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. Debit Credit Cash $5,400 Accumulated Depreciation-Equipment $600 Accounts Receivable 1,344 Accounts Payable 2,040 Supplies 516 Unearned Service Revenue 2,400 Equipment 15,000 Salaries and Wages Payable 1,020 $22,260 Common Stock 12,000 Retained Earnings 4,200 $22,260 19 During November, the following summary transactions were completed. Nov. 8 Paid $2,130 for salaries due employees, of which $1,110 is for November and $1,020 is for October. 10 Received $1,140 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $4,800, terms 2/10, n/30. 12 Sold merchandise on account for $3,300, terms 2/10, 1/30. The cost of the merchandise sold was $2,400. 15 Received credit from Dimas Discount Supply for merchandise returned $180. Received collections in full, less discounts, from customers billed on sales of $3,300 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $1,380 cash for services performed in November. 25 Purchased equipment on account $3,000. 27 Purchased supplies on account $1,020. Paid creditors $1,800 of accounts payable due. Paid November rent $225. Paid salaries $780. Performed services on account and billed customers $420 for those services. Received $405 from customers for services to be performed in the future. 28 29 29 29 29 (d) Adjustment data: 1. 2. 3. 4. Supplies on hand are valued at $960. Accrued salaries payable are $300. Depreciation for the month is $150. $390 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.) 11/1 Bal. 11/10 11/19 Cash 5,400 11/8 1,140 11/20 3,234 11/28 1,380|11/29 405 11/29 2,096 Accounts Receivable 1,344 11/10 3,300 11/19 2,130 4,528 1,800 225 780 11/22 11/29 11/30 Bal. 1,140 3,300 11/1 Bal. 11/12 11/29 11/30 Bal. 420 624 11/11 2,400 Inventory 4,800 11/12 11/15 11/20 2,128 Supplies 180 92 11/30 Bal. 11/1 Bal. 516 11/27 1,020 11/1 Bal. 11/25 11/30 Bal. Equipment 15,000 3,000 18,000 Accumulated Depreciation-Equipment 11/1 Bal. 600 11/15 11/20 11/28 Accounts Payable 180 11/1 Bal. 4,620 11/11 1,800 11/25 11/27 11/30 Bal. Unearned Service Revenue 11/1 Bal. 2,040 4,800 3,000 1,020 4,260 2,400 11/29 405 Salaries and Wages Payable 1,020 11/1 Bal. 11/8 1,020 Common Stock 11/1 Bal. 11/30 Bal. Retained Earnings 12,000 12,000 11/1 Bal. 4,200 Service Revenue 11/22 1,380 11/29 420 Depreciation Expense Supplies Expense Salaries and Wages Expense 1,110 11/8 11/29 780 Rent Expense 11/29 225 Sales Revenue 11/12 3,300 Cost of Goods Sold 2,400 11/12 Sales Discounts 11/19 66
