Comprehensive Accounting Cycle Review 5-02 (Part Level Submission)

On November 1, 2022, Metlock had the following account balances. The company uses the perpetual inventory method.

		Debit				Credit
Cash		$18,000		Accumulated DepreciationEquipment		$2,000
Accounts Receivable		4,480		Accounts Payable		6,800
Supplies		1,720		Unearned Service Revenue		8,000
Equipment		50,000		Salaries and Wages Payable		3,400
		$74,200		Common Stock		40,000
				Retained Earnings		14,000
						$74,200

During November, the following summary transactions were completed.

Nov.	8		Paid $7,100 for salaries due employees, of which $3,700 is for November and $3,400 is for October.
	10		Received $3,800 cash from customers in payment of account.
	11		Purchased merchandise on account from Dimas Discount Supply for $16,000, terms 2/10, n/30.
	12		Sold merchandise on account for $11,000, terms 2/10, n/30. The cost of the merchandise sold was $8,000.
	15		Received credit from Dimas Discount Supply for merchandise returned $600.
	19		Received collections in full, less discounts, from customers billed on sales of $11,000 on November 12.
	20		Paid Dimas Discount Supply in full, less discount.
	22		Received $4,600 cash for services performed in November.
	25		Purchased equipment on account $10,000.
	27		Purchased supplies on account $3,400.
	28		Paid creditors $6,000 of accounts payable due.
	29		Paid November rent $750.
	29		Paid salaries $2,600.
	29		Performed services on account and billed customers $1,400 for those services.
	29		Received $1,350 from customers for services to be performed in the future.

D)

E)

F)

G)

I have included all parts, this is the last part if someone can help me. Thank you so much

