balance that looks like the following: A Company 8-Nov Paid $1,600 for salaries owed to Trial Balance employees, of which$700 is for October November 1, 2014 accrued salaries. Account Debit Credit 10 Nov Received $3,240 cash from customers as Number Account Name Balance Balance payment of their accounts. 101 Cash 2,500 12-Nov Received $3,600 cash for services 2 Ace unts Recei 4,400 performed n Novembe 126 Supplies 1.600 15 Nov Purchased equipment on account for 157 Equipment 4,000 2,000 $2,500. 158 Accumulated Depreciation Equipment 201 Accounts Payable 3,100 17-Nov Purchased supplies on account for $500. 209 Unearned Service Revenue 1,700 20 Nov Paid $2,900 owed to creditors. 212 Salaries and Wages Payable 22 Nov Paid November rent of $800. 311 Common Stock 11,000 25 Nov Paid salaries of $1,800. 320 Retained Earnings 4,000 27 Nov Performed services on account and billed 400 Service Revenue customers for the services for $700. 631 Supplies Expense 711 Depreciation Expense 29 Nov Received $900 from customers for services 726 Salaries and Wages Expense 729 Rent Expense to be performed in the future. Total 22,S00 22,500 The following additional information is known at November 30, 2014 and should be used to make any appropriate adjusting journal entries: 1 Supplies on hand was determined to be $1,000. 2 Salaries equal to $450 are owed but not yet paid to employees. 3 Depreciation for the month is $400. 4 $1,500 of unearned service revenue was earned during the month. After recording the November transactions and the required end-of-month adjusting entries, total assets as of November 30, 2014 will be:

Explanation / Answer

Adjustments Closing Balance Account Account Name Debit Credit Debit Credit Debit Credit Number Balance Balance Balance Balance Balance Balance 101 Cash 2500 6140 8640 112 Accounts Receivable 4400 3240 1160 126 Supplies 1600 600 1000 157 Equipment 14000 14000 158 Accumulated Depreciation- Equipment 2000 400 2400 201 Accounts Payable 3100 2500 600 209 Unearned Service Revenue 1700 4900 6600 212 Salaries and wages payable 700 700 450 450 311 Common Stock 11000 11000 320 Retained Earnings 4000 4000 400 Service Revenue 4850 4850 631 Supplies Expense 500 500 711 Depreciation Expense 400 400 726 Salaries and wages expenses 3400 3400 729 Rent Expenses 800 800 22500 22500 14440 14440 29900 29900

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