Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $27,000 6,720 2,580 75,000 $111,300 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Credit $3,000 10,200 12,000 5,100 60,000 21,000 $111,300 Retained Earnings During November, the following summary transactions were completed. Nov. 8 Paid $10,650 for salaries due employees, of which $5,550 is for November and $5,100 is for October. 10 Received $5,700 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $24,000, terms 2/10, n/30. 12 Sold merchandise on account for $16,500, terms 2/10, n/30. The cost of the merchandise sold was $12,000. 15 Received credit from Dimas Discount Supply for merchandise returned $900. 19 Received collections in full, less discounts, from customers billed on sales of $16,500 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $6,900 cash for services performed in November. 25 Purchased equipment on account $15,000. 27 Purchased supplies on account $5,100. Paid creditors $9,000 of accounts payable due. Paid November rent $1,125. 29 Paid salaries $3,900. 29 Performed services on account and billed customers $2,100 for those services. 29 Received $2,025 from customers for services to be performed in the future. 29 (d) Adjustment data: 1. 2. 3. 4. Supplies on hand are valued at $4,800. Accrued salaries payable are $1,500. Depreciation for the month is $750. $1,950 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.) Debit Credit No. Date Account Titles and Explanation 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 11/22 11/29 11/30 Bal. 10,650 22,638 9,000 1,125 3,900 Cash 27,000 11/8 5,700 11/20 16,170 11/28 6,900 11/29 2,025 11/29 10,482 Accounts Receivable 6,72011/10 16,500 11/19 2,100 3,120 Inventory 24,000 11/12 11/15 11/20 10,638 Supplies 11/1 Bal. 11/12 11/29 11/30 Bal. 5,700 16,500 11/11 12,000 900 462 11/30 Bal. 11/1 Bal. 2,580 11/27 5,100 11/1 Bal. 11/25 11/30 Bal. Equipment 75,000 15,000 90,000 Accumulated Depreciation Equipment 11/1 Bal. 3,000 11/15 11/20 11/28 Accounts Payable 900 11/1 Bal. 23,100 11/11 9,000 11/25 11/27 11/30 Bal. Unearned Service Revenue 10,200 24,000 15,000 5,100 21,300 11/1 Bal. 12,000 11/29 2,025 Salaries and Wages Payable 5,100 11/1 Bal. 5,100 11/8 5,100 Common Stock 11/1 Bal. 11/30 Bal. Retained Earnings 60,000 60,000 11/1 Bal. 21,000 Service Revenue 11/22 6,900 11/29 2,100 Depreciation Expense Supplies Expense Salaries and Wages Expense 11/8 5,550 11/29 3,900 Rent Expense 11/29 1,125 Sales Revenue 16,500 11/12 Cost of Goods Sold 11/12 12,000 Sales Discounts 330 11/19
