Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During November the following summary transactions were completed. Nov. 2 Paid November rent $ 1 , 0 0 0 . 8 Paid $ 1 ,

During November the following summary transactions were completed. Nov. 2 Paid November rent $1,000.8 Paid $1,500 salaries due employees, of which $750 is for November salaries. 10 Received $5,100 cash from customers on account. 12 Received $3,000 cash for services performed in November. 13 Purchased equipment on account $3,000.17 Purchased supplies on account $500.20 Paid creditors on account $2,500.22 Paid salaries $1,500.27 Performed services on account and billed customers for services provided $900.29 Received $750 from customers for future service. 30 The owner withdrew $2,000 for personal expenses. Adjustment data consist of: 1. Supplies on hand $1,000.2. Accrued salaries payable $1,050.3. Compute the depreciation expense to recognize in November using the facts below: The $10,000 equipment has a seven-year useful life and an estimated salvage value of $1,600 The $3,000 equipment purchased on November 13 is expected to have five-year useful life and no salvage value. It is the companys policy to take a full months worth of depreciation for fixed assets purchased in the first fifteen days of a month. 4. Only $1,500 worth of services remain to be performed at the end of the month. Instructions (a) Enter the November 1 balances in the ledger accounts. (b) Journalize the November transactions. (c) Post to the ledger accounts. (d) Complete a worksheet for November. (e) Prepare an income statement and a statement of owner's equity for November and a balance sheet at November 30.(f) Journalize and post adjusting entries. (g) Journalize and post the closing entries. (h) Prepare the post-closing trial balance.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Human Resource Management

Authors: Robert L. Mathis, John H. Jackson

13th Edition

053845315X, 978-0538453158

More Books

Students also viewed these Accounting questions