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Date Accounts Debits Credits 11/8/2019 Dr Cash 1500 Cr Common Stock 1500 11/11/2019 Dr Advertising Expense 125 Cr Accounts Payable 125 11/11/2019 Dr Supplies (Assets)

Date Accounts Debits Credits
11/8/2019 Dr Cash 1500
Cr Common Stock 1500
11/11/2019 Dr Advertising Expense 125
Cr Accounts Payable 125
11/11/2019 Dr Supplies (Assets) 450
Cr Accounts Payable 450
11/14/2019 Dr Depreciation Expense 1250
Cr Accumulated Depreciation 1250
11/16/2019 Dr Cash 2,000
Cr Accounts Payable 2,000
11/17/2019 Dr Equipments 900
Cr Cash 900
11/20/2019 Dr Cash 450
Cr Sales Revenue 450
11/25/2019 Dr Cash 150
Cr Service Revenue 150
11/30/2019 Dr Prepaid Insurance 1320
Cr Cash 1320
11/30/2019 Dr Accounts Payable 1895
Cr Cash 1895

1.A count reveals that 30%of supplies were used during November.

2.Liamestimates that all of his equipment will have a useful life of 4years. (Assume Liam decides to record a full months worth of depreciation, regardless of when the equipment was obtained by the business.)

3.Liams grandmother has decided to charge interest of 5% on the note payable extended on November 16. The loan plus interest is to be repaid in 24 months. (Assume that half a month of interest accrued during November.)

4.On November 30, a friend of Liams asks him host a valuation booth at a sneaker shop. Liam agrees and runs a booth on the 30th for 3 hours. The next day, Liam prepares an invoice for $500 and emails it to his friend. The friend says he will pass the invoice along to the shop and it will be paid sometime in December.

QUESTION: Prepare an adjusted trial balance.

image text in transcribed
Prepare a trial balance at November 30, 2019. Shoe Doggs Trial Balance 30-Nov-19 Credit Debit 1,305 450 1,320 2,150 Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Common Stock Service Revenue Advertising Expense Total 500 2,000 2,750 450 125 5,350.00 5,350.00

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