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 10 11 12 15 19 22 25 27 28 29 29 29 29 Paid $10,295 for salaries due employees, of which $5,365 is for November and $4,930 is for October. Received $5,510 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $23,200, terms 2/10, n/30. Sold merchandise on account for $15,950, terms 2/10, n/30. The cost of the merchandise sold was $11,600. Received credit from Dimas Discount Supply for merchandise returned $870. Received collections in full, less discounts, from customers billed on sales of $15,950 on November 12. Paid Dimas Discount Supply in full, less discount. Received $6,670 cash for services performed in November. Purchased equipment on account $14,500. Purchased supplies on account $4,930. Paid creditors $8,700 of accounts payable due. Paid November rent $1,087. Paid salaries $3,770. Performed services on account and billed customers $2,030 for those services. Received $1,958 from customers for services to be performed in the future. (d) Your answer is partially correct. Try again. 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 ente amounts.) No. Date Account Titles and Explanation Debit Credit 1. Nov. 30 Supplies Expense 870 Supplies 2. Nov. 30 salaries and Wages Expense 1 1450 | Salaries and Wages Payable 1450 3. Nov. 30 Depreciation Expense 25/ | Accumulated Depreciation-Equipment 725 X 4. Nov. 30 Tunearned Service Revenue Service Revenue 3870 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 10,295 21,883 8,700 1,087 3,770 11/30 Bal. 11/1 Bal. 11/12 11/29 Cash 26,100 11/8 5,510 11/20 15,631 11/28 6,670|11/29 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 5,510 15,950 11/30 Bal. 11/11 11,600 870 447 11/30 Bal. Supplies 11/1 Bal. 2,494 Adj. 99 870 11/27 4,9301 11/30 Bal. 6554 11/1 Bal. 11/25 11/30 Bal. Equipment 72,500 14,500 87,000 Accumulated Depreciation Equipment 11/1 Bal. 2,900 Tadj. 1 725 11/30 Bal. 3625 11/15 Accounts Payable 870 11/1 Bal. 22,330 11/11 8,700 11/25 11/20 11/28 9,860 23,200 14,500 4,930 20,590 11/27 11/30 Bal. Unearned Service Revenue 3870 || 11/1 Bal. 11,600 11/29 1,958 11/30 Bal. 9688 Salaries and Wages Payable 4,930 11/1 Bal. 11/8 4,930 ITAdj. 1450 T T 1450 T 11/30 Bal. Common Stock 11/1 Bal. 11/30 Bal. Retained Earnings 58,000 58,000 11/1 Bal. 20,300 Service Revenue 11/22 6,670 11/29 2,030 Tadj. 1 3870 Depreciation Expense Adj. I 725T Supplies Expense (e) Prepare an adjusted trial balance at November 30. LARKSPUR Adjusted Trial Balance Debit Credit Totals