7100 11/10 (c) your answer is partially correct. Try again. Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) Cash 11/1 Bal. 18,000 11/8 3900 11/20 15092 1078011/28 6000 4500 11/29 750 11/29 1350 11/29 2600 111/30 Bal. 69881 Accounts Receivable 11/1 Bal. 4,480 11/10 3800 11/12 11000 | 11/19 11:19 11000 1400 11/30 Bal. 2080 Inventory 16000 T11/12 8000 || 11/15 11/20 T11/30 Bal. 7092 Supplies 11/1 Bal. 1,7201 | 11/27 3400|| Equipment 11/1 Bal. 50.000 11/25 100001 11/30 Bal. 2.000 60000 Accumulated Depreciation Equipment 11/1 Bal. Accounts Payable 600-1/1 Bal. 15400 | 11/11 6000 |11/250 (11/27 6,800 11/20 11/28 16000 10000 3400 35200 111/30 Bal. 22000 | 11/30 Bal. 1 Unearned Service Revenue 11/1 Bal. 8,000 1350 | 11/29 Salaries and Wages Payable 3400||11/1 Bal. Common Stock 11/1 Bal. 3,400 momen 40,000 40000 | 11/30 Bal. Retained Earnings 11/1 Bal. 14,000 Service Revenue || 11/22 4600 11/29 Salaries and Wages Expense 11/29 2600T Rent Expense 750 Sales Revenue 11/29 D Cost of Goods Sold C (1/12 11/19 11/12 8000 220 C Sales Discounts Rent Expense 11/29 Sales Revenue 11/12 11,000 Cost of Goods Sold 11/12 8.000 Sales Discounts 11/19 220 (d) Your answer is correct. Adjustment data: 1. 2. 3. Supplies on hand are valued at $3,200. Accrued salaries payable are $1,000. Depreciation for the month is $500. $1,300 of services related to the unearned service revenue has not been performed by month Journalize the adjusting entries. (Credit account titles are automatically indented when the a Debit Credit No. Date Account Titles and Explanation 1. Nov. 30 Supplies Expense Supplies 1920 2. Nov. 30 Salaries and Wages Expense Salaries and Wages Payable 3. Nov. 30 Depreciation Expense 500 Accumulated Depreciation-Equipment 4. Nov. 30 Unearned Service Revenue 8050| Service Revenue 8050 Post the above adjusting entries. (Post entries in the order of journal entries presented abov 11/1 Bal. 11/10 11/19 11/22 11/29 11/30 Bal. 7,100 15,092 6,000 750 2,600 Cash 18,000 11/8 3,800 11/20 10,780 11/28 4,600 11/29 1,350 11/29 6,988 Accounts Receivable 4,48011/10 11,000 11/19 1,400 2,080 3,800 11,000 11/1 Bal. 11/12 11/29 11/30 Bal. 11/11 8,000 600 308 Inventory 16,000 11/12 11/15 11/20 7,092 Supplies 1,720 Adj. 11/30 Bal. 11/1 Bal. 11/27 3,40011 11/30 Bal. 3200 Equipment 11/1 Bal. 11/25 11/30 Bal. Equipment 50,000 10,000 60,000 Accumulated Depreciation-Equipment 11/1 Bal. 2,000 Adj. 500 2500 || 11/30 Bal. 11/15 11/20 11/28 Accounts Payable 600 11/1 Bal. 15,400 11/11 6,000 11/25 11/27 11/30 Bal. Unearned Service Revenue 8050 11/1 Bal. 11/29 6,800 16,000 10,000 3,400 14,200 8,000 1,350 1300 11/30 Bal. Salaries and Wages Payable 3,400 11/1 Bal. || Adj. 3,400 1000 1000 11/30 Bal. Common Stock 11/1 Bal. 11/30 Bal. Retained Earnings 40,000 40,000 11/1 Bal. 14,000 Service Revenue 11/22 4,600 11/29 1,400 Adj. 8050 Depreciation Expense 500 Supplies Expense 1920 Salaries and Wages Expense 11/8 3,700 11/29 2,600 Prepare an adjusted trial balance at November 30. METLOCK Adjusted Trial Balance November 30, 2022 Credit Debit 6988 Cash Accounts Receivable 2080 Inventory 7092 Supplies 3200 TEquipment 60000 TAccumulated Depreciation Equipment T Accounts Payable T 2500 14200 1300 1000 Unearned Service Revenue T T Salaries and Wages Payable Common Stock 40000 Retained Earnings 14000 Service Revenue 14050 Depreciation Expense Supplies Expense 1929 Salaries and Wages Expense 7300 Rent Expense Sales Revenue T 11000 Cost of Goods Sold 8000 Sales Discounts 220 Totals 98050 98050 For the Month Ended November 30, 2022 Sales Sales Revenue Less Sales Discounts | AHET T Net Sales 10780 Service Revenue 14050 24830 T Total Revenues Less Cost of Goods Sold Revenues 8000 Gross Profit 16830 Expenses | Salaries and Wages Expense Rent Expense | Supplies Expense Depreciation Expense 500 T Total Expenses 10470 TNet Income / (Loss) 6360 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Pol (f2) Your answer is correct. Prepare a retained earnings statement for November. METLOCK Retained Earnings Statement For the Month Ended November 30, 2022 Retained Earnings, November 1 Add Net Income / (Loss) Retained Earnings, November 30 14000 6360 20360 METLOCK Balance Sheet For the Month Ended November 30, 2022 Assets Current Assets TCash 6988 | Accounts Receivable | Inventory 2080 7092 3200 1 Supplies Total Current Assets 19360 Property, Plant and Equipment Equipment Less Accumulated Depreciation Equipment 60000 2500 1 Total Property, plant and Equipment 57500 Total Assets 76860 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable 14200 Unearned Service Revenue 1300 Salaries and Wages Payable 1000 Total Current Liabilities 16500 Stockholders' Equity T Common Stock 40000 Retained Earnings 20360 T Total Stockholders' Equity 60360 Total Liabilities and Stockholders' Equity 76860 (9) Journalize the closing 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 amount Date Account Titles and Explanation Debit Credit Nov. 30 (To close revenue accounts and other accounts with credit balances.) Nov. 30 (To close expense accounts and other accounts with debit balances.) Nov. 30 (To close income summary.) Post the closing entries. (Post entries in the order of journal entries presented above. For accounts that have a zero balance select "11/30 Bal." from the list and enter o for the amount.) 11/1 Bal. 11/10 11/19 11/22 11/29 11/30 Bal. 7,100 15,092 6,000 750 2,500 Cash 18,000 11/8 3,800 11/20 10,780 11/28 4,600 11/29 1,350 11/29 6,988 Accounts Receivable 4,48011/10 11,000 11/19 1,400 2,080 Inventory 16,000 11/12 3,800 11,000 11/1 Bal. 11/12 11/29 11/30 Bal. 11/11 1/15 8,000 600 308 11/30 Bal. 11/20 7,092 Supplies 1,720 Adj. 3,400 1.920 11/1 Bal. 11/27 11/30 Bal. 3.2001 11/1 Bal. 11/25 11/30 Bal. 2.000 500 2,500 11/15 11/20 11/28 Equipment 50,000 10,000 60,000 Accumulated Depreciation Equipment 11/1 Bal. Adj. 11/30 Bal. Accounts Payable 600 11/1 Bal. 15,40011/11 6,000 11/25 11/27 11/30 Bal. Unearned Service Revenue 8,050 11/1 Bal. 11/29 11/30 Bal. Salaries and Wages Payable 3,400 11/1 Bal. Adj. 11/30 Bal. Common Stock 11/1 Bal. 11/30 Bal. Retained Earnings 6,800 16,000 10,000 3,400 14,200 8,000 1,350 1,300 3,400 1,000 1,000 40,000 40,000 11/1 Bal. 14,000 Service Revenue 11/22 4,600 11/29 1,400 Adj. 8,050 Depreciation Expense Adj. Supplies Expense 1.920 11/8 Salaries and Wages Expense 3,700 2,600 11/29 Adj. 1.000 Rent Expense 11/29 750 Sales Revenue 11/12 11,000 Cost of Goods Sold 11/12 8.000 Sales Discounts 220 Income Summary