Accounting Cycle Review Problem 0-14A On November 1, 2017, the following were the account balances of Soho Equipment Repair. Cash Accounts Receivable Debit $ 3,250 3,080 1,580 10,460 Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $ 500 2,760 400 790 10,460 3,460 $18,370 $18,370 During November, the following summary transactions were completed. Nov. 8 10 12 15 17 Paid $1,220 for salaries due employees, of which $430 is for November and $790 is for October salaries payable. Received $1,900 cash from customers in payment of account. Received $3,800 cash for services performed in November. Purchased store equipment on account $3,530. Purchased supplies on account $1,410. Paid creditors $2,560 of accounts payable due. Paid November rent $500. Paid salaries $1,080. Performed services on account worth $960 and billed customers. Received $830 from customers for services to be performed in the future. 20 22 25 27 29 Your answer is correct. Journalize the following adjusting entries. (If no entry is required, select "No Entry" for the account titles and enter o for th Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. Supplies on hand are valued at $1,290. 2. Accrued salaries payable are $490. 3. Depreciation for the month is $250. 4. Services were performed to satisfy $530 of unearned service revenue. No. Account Titles and Explanation Debit Credit 1. Supplies Expense 1700 Supplies 1700 2. Salaries and Wages Expen: 490 Salaries and Wages Pay 490 3. Depreciation Expense 250 Accumulated Depreciati 250 4. Unearned Service Revenue 530 Service Revenue 530 Your answer is correct. Post the above adjusting entries. (Post entries in the order of journal entries passed in the previous question.) Cash 11/1 Bal. 11/10 11/12 11/29 11/30 Bal. 1,220 2,560 500 1,080 3,250 11/8 1,900 11/20 3,800 11/22 830 11/25 4,420 Accounts Receivable 3,080 11/10 960 2,140 Supplies 1,900 11/1 Bal. 11/27 11/30 Bal. 11/1 Bal. 1,580 11/30 1700 11/27 1,410 11/30 Bal. 4 1290 11/1 Bal. 11/15 11/30 Bal. Equipment 10,460 3,530 13,990 Accumulated Depreciation-Equipment 11/1 Bal. 500 11/30 250 11/30 Bal. 750 11/20 2,760 3,530 Accounts Payable 2,560 11/1 Bal. 11/15 11/17 11/30 Bal. Unearned Service Revenue 1,410 5,140 11/30 530 | 11/1 Bal. 400 11/29 830 700 11/30 Bal. Salaries and Wages Payable 790 11/1 Bal. 11/8 790 11/30 490 11/30 Bal. 490 Common Stock 10,460 10,460 Common Stock 11/1 Bal. 11/30 Bal. Retained Earnings 11/1 Bal. 11/30 Bal. Service Revenue 3,460 3,460 11/12 3,800 11/27 960 11/30 530 5290 11/30 Bal. Depreciation Expense 11/30 250 APA 11/30 Bal. 250 Supplies Expense 11/30 1700 11/30 Bal. 1700 Salaries and Wages Expense 11/30 Bal. 250 Supplies Expense 11/30 1700 11/30 Bal. 1700 Salaries and Wages Expense 11/8 430 11/25 1,080 11/30 490 11/30 Bal. 2000 Rent Expense 500 11/22 11/30 Bal. 500 SHOW LIST OF ACCOUNTS Your answer is correct. Prepare an adjusted trial balance. SOHO EQUIPMENT REPAIR Trial Balances November 30, 2017 Debit Credit Cash 4420 Accounts Receivable 2140 Supplies 1290 1290 Equipment 13990 Accumulated Depreciation- 750 Unearned Service Revenue 700 Accounts Payable 5140 Salaries and Wages Payabl 490 Salaries and Wages Expen: 2000 Common Stock 10460 (Retained Earnings 3460 Service Revenue 5290 Retained Earnings 3460 Service Revenue 5290 Supplies Expense 1700 Rent Expense 500 Depreciation Expense 250 26290 26290 Prepare an income statement for November 30. SOHO EQUIPMENT REPAIR Income Statement For the Month Ended November 30, 2017 A Revenues Service Revenue 5290 Expenses Salaries and Wages Exf 2000 $ Supplies Expense 1700 > Rent Expense 500 Depreciation Expense 25 500 > Total Expenses 4450 Net Income / (Loss) 840 Your answer is correct. Prepare a retained earnings statement for November 30. SOHO EQUIPMENT REPAIR Retained Earnings Statement For the Month Ended November 30, 2017 A Retained Earnings, November 1 3460 Add A Net Income / (Loss) 840 Retained Earnings, November 30, 4300 SOHO EQUIPMENT REPAIR Balance Sheet November 30, 2017 Assets Current Assets Cash 4420 4 Accounts Receivable 2140 Total Current Assets 9550 Property, Plant and Equipment Equipment 13990 > Less A [Accumulated Depreciation- 500 13490 : > Total Assets 23040 Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity Current Liabilities Accounts Payable 5140 Salaries and Wages Pay| 0 Unearned Service Reve 1230 Total Current Liabilities 6370 Stockholders' Equity Common Stock 10,400 Retained Earnings 6210 Total Stockholders' Equity 16670 Total Liabilities and Stockholders' Equity A 23040 Click if you would like to Show Work for this question: Open Show Work
