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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. Paid November rent $ Paid $ salaries due employees, of which $ is for November salaries. Received $ cash from customers on account. Received $ cash for services performed in November. Purchased equipment on account $ Purchased supplies on account $ Paid creditors on account $ Paid salaries $ Performed services on account and billed customers for services provided $ Received $ from customers for future service. The owner withdrew $ for personal expenses. Adjustment data consist of: Supplies on hand $ Accrued salaries payable $ Compute the depreciation expense to recognize in November using the facts below: The $ equipment has a sevenyear useful life and an estimated salvage value of $ The $ equipment purchased on November is expected to have fiveyear 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. Only $ worth of services remain to be performed at the end of the month. Instructions a Enter the November 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 f Journalize and post adjusting entries. g Journalize and post the closing entries. h Prepare the postclosing trial balance.
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