Question

On November 1, 2017, the following were the account balances of Soho Equipment Repair. Debit Credit Cash $ 3,090 Accumulated Depreciation—Equipment $ 500 Accounts Receivable 3,010 Accounts Payable 2,600 Supplies 1,420 Unearned Service Revenue 400 Equipment 10,300 Salaries and Wages Payable 720 Common Stock 10,300 Retained Earnings 3,300 $17,820 $17,820 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 salaries payable. 10 Received $1,810 cash from customers in payment of account. 12 Received $3,710 cash for services performed in November. 15 Purchased store equipment on account $3,510. 17 Purchased supplies on account $1,310. 20 Paid creditors $2,510 of accounts payable due. 22 Paid November rent $450. 25 Paid salaries $1,010. 27 Performed services on account worth $900 and billed customers. 29 Received $750 from customers for services to be performed in the future.

Part A : Enter the November 1 balances in the ledger accounts. Part B: Journalize the November Transactions Part C: Post above journal entries to the ledger accounts Part D: Prepare a trial Balance at November 30 Part E: Journalize the following adjusting entries 1.Supplies on hand are valued at $1,110. 2.Accrued salaries payable are $480. 3.Depreciation for the month is $250. 4.Services were performed to satisfy $500 of unearned service revenue. Part F: Post the above adjusting entries Part G: Prepare an adjusted trial balance Part H: Prepare a income statement for November 30 Part I: Prepare a retained earnings statement for November 30 Part J: Prepare a classified balance sheet at November 30

Answer 1

Below mentioned are shown how the opening balances are entered in ledger,accounting is journalized, ledger posting and closing trial as on 30th Nov 2017.