Preparing Financial Statements from Journal Entries

SoccerBoss
Category:
Accounting
Price: $35 USD

Question description

No. Debits No. Credits 101 Cash $ 2,790 154 Accumulated Depr.—Equip. $ 500 112 Accounts Receivable 2,510 201 Accounts Payable 2,100 126 Supplies 2,000 209 Unearned Service Revenue 1,400 153 Equipment 10,000 212 Salaries and Wages Payable 500 301 Owner’s Capital 12,800 $17,300 $17,300 During November the following summary transactions were completed. Nov. 8 Paid $1,100 for salaries due employees, of which $600 is for November Salaries. 10 Received $1,200 cash from customers on account. 12 Received $1,400 cash for services performed in November. 15 Purchased equipment on account $3,000. 17 Purchased supplies on account $500. 20 Paid creditors on account $2,500. 22 Paid November rent $300. 25 Paid salaries $1,300. 27 Performed services on account and billed customers for services provided $900. 29 Received $550 from customers for future service. Adjustment data consist of: 1. Supplies on hand $1,000. 2. Accrued salaries payable $500. 3. Depreciation for the month is $100. 4. Unearned service revenue of $1,150 is earned. Instructions (a) Enter the November 1 balances in the ledger accounts. (b) Journalize the November transactions. (c) Post to the ledger accounts. Use J1 for the posting reference. Use the following accounts: No. 400 Service Revenue, No. 615 Depreciation Expense, No. 631 Supplies Expense, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. (d) Prepare a trial balance at November 30. (e) Journalize and post adjusting entries. (f) Prepare an adjusted trial balance. (g) Prepare an income statement and an owner’s equity statement for November and a balance sheet at November 30.

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