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How would I account for these adjustments? Thanks! Problem 3-05A a-g (Part Level Submission) On November 1, 2020, the account balances of Ivanhoe Equipment Repair
How would I account for these adjustments? Thanks!
Problem 3-05A a-g (Part Level Submission) On November 1, 2020, the account balances of Ivanhoe Equipment Repair were as follows. No. Debits No. Credits 101 Cash $ 2,430 154 Accumulated Depreciation Equipment 112 Accounts Receivable 4,230 201 Accounts Payable 126 Supplies 1,820 209 Unearned Service Revenue 153 Equipment 13,080 212 Salaries and Wages Payable 301 Owner's Capital $21,560 $ 2,180 2,650 1,180 734 14,816 $21,560 During November, the following summary transactions were completed. Nov. 8 Paid $1,720 for salaries due employees, of which $734 is for October salaries. 10 Received $3,370 cash from customers on account. 12 Received $3,080 cash for services performed in November. 15 Purchased equipment on account $2,030. 17 Purchased supplies on account $660. 20 Paid creditors on account $2,680. 22 Paid November rent $360. 25 Paid salaries $1,720. 27 Performed services on account and billed customers for these services 51,870. 29 Received $600 from customers for future service. Adjustment data consist of: 1. Supplies on hand $1,370. 2. Accrued salaries payable $367. 3. Depreciation for the month is $218. 4. Services related to unearned service revenue of $1,230 were performed. Journalize the adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit 1 Nov. 30 Supplies Expense Supplies 2. Nov. 30 V Salaries and Wages Expense Salaries and Wages Payable 3. Nov. 30 V Depreciation Expense Accumulated Depreciation-Buildings 4. Nov. 30 V Unearned Service Revenue Service RevenueStep by Step Solution
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