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Accounting Cycle Review Problem 0-14A On November 1, 2017, the following were the account balances of Soho Equipment Repair. Debit Credit $500 2,600 400 720 10,300 3,300 $17,820 Cash Accounts Receivable 3,010 Accounts Payable Supplies Equipment 3,090 Accumulated Depreciation-Equipment 1,420 10,300 Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings $17,820 During November, the following summary transactions were completed. Nov. 8 10 12 15 17 20 22 25 27 29 Paid $1,220 for salaries due employees, of which $500 is for November and $720 is for October salaries payable. Received $1,810 cash from customers in payment of account. Received $3,710 cash for services performed in November. Purchased store equipment on account $3,510. Purchased supplies on account $1,310. Paid creditors $2,510 of accounts payable due Paid November rent $450 Paid salaries $1,010. Performed services on account worth $900 and billed customers. Received $750 from customers for services to be performed in the future. Enter the November 1 balances in the ledger accounts. Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Your answer is correct ournalize the November transactions. (f no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indente when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 8 Salaries and Wages Payable Salaries and Wages Expense Cash 1,220 Nov. 103 1,810 Accounts Receivable 1,810 Nov. 12 3 3,71 Service Revenue 3,710 Nov. 15 Equipment 3,510 Accounts Payable 3,51 Nov. 17 Supplies Accounts Payable 1,310 Nov. 20 Accounts Payable 2,510 2,510 Nov, 22 Expense Cash Your answer is correct. Post above journal entries to the ledger accounts.(Post entries in the order of journal entries passed in the previous question.) Cash 11/1 Bal. 11/8 1,220 1,810 11/20 3,710 11/22 750 11/25 450 11/29 1,010 11/30 Bal. 4,170 Accounts R 11/1 Bal. 3,010 11/10 11/27 900 11/30 Bal. 2,100 Supplies a420 11/1 Bal. 1,310 11/30 Bal. 2,730 Equipment 11/1 Bal. 10, 11/30 Bal. 13,810 Your answer is correct. Prepare a trial balance at November 30. SOHO EQUIPMENT REPAIR Trial Balance November 30, 2017 Debit Credit Cash 4,170 Accounts Receivable 2,100 Supplies 2,730 Equipment 13,810 Accumulated Depreciation-Equipment 500 Accounts Payable 4,910 Unearned Service Revenue 1,150 Salaries and Wages Expense 1,510 Common Stock 10,300 3,300 4,610 Retained Earnings Retained Earnings Service Revenue Rent Expense 450 24,770 24,770 , Your answer is incorrect. Try again. ournalize the following adjusting entries. (Y no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually,) 1. Supplies on hand are valued at $1,110 2. Accrued salaries payable are $480. 3. Depreciation for the month is $250 4. Services were performed to satisfy $500 of unearned service revenue. No. Account Titles and Explanation Debit Credit 2. Your answer is partially correct. Try again. Post the above adjusting entries. (Post entries in the order of journal entries passed in the previous question.) Cash 3,090 11/8 1,810 11/20 3,710 11/22 750 11/25 11/1 Bal. 1,220 2,510 450 1,010 11/29 11/30 Bal. 4,170 Accounts Receivable 3,010 11/10 1,810 11/1 Bal. 11/27 1/30 Bal. 900 2,100 Supplies 11/1 Bal. 1,420 2730 11/27 1,31 11/30 Bal. 110 11/1 Bal. 10,300 3,510 13,810 11/30 Bal. 11/1 Bal 500 Accounts Payable CALCULATOR ME SSAGE MY NSTRUCTOR STANDARD VIEw pRNTERw Accounts Payable 2,510 11/1 Bal. 11/20 2,600 3,510 1,310 4,910 11/30 Bal Unearned Service Revenue 11/1 Bal. 400 11/29 750 Salaries and Wages Payable 11/8 720 11/1 Bal 720 Common Stock 11/1 Bal. 10,300 10,300 11/30 Bal, Retained Earnings 11/1 Bal. 11/30 Bal 3,300 3,300 Servie Revenue 3,710 11/27 900 Service Revenue 3,710 11/27 900 Depreciation Expense Supplies Expense Salaries and Wages Expense 11/8 11/25 1,01 Rent Expense 11/22 450 11/30 Bal 450 Prepare an adjusted trial balance. SOHO EQUIPMENT REPAIR Trial Balances Debit Credit Cash 4,170 Accounts Receivable 2,100 Retained Earnings 3,300 Service Revenue 4,610 Common Stock 10,300 Accounts Payable 4,910 Rent Expense Salaries and Wages Expense 1,730 Supplies 2,730 Salaries and Wages Payable 220 Accumulated Depreciation-Equipment 500 Accumulated Depreciation-Equipment Equipment 13,810 Unearned Service Revenue 1,150 24,990 24,990 3 Your answer is incorrect. Try again. Prepare an income statement for November 30. SOHO EQUTPMENT REPAIR X Your answer is incorrect. Try again. Prepare a retained earnings statement for November 30. SOHO EQUIPMENT REPAIR SHOW ST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again. Prepare a classified balance sheet at November 30. (List current assets in order of liquidity.) SOHO EQUIPMENT REPAIR Balance Sheet Assets Current Assets cash 4,170 2,100 Accounts Receivable Total Current Assets 7,380 Intangible Assets Accumulated Depreciation-Equipment Liabilities and Stockholders' Equity
