Question
On November 1, 2017, Marin Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $9,180 Accumulated DepreciationEquipment $1,020
On November 1, 2017, Marin Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $9,180 Accumulated DepreciationEquipment $1,020 Accounts Receivable 2,285 Accounts Payable 3,468 Supplies 877 Unearned Service Revenue 4,080 Equipment 25,500 Salaries and Wages Payable 1,734 $37,842 Common Stock 20,400 Retained Earnings 7,140 $37,842 During November, the following summary transactions were completed. Nov. 8 Paid $3,621 for salaries due employees, of which $1,887 is for November and $1,734 is for October. 10 Received $1,938 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $8,160, terms 2/10, n/30. 12 Sold merchandise on account for $5,610, terms 2/10, n/30. The cost of the merchandise sold was $4,080. 15 Received credit from Dimas Discount Supply for merchandise returned $306. 19 Received collections in full, less discounts, from customers billed on sales of $5,610 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $2,346 cash for services performed in November. 25 Purchased equipment on account $5,100. 27 Purchased supplies on account $1,734. 28 Paid creditors $3,060 of accounts payable due. 29 Paid November rent $383. 29 Paid salaries $1,326. 29 Performed services on account and billed customers $714 for those services. 29 Received $689 from customers for services to be performed in the future.
Enter the November 1 balances in ledger T-accounts.
List of Accounts
Attempts: 1 of 4 used
Part 2
Partially correct answer iconYour answer is partially correct.
Journalize 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 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.)
List of Accounts
Attempts: 4 of 4 used
Part 3
Partially correct answer iconYour answer is partially correct.
Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.)
List of Accounts
Attempts: 4 of 4 used
Part 4
Partially correct answer iconYour answer is partially correct.
Adjustment data:
1. | Supplies on hand are valued at $1,632. | |
2. | Accrued salaries payable are $510. | |
3. | Depreciation for the month is $255. | |
4. | $663 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 0 for the amounts.)
Post the above adjusting entries. (Post entries in the order of journal entries presented above.)
List of Accounts
Attempts: 4 of 4 used
Part 5
Prepare an adjusted trial balance at November 30.
MARIN INC. Adjusted Trial Balance For the Month Ended November 30, 2017November 30, 2017For the Year Ended November 30, 2017 | ||||
Debit | Credit | |||
$ | $ | |||
Totals | $ | $ |
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