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I completed some of the problems but I am unsure if it is correct. Problem 4-9A On October 31, 2018, Alou Equipment Repair Corp.'s opening
I completed some of the problems but I am unsure if it is correct.
Problem 4-9A On October 31, 2018, Alou Equipment Repair Corp.'s opening trial balance was as follows. The company adjusts its accounts monthly. Credit Debit $ 15,380 15,880 4,000 18,000 Cash Accounts receivable Supplies Equipment Accumulated depreciation-equipment Accounts payable Salaries payable Unearned revenue Common shares Retained earnings $3,600 4,330 1,000 900 10,230 33,200 $53,260 $53,260 During November, the following transactions were completed: Nov. 9 Paid $2,490 to employees for salaries due, of which $1,000 is for October salaries payable and $1,490 for November. 13 Issued common shares for $4,770. 13 Received $12,430 cash from customers in payment of accounts. 19 Received $11,400 cash for services performed in November. 20 Purchased supplies on account, $600. 21 Paid creditors $4,330 of accounts payable due. 23 Paid November rent, $600. 23 Paid salaries, $2,110. 27 Performed services on account, $3,770. 28 Declared and paid a cash dividend, $500. 30 Received $1,200 from customers for services to be performed in the future. Prepare journal entries to record the November transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Nov. 9 Salarles Expense 1490 Salaries Payable 1000 Cash 2490 13 Cash 4,770 Common Shares 4,770 13 Cash 12,430 Accounts Receivable 12,430 19 Cash 11,400 Service Revenue 11,400 20 Supplies 600 Accounts Payable 600 21 Accounts Payable 4,330 Cash 4,330 23 Rent Expense 600 Cash 600 (To record rent paid.) 23 Salaries Expense 2,110 Cash 2,110 (To record salaries paid.) 27 Accounts Receivable 3,770 Service Revenue 3,770 28 Dividends Declared 500 Cash 500 30 Cash 1,200 Unearned Revenue 1,200 Set up T accounts, enter any opening balances, and post the journal entries prepared in the above part. (Post entries in the order of journal entries presented in the previous part.) Cash Nov. 1 Bal. 15,380 Nov.9 2,490 Nov. 13 4,770 Nov. 21 4,330 Nov. 13 v 12,430 Nov. 23 v 600 Nov. 19 11,400 Nov. 23 2,110 Nov. 30 1,200 Nov. 28 500 Nov. 30 Bal. 35,150 Accounts Receivable Nov. 1 Bal. Bal, 15,880 Nov. 13 12,430 Nov. 27 3,770 Nov. 30 Bal. 7,220 Supplies Nov. 1 Bal. 4,000 Nov. 20 600 Nov. 30 Bal. 4,600 Equipment Nov. 21 18,000 Nov. 30 Bal. 18,000 Accumulated Depreciation-Equipment Nov. 1 Bal. V 3,600 3,600 Nov. 30 Bal. Accounts Payable Nov. 9 4,330 Nov. 1 Bal. 4,330 Nov. 20 600 600 Nov. 30 Bal. Salaries Payable Nov. 9 1000 Nov. 1 Bal. 1000 Nov. 30 Bal. Unearned Revenue Nov. 1 Bal v 900 Nov. 30 1,200 Nov. 30 Bal. 2100 Common Shares Nov. 1 Bal. V 10,230 Nov. 13 4,770 Nov. 30 Bal. 15,000 Retained Earnings Nav, 1 Bal. 33,200 Nov. 30 Bal. v 33,200 Dividends Declared Nov. 28 500 Nov. 30 Bal. 500 Service Revenue Nov. 19 11,400 Nov. 27 3,770 Nav. 30 Bal. 15,170 Rent Expense Nov. 23 600 Nov. 30 Bal. 600 Salaries Expense Nov. 9 1,490 Nov. 23 2,110 Nov. 30 Bal. 3,600 ALOU EQUIPMENT REPAIR CORP. Trial Balance November 30, 2018 Before Adjustment Debit Credit Cash 35,150 Accounts Receivable 7,220 Supplies 4,600 Equipment 18,000 Accumulated Depreciation - Equipment 3,600 Accounts Payable 600 Unearned Revenue 2100 Common Shares 15,000 Retained Earnings 33,200 Dividends Declared 500 Service Revenue 15,170 Rent Expense 600 Salaries Expense 3,600 Totals 69,130 69,130 Adjustment data for the month: 1. 2 3. Supplies on hand are $1,000. Accrued salaries payable are $1,000. The equipment has an estimated useful life of five years and Alou uses straight-line depreciation. Unearned revenue of $800 was earned during the month. Income tax payable is estimated to be $1,100. 4. 5. Prepare the adjusting journal entries for the month. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. Nov. 30 Supplies Expense 3600 Supplies 3600 2 30 Salaries Expense 1,000 Salaries Payable 1,000 3. 30 Equipment 300 Accumulated Depreciation - Equipment 300 4. 30 Unearned Revenue 800 Service Revenue 800 5. 30 Income Tax Expense 1,100 Income Tax Payable 1,000 Post November transaction entries and adjusting journal entries for the month, enter the ending balances at November 30. Nov. 1 Bal. Nov. 13 2,490 4,330 Nov. 13 Nov. 19 600 Nov. 30 2,110 500 Cash 15,380 4,770 Nov. 9 12,430 Nov. 21 11,400 Nov. 23 1,200 Nov. 23 Nov. 28 35,1501 Accounts Receivable 15,8801 3,770 Nov. 13 7,2201 Supplies 4,000 Nov. 30 Bal Nov. 1 Bal. 12,430 Nov. 27 Nov. 30 Bal. Nov. 1 Bal. Nov. 20 600 Nov. 1 Bal. Nov. 30 Bal. Equipment 18,000 18,000 Accumulated Depreciation-Equipment Nov. 1 Bal. 3,600 4,330 600 Nav. 21 Accounts Payable Nov. 1 Bal. 4,330 Nov. 20 Nov. 30 Bal. Salaries Payable Nov. 1 Bal. 600 1,000 Nov. 9 1.000 V Income Tax Payable Unearned Revenue Nov. 1 Bal. 900 Nov. 30 1,200 Common Shares Nov. 1 Bal. Nov. 13 Nov. 30 Bal. Retained Earnings Nov. 1 Bal. 10,230 4,770 15,000 33,200 33,200 Nov. 30 Bal. Nov. 28 Nov. 30 Bal. Dividends Declared 500 500 Service Revenue Nov. 19 11,400 Nov, 27 3,770 Nov. 23 Nov. 30 Bal. Rent Expense 600 600 Income Tax Expense Supplies Expense Depreciation Expense Nov. 9 Salaries Expense 1,490 2,110 Nov. 23 Prepare an adjusted trial balance at November 30. ALOU EQUIPMENT REPAIR CORP. Adjusted Trial Balance November 30, 2018 After Adjustment Debit Credit Totals $ Prepare an income statement for the month. ALOU EQUIPMENT REPAIR CORP. Income Statement Month Ended November 30, 2018 $ $ Prepare a statement of changes in equity for the month. ALOU EQUIPMENT REPAIR CORP. Statement of Changes in Equity Month Ended November 30, 2018 Common Shares Retained Earnings Total EquityStep by Step Solution
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