Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Shamrock had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $19,800 Accumulated Depreciation Equipment 4,928 Accounts Payable 1,892 Unearned Service Revenue 55,000 Salaries and Wages Payable $81,620 Common Stock Retained Earnings Credit $2,200 7,480 8,800 3,740 44,000 15,400 $81,620 During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 20 22 25 27 28 29 29 29 29 Paid $7,810 for salaries due employees, of which $4,070 is for November and $3,740 is for October Received $4,180 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $17,600, terms 2/10, n/30. Sold merchandise on account for 512,100, terms 2/10, n/30. The cost of the merchandise sold was $8,800. Received credit from Dimas Discount Supply for merchandise returned $660. Received collections in full, less discounts, from customers billed on sales of $12,100 on November 12. Paid Dimas Discount Supply in full, less discount Received $5,060 cash for services performed in November Purchased equipment on account $11,000. Purchased supplies on account 53,740. Paid creditors $6,600 of accounts payable due. Paid November rent 5825. Paid salaries $2,860. Performed services on account and billed customers $1,540 for those services, Received $1,485 from customers for services to be performed in the future, Adjustment data: 1. 2. 3. 4. Supplies on hand are valued at $3,520. Accrued salaries payable are $1,100. Depreciation for the month is $550. $1,430 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. 7,810 16,601 6,600 825 2,860 Cash 19,800111/8 4,180 11/20 11,85811/28 5,060 11/29 1,485 11/29 7,687 Accounts Receivable 4,928 11/10 12,100/11/19 1,540 2,288 Inventory 17,600 11/12 11/15 11/20 7,801 Supplies 1,892 11/1 Bal. 11/12 11/29 11/30 Bal. 4,180 12,100 11/11 8,800 660 339 11/30 Bal 11/1 Bal. 11/27 3,740 11/1 Bal. Equipment 55,000 11,000 66,000 11/25 11/30 Bal. Accumulated Depreciation-Equipment 1/1 Bal 2,200 11/15 11/20 11/28 Accounts Payable 660 11/1 Bal. 16.94011/11 6.600 11/25 11/27 11/30 Bal. Unearned Service Revenue 11/1 Bal. 7.480 17.600 11,000 3,740 15.620 8,800 11/29 1,485 Salaries and Wages Payable 3,740 11/1 Bal. Common Stock 11/1 Bal. 11/30 Bal. Retained Earnings 44,000 44,000 11/1 Bal. 15,400 Service Revenue 11/22 5,060 11/29 1,540 Depreciation Expense Supplies Expense Salaries and Wages Expense 4,070 11/8 11/29 2.860 11/29 12,100 Rent Expense 825 Sales Revenue 11/12 Cost of Goods Sold 8,800 Sales Discounts 242 11/12 11/19
