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Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Larkspur had the following account balances. The company uses the perpetual inventory method.
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Larkspur had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $16,200 Accumulated Depreciation Equipment 4,032 Accounts Payable 1,548 Unearned Service Revenue 45,000 Salaries and Wages Payable $66,780 Common Stock Retained Earnings Credit $1,800 6,120 7,200 3,060 36,000 12,600 $66,780 During November, the following summary transactions were completed. Nov. 8 Paid $6,390 for salaries due employees, of which $3,330 is for November and $3,060 is for October. 10 Received $3,420 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $14,400, terms 2/10, n/30. 12 Sold merchandise on account for $9,900, terms 2/10, n/30. The cost of the merchandise sold was $7,200. 15 Received credit from Dimas Discount Supply for merchandise returned $540. 19 Received collections in full, less discounts, from customers billed on sales of $9,900 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $4,140 cash for services performed in November. 25 Purchased equipment on account $9,000. 27 Purchased supplies on account $3,060. 28 Paid creditors $5,400 of accounts payable due. 29 Paid November rent $675. 29 Paid salaries $2,340. 29 Performed services on account and billed customers $1,260 for those services. 29 Received $1,215 from customers for services to be performed in the future. Adjustment data: 1. Supplies on hand are valued at $2,880. 2. Accrued salaries payable are $900. 3. Depreciation for the month is $450. 4. $1,170 of services related to the unearned service revenue has not been performed by month-end. Journalize the adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. Nov. 30 2. Nov. 30 3. Nov. 30 4. Nov. 30 Post the above adjusting entries. (Post entries in the order of journal entries presented above.) Post the above adjusting entries. (Post entries in the order of journal entries presented above.) 11/1 Bal. 11/10 11/19 11/22 11/29 11/30 Bal. 6,390 13,583 5,400 675 2,340 11/1 Bal. Cash 16,200|11/8 3,420 11/20 9,702 11/28 4,140 11/29 1,215 11/29 6,289 Accounts Receivable 4,032 11/10 9,900 11/19 1,260 1,872 Inventory 14,400 11/12 11/15 11/20 6,383 Supplies 3,420 9,900 11/12 11/29 11/30 Bal. 11/11 7,200 540 277 11/30 Bal. 11/1 Bal. 1,548 11/27 3,060 Equipment 11/1 Bal. 45,000 11/25 9,000 11/30 Bal. 54,000 Accumulated Depreciation-Equipment 11/1 Bal. 1,800 11/15 11/20 11/28 Accounts Payable 540 11/1 Bal. 13,860 11/11 5,400 11/25 11/27 11/30 Bal. Unearned Service Revenue 6,120 14,400 9,000 3,060 12,780 11/1 Bal. 7,200 11/29 1,215 Salaries and Wages Payable 3,060 11/1 Bal. 11/8 3,060 Common Stock 11/1 Bal. 11/30 Bal. Retained Earnings 36,000 36,000 11/1 Bal. 12,600 Service Revenue 11/22 4,140 11/29 1,260 Depreciation Expense Supplies Expense Salaries and Wages Expense 11/8 3,330 11/29 2,340 Rent Expense 11/29 675 Sales Revenue 11/12 9,900 Cost of Goods Sold 11/12 7,200 Sales Discounts 11/19 198
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