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Need help with (ENTER THE OPENING BALANCES, AND POST THE TRANSACTION TO LEDGER ACCOUNTS) please explain your answer On November 1, 2022. the following were
Need help with (ENTER THE OPENING BALANCES, AND POST THE TRANSACTION TO LEDGER ACCOUNTS) please explain your answer
On November 1, 2022. the following were the account balances of Ivanhoe Equipment Repair Limited. Ivanhoe's year-end is October 31 and it records adjusting entries monthly Credit IVANHOE EQUIPMENT REPAIR LIMITED Post-Closing Trial Balance November 1, 2022 Debit Cash $2,550 Accounts receivable 2.910 Supplies 1.210 Equipment 10.400 Accumulated depreciation - Equipment Accounts payable Salaries payable Deferred revenue Common shares Retained earnings $17,070 56.240 2.280 680 420 1.000 6,450 $17,070 $ During November, the following summary transactions were completed. Nov. 8 10 12 15 17 Paid $1.250 for salaries due employeesof which $570 is for November and $680 is for October salaries payable. Received $1.450 cash from customers in payment of account Received $3,180 cash for services performed in November Purchased equipment on account $3.760. Purchased supplies on account $1,350. Paid creditors $2.460 on account. Paid November rent $450 Paid salaries $980 Performed services on account and billed customers for services provided 5910 Received $590 from customers for services to be provided in the future. 20 22 25 27 29 Adjustment data: Sunnlies on hand are valued at $1.080. Adjustment data: 1 Supplies on hand are valued at $1.080. 2 Accrued salaries payable are $480, Depreciation on equipment for the month is $260. Deferred revenue of $270 kearned Incurred income taxes for the month amounting to $50, to be paid next month. 4 5 (a) Your answer is correct Enter the November 1 balances in the ledger accounts Cash Enter the November 1 balances in the ledger accounts. Cash 11/1 Bal. 2550 Accounts Receivable 11/1 Bal 2910 Supplies 11/1 Bal. 1210 Equipment 11/1 Bal. 10400 Accumulated Depreciation - Equipment 11/1 Bal 6240 Accumulated Depreciation - Equipment 11/1 Bal. 6240 Accounts Payable 11/1 Bal 2280 Salaries Payable 11/1 Bal. 680 Deferred Revenue 11/1 Bal 420 Common Shares 11/1 Bal 1000 Retained Earnings Journalize the November transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Credit Debit Nov. Salaries Payable 680 Salaries Expense 570 Nov. 10 Cash 1450 Accounts Receivable Nov. 12 Cash 3180 Service Revenus Nov. 15 Equipment 3760 Accounts Payable Nov. 15 Equipment 3760 Accounts Payable 3 Nov. 17 Supplies 1350 Accounts Payable 1: Nov. 20 Accounts Payable 2460 Cash 2 Nov. 22 Rent Expense 450 Cash Nov. 25 Salaries Expense 980 Cash Nov. 27 Accounts Receivable 910 Service Revenue Enter the opening balances and post the transactions to ledger accounts. (Post entries in the order of journal entries presented in the previous part) Cash 11/1 Bal 2.550 110 1250 11/10 1450 11/20 2460 11/12 110 11/22 11/29 590 11/25 980 Accounts Receivable 11/1 Bal 2.910 11/10 1450 11/27 910 Supplies 11/1 Bal. 1.210 Supplies 11/1 Bal. 1.210 Equipment 11/1 Bal. 10,400 Accumulated Depreciation - Equipment 11/1 Bal. 6,240 Accounts Payable 11/1 Bal. 2.280 Accounts Payable 11/1 Bal. 2.280 Deferred Revenue 11/1 Bal 420 Salaries Payable 11/1 Bal 680 11/1 Bal 680 Common Shares 11/1 Bal. 1,000 Retained Earnings 11/1 Bal 6,450 Service Revenue Salaries Expense Service Revenue IN Salaries Expense 0 Rent Expense Step by Step Solution
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