Just the bit at the end that isnt answered (THANK YOU!) (PART G)
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Shamrock had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $19,800 Accumulated Depreciation Equipment 4,928 Accounts Payable 1,892 Unearned Service Revenue 55,000 Salaries and Wages Payable $81,620 Common Stock Retained Earnings Credit $2,200 7,480 8,800 3,740 44,000 15,400 $81,620 During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 20 22 25 27 28 29 29 29 29 Paid $7,810 for salaries due employees, of which $4,070 is for November and $3,740 is for October Received $4,180 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $17,600, terms 2/10, n/30. Sold merchandise on account for 512,100, terms 2/10, n/30. The cost of the merchandise sold was $8,800. Received credit from Dimas Discount Supply for merchandise returned $660. Received collections in full, less discounts, from customers billed on sales of $12,100 on November 12. Paid Dimas Discount Supply in full, less discount Received $5,060 cash for services performed in November Purchased equipment on account $11,000. Purchased supplies on account 53,740. Paid creditors $6,600 of accounts payable due. Paid November rent 5825. Paid salaries $2,860. Performed services on account and billed customers $1,540 for those services, Received $1,485 from customers for services to be performed in the future, Adjustment data: 1. 2. 3. 4. Supplies on hand are valued at $3,520. Accrued salaries payable are $1,100. Depreciation for the month is $550. $1,430 of services related to the unearned service revenue has not been performed by month-end. Journalize the adjusting entries. (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.) Debit Credit No. Date Account Titles and Explanation 1. Nov. 30 Supplies Expense Supplies 2. Nov. 30 salaries and Wages Expense | Salaries and Wages Payable 3. Nov. 30 Depreciation Expense T Accumulated Depreciation Equipment 4. Nov. 30 Unearned Service Revenue Service Revenue 8855 Post the above adjusting entries. (Post entries in the order of journal entries presented above.) 11/1 Bal. 11/10 11/19 11/22 11/29 11/30 Bal 7,810 16,60: 6,600 825 2.860 11/1 Bal Cash 19,800 11/8 4,180 11/20 11,85811/28 5,06011/29 1,485 11/29 7,6871 Accounts Receivable 4,928 11/10 12,10011/19 1,540 2,285 Inventory 17,600 11/12 11/15 11/20 7,8011 Supplies 4,180 12,100 11/12 11/29 11/30 Bal. 11/11 3.500 11/30 Bal. 11/1 Bal. 1,892 Adj 11/27 3,7407 11/30 bal. 11/1 Bal. 11/25 11/30 Bal. 3520 Equipment 55,000 11,000 66,000 Accumulated Depreciation Equipment 1/1 Bal. 2,200 Adj. 550 T 2750 11/15 11/20 11/28 | 11/30 Bal. Accounts Payable 660 11/1 Bal. 16,94011/11 6,600 11/25 11/27 11/30 Bal Unearned Service Revenue 11/1 Ball 7.480 17,600 11,000 3,740 15,620 8,800 11/29 1,485 11/30 Bail . 1030 Salaries and Wages Payable 3,740 11/1 Bal. 3,740 1100 Adj. T 11/30 Bal. 1100 44,000 Common Stock 11/1 Ball 11/30 Bal. Retained Earnings 44,000 11/1 Ball 15,400 Service Revenue 5,060 1,540 8855 Ad). Depreciation Expense Taas. ] [ 550 Tad). Supplies Expense 1 21120 Salaries and Wages Expense 11/8 4,0707 11/29 Inas. 2,860 11000 Rent Expense 11/29 8251 Sales Revenue 11/12 12.100 Cost of Goods Sold 11/12 8,800 CDI Sales Discounts 11/19 Your answer is correct. Prepare an adjusted trial balance at November 30. SHAMROCK Adjusted Trial Balance November 30, 2022 Credit Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Uneared Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Depreciation Expense Supplies Expense Salaries and Wages Expense Rent Expense Sales Revenue Cost of Goods Sold Sales Discounts Totals Your answer is correct. Prepare a multiple-step income statement for November SHAMROCK Income Statement For the Month Ended November 30, 2022 Sales Sales Revenue Less Sales Discounts Net Sales Service Revenue 15455 1 Total Revenues Less 7 cose or Goods Sold Gross Profit 380 Expenses Depreciation Expense Supplies Expense Salaries and Wages Expense Rent Expense Total Expenses Net Income / (Loss) Your answer is correct. Prepare a retained earnings statement for November. SHAMROCK Retained Earnings Statement For the Month Ended November 30, 2022 ) Retained Earnings, November i Add Net Income / (Loss) Retained Earnings, November 30 22390 (13) Your answer is correct. Prepare a classified balance sheet at November 30. (List Current Assets in order of liquidity.) SHAMROCK Balance Sheet November 30, 2022 Assets Current Cash Accounts Receivable Inventory Supplies T Total Current Assets Property, Plant and Equipment | Equipment I Less Accumulated Depreciation-Equipment 1 21296 1 T Total Property, Plant and Equipment 63250 Total Assets 34546 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Salaries and Wages Payable Unearned Service Revenue 18150 T Total Current Liabilities Stockholders' Equity I Common Stock T Retained Earnings 966 T Total Stockholders' Equity Total Liabilities and Stockholders' Equity Journalize the dosing entries. (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. 30 (To dose revenue accounts and other accounts with credit balances.) Nov. 30 (To dose expense accounts and other accounts with debt balances.) Nov. 30 To income Post the closing entries. (Post entries in the order of journal entries presented above. For accounts that have a zero balance select "11/30 Bal." from the list and enter for the amount.) Cash 11/1 Bal 19,80011/8 7,810 11/10 4,18011/20 16,601 11/19 11.85811/28 6,500 11/22 5,06011/29 825 11/29 1,485 11/29 2.560 11/30 Bal. 7,687 Accounts Receivable 11/1 Bal. 4,92811/10 4,180 11/12 12,100 11/19 12,100 11/29 1.540 11/30 Bal. 2,288 Inventory 11/11 17,60011/12 11/15 11/20 11/30 Bal. 7,801 Supplies 11/1 Bal. 1,892 Adj. 11/27 3,740 11/30 Bal. 3,520 Equipment 11/1 Bal. 55,000 11/25 11,000 11/30 Bal. 66,000 Accumulated Depreciation-Equipment 11/1 Bal Adi 8,800 660 339 11/30 Bal. 11/15 11/20 11/28 Accounts Payable 66011/1 Bal. 16,94011/11 6,60011/25 7,480 17,600 11,000 3,740 15,620 11/27 Adj. 8,800 1,485 1,430 11/30 Bal Unearned Service Revenue 8,85511/1 Bal. 11/29 11/30 Bal Salaries and Wages Payable 3,740 11/1 Bal. Adi 11/30 Bal. Common Stock 11/1 Bal 11/30 Bal. Retained Earnings 3,740 1,100 1,100 44,000 44,000 11/1 Bal. 15.400 Service Revenue 1/22 5,060 11/29 1,540 Adj. 8,855 Depreciation Expense 550 Supplies Expense 2,112 Salaries and Wages Expense 4,070 11/8 11/29 2,860 Adj. 1,100 Rent Expense Sales Revenue 11/12 12,1 11/12 Cost of Goods Sold 8,800 Income Summary
