On November 1, 2017, Shamrock, Inc. had the following account balances. The company uses the perpetual inventory method.
| | | Debit | | | | Credit |
| Cash | | $7,560 | | Accumulated DepreciationEquipment | | $840 |
| Accounts Receivable | | 1,882 | | Accounts Payable | | 2,856 |
| Supplies | | 722 | | Unearned Service Revenue | | 3,360 |
| Equipment | | 21,000 | | Salaries and Wages Payable | | 1,428 |
| | | $31,164 | | Common Stock | | 16,800 |
| | | | | Retained Earnings | | 5,880 |
| | | | | | | $31,164 |
During November, the following summary transactions were completed.
| Nov. | 8 | | Paid $2,982 for salaries due employees, of which $1,554 is for November and $1,428 is for October. |
| | 10 | | Received $1,596 cash from customers in payment of account. |
| | 11 | | Purchased merchandise on account from Dimas Discount Supply for $6,720, terms 2/10, n/30. |
| | 12 | | Sold merchandise on account for $4,620, terms 2/10, n/30. The cost of the merchandise sold was $3,360. |
| | 15 | | Received credit from Dimas Discount Supply for merchandise returned $252. |
| | 19 | | Received collections in full, less discounts, from customers billed on sales of $4,620 on November 12. |
| | 20 | | Paid Dimas Discount Supply in full, less discount. |
| | 22 | | Received $1,932 cash for services performed in November. |
| | 25 | | Purchased equipment on account $4,200. |
| | 27 | | Purchased supplies on account $1,428. |
| | 28 | | Paid creditors $2,520 of accounts payable due. |
| | 29 | | Paid November rent $315. |
| | 29 | | Paid salaries $1,092. |
| | 29 | | Performed services on account and billed customers $588 for those services. |
| | 29 | | Received $567 from customers for services to be performed in the future. |
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 for the amounts. Round answers to decimal places, eg 5,275. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation Nov. 8 Salaries and Wages Payable 1428 Salaries and Wages Expense 1554 Cash 2982 Nov. 104 Cash 1596 Accounts Receivable 1596 Nov. 11 Inventory 6720 Accounts Payable 6720 Nov. 12 Accounts Receivable 4620 Sales Revenue 4620 (To record credit sale) Cost of Goods Sold 3360 Inventory 3360 (To record cost of merchandise sold) Accounts Payable Nov. 15 252 Inventory 252 Nov. 19 Cash 4528 Sales Discounts 92 Accounts Receivable 4620 Nov. 20 Accounts Payable 6468 Inventory 129 Cash 6339 Nov. 224 Cash 1932 Service Revenue 1932 Nov. 25 Equipment 4200 Accounts Payable 4200 Nov. 27 Supplies 1428 Accounts Payable 1428 Nov. 28 Accounts Payable 2520 Cash 2520 Nov. 29 Rent Expense 315 Cash 315 (To record November rent paid) Salaries and Wages Expense 1092 1092 Cash (To record salaries paid) Accounts Receivable 588 588 Service Revenue (To record services performed) Cash 567 567 Unearned Service Revenue (To record receipt for services performed) List of Accounts Assistance Used Attempts: 2 of 4 used Part 3 Your answer is correct. Post to the ledger accounts.(Post entries in the order of journal entries presented in the previous part.) Cash 7,560 11/8 11/1 Bal. 2982 11/10 1596 | 11/20 6339 11/19 4528 (11/28 2520 11/22 1932 11/29 315 11/29 567 11/29 1092 11/30 Bal. 2935 Accounts Receivable 11/1 Bal. 1,882||11/10 1596 11/12 a 4620 | 11/19 > 4620 11/29 588 > 11/30 Bal. 874 Inventory 6720 11/12 11/11 3360 11/15 252 > | 11/20 129 11/30 Bal. 2979 Supplies 11/1 Bal. 722 11/27 1428 Equipment 11/1 Bal. 21,000 11/25 4200 11/30 Bal. 25200 Accumulated Depreciation Equipment 11/1 Bal. 840 Accounts Payable 11/15 252 11/1 Bal. 2,856 11/20 6468 11/11 6720 11/28 2520 11/25 4200 11/27 1428 11/30 Bal. 5964 Unearned Service Revenue 11/1 Bal. 3,360 11/29 567 Salaries and Wages Payable 1428 11/1 Bal. 11/8 1,428 Common Stock 11/1 Bal. 16,800 11/30 Bal. 16,800 Retained Earnings 11/1 Bal. 5,880 Service Revenue 11/22 1932 11/29 588 Salaries and Wages Expense 11/8 1554 11/29 1092 Rent Expense 11/29 315 Rent Expense 11/29 315 Sales Revenue 11/12 4620 Cost of Goods Sold 11/12 3360 > Sales Discounts 11/19 92 List of Accounts Attempts: 3 of 4 used Part 4 Your answer is correct. Adjustment data: 1. Supplies on hand are valued at $1,344. 2. Accrued salaries payable are $420. 3. Depreciation for the month is $210. 4. $546 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 Ofor the amounts.) Debit Credit No. Date Account Titles and Explanation 1. Nov. 30 Supplies Expense 806 Supplies 806 2. Nov. 30 Salaries and Wages Expense 420 Salaries and Wages Payable 420 3. Nov. 30 Depreciation Expense 210 Accumulated Depreciation Equipment 210 4. Nov. 30 Unearned Service Revenue 3381 Service Revenue 3381 Supplies 11/1 Bal. 722||Adj. 806 11/27 1,428 11/30 Bal. 1344 11/1 Bal. 11/25 Equipment 21,000 4,200 25,200 11/30 Bal. Accumulated Depreciation-Equipment 11/1 Bal. 840 Adj. 210 11/30 Bal. 1050 11/15 11/20 11/28 Accounts Payable 252 11/1 Bal. 6,468 11/11 2,520 11/25 11/27 11/30 Bal. 2,856 6,720 4,200 1,428 5,964 Unearned Service Revenue Adj. 3381 11/1 Bal. 3,360 11/29 567 11/30 Bal. A 546 Salaries and Wages Payable 1,428|11/1 Bal. 11/8 1,428 Adj. 420 11/30 Bal. 420 Common Stock 11/1 Bal. 16,800 11/30 Bal. 16,800 Retained Earnings 11/1 Bal. 5,880 Service Revenue 11/22 1,932 A 11/29 588 Adj. 3381 Depreciation Expense Adj. 210 Supplies Expense Adj. 806 Salaries and Wages Expense 11/8 1,554 11/29 1,092 Adj. 420 Rent Expense 11/29 315 Sales Revenue 11/12 4,620 Cost of Goods Sold 11/12 3,3601 Sales Discounts 11/19 92 Prepare an adjusted trial balance at November 30. SHAMROCK, INC. Adjusted Trial Balance Debit Credit $ Totals $ $
