Question

Problem 3-05A a-g (Part Level Submission) On November 1, 2020, the account balances of Hamm Equipment Repair were as follows. No. Debits No. Credits 101 Cash $ 2,400 154 Accumulated Depreciation—Equipment $ 2,000 112 Accounts Receivable 4,250 201 Accounts Payable 2,600 126 Supplies 1,800 209 Unearned Service Revenue 1,200 153 Equipment 12,000 212 Salaries and Wages Payable 700 301 Owner’s Capital 13,950 $20,450 $20,450 During November, the following summary transactions were completed. Nov. 8 Paid $1,700 for salaries due employees, of which $700 is for October salaries. 10 Received $3,620 cash from customers on account. 12 Received $3,100 cash for services performed in November. 15 Purchased equipment on account $2,000. 17 Purchased supplies on account $700. 20 Paid creditors on account $2,700. 22 Paid November rent $400. 25 Paid salaries $1,700. 27 Performed services on account and billed customers for these services $2,200. 29 Received $600 from customers for future service.

(a) Enter the November 1 balances in the ledger accounts. Cash No. 101 Date Explanation Ref Debit Credit Balance Nov. 1 Balance √ Accounts Receivable No. 112 Date Explanation Ref Debit Credit Balance Nov. 1 Balance √ Supplies No. 126 Date Explanation Ref Debit Credit Balance Nov. 1 Balance √ Equipment No. 153 Date Explanation Ref Debit Credit Balance Nov. 1 Balance √ Accumulated Depreciation—Equipment No. 154 Date Explanation Ref Debit Credit Balance Nov. 1 Balance √ Accounts Payable No. 201 Date Explanation Ref Debit Credit Balance Nov. 1 Balance √ Unearned Service Revenue No. 209 Date Explanation Ref Debit Credit Balance Nov. 1 Balance √ Salaries and Wages Payable No. 212 Date Explanation Ref Debit Credit Balance Nov. 1 Balance √ Owner’s Capital No. 301 Date Explanation Ref Debit Credit Balance Nov. 1 Balance √

Answer 1

However in requirement (a) only opening balance posting was asked but as transaction were given so complete ledger in given format for the month are prepared. Posting of opening balances is done in blue colour and closing balances are alos highlighted.

Hope it helps.