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 $26,100 6,496 2,494 72,500 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $2,900 9,860 11,600 4,930 58,000 20,300 $107,590 During November, the following summary transactions were completed. Nov. 8 Paid $10,295 for salaries due employees, of which $5,365 is for November and $4,930 is for October 10 Received $5,510 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $23,200, terms 2/10, n/30. 12 Sold merchandise on account for $15,950, terms 2/10, n/30. The cost of the merchandise sold was $11.600. 15 Received credit from Dimas Discount Supply for merchandise returned $870. 19 Received collections in full, less discounts, from customers billed on sales of $15,950 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $6,670 cash for services performed in November 25 Purchased equipment on account $14,500. 27 Purchased supplies on account $4,930. 28 Paid creditors $8,700 of accounts payable due. 29 Paid November rent $1,087. 29 Paid salaries $3,770. 29 Performed services on account and billed customers $2,030 for those services. 29 Received $1,958 from customers for services to be performed in the future. Adjustment data: 1. 2. 3. 4. Supplies on hand are valued at $4,640. Accrued salaries payable are $1,450. Depreciation for the month is $725. $1,885 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 for the amounts.) Debit Credit No. Date Account Titles and Explanation 1. Nov. 30 2. Nov. 30 3. Nov. 30 Nov. 30 Post the above adjusting entries. (Post entries in the order of journal entries presented above.) 11/1 Bal. 11/10 11/19 10,295 21,883 8,700 1,087 3,770 11/22 11/29 11/30 Bal. Cash 26,100 11/8 5,510 11/20 15,631 11/28 6,67011/29 1,958 11/29 10,134 Accounts Receivable 6,496 11/10 15,950 11/19 2,030 3,016 Inventory 23,200 11/12 11/15 11/20 10,283 Supplies 2,494 11/1 Bal. 11/12 11/29 11/30 Bal. 5.510 15.950 11/11 11/30 Bal 11/1 Bal. 11/27 4,930 11/1 Bal. 11/25 Equipment 72,500 14,500 11/1 Bal. 11/25 11/30 Bal. Equipment 72.500 14,500 87.000 Accumulated Depreciation Equipment 2.900 Accounts Payable 870 11/1 Bal 22,330 11/11 8,700 11/25 11/28 9,850 23,200 14,500 4,930 20,590 11/30 Bal Unearned Service Revenue 11/1 Bal. 11,600 1,958 Salaries and Wages Payable 4,930 11/1 Bal Common Stock l11/1 Bal 11/30 Bal Retained Earnings 58.000 58,000 11/1 Bal 20.300 Service Revenue 6,670 1120 2,030 Depreciation Expense Supplies Expense Salaries and Wages Expense 5,365 11/29 3,7701 Depreciation Expense Supplies Expense Salaries and Wages Expense 5,365 11/8 11/29 3,770 Rent Expense 11/29 1,087 Sales Revenue 11/12 15,950 Cost of Goods Sold 11/12 11,600 Sales Discounts 319 11/19
