Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On November 1, 2017,Marin Inc.had the following account balances. The company uses the perpetual inventory method. DebitCredit Cash$7,020Accumulated DepreciationEquipment$780Accounts Receivable1,747Accounts Payable2,652Supplies671Unearned Service Revenue3,120Equipment19,500Salaries and Wages

On November 1, 2017,Marin Inc.had the following account balances. The company uses the perpetual inventory method.

DebitCreditCash$7,020Accumulated DepreciationEquipment$780Accounts Receivable1,747Accounts Payable2,652Supplies671Unearned Service Revenue3,120Equipment19,500Salaries and Wages Payable1,326$28,938Common Stock15,600Retained Earnings5,460$28,938

During November, the following summary transactions were completed.

Nov.8Paid $2,769for salaries due employees, of which $1,443is for November and $1,326is for October.10Received $1,482cash from customers in payment of account.11Purchased merchandise on account from Dimas Discount Supply for $6,240, terms 2/10, n/30.12Sold merchandise on account for $4,290, terms 2/10, n/30. The cost of the merchandise sold was $3,120.15Received credit from Dimas Discount Supply for merchandise returned $234.19Received collections in full, less discounts, from customers billed on sales of $4,290on November 12.20Paid Dimas Discount Supply in full, less discount.22Received $1,794cash for services performed in November.25Purchased equipment on account $3,900.27Purchased supplies on account $1,326.28Paid creditors $2,340of accounts payable due.29Paid November rent $293.29Paid salaries $1,014.29Performed services on account and billed customers $546for those services.29Received $527from customers for services to be performed in the future.

Adjustment data:

1.Supplies on hand are valued at $1,248.2.Accrued salaries payable are $390.3.Depreciation for the month is $195.4.$507of 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.)

No.

Date

Account Titles and Explanation

Debit

Credit

1.

Nov. 30

2.

Nov. 30

3.

Nov. 30

4.

Nov. 30

Post the above adjusting entries.(Post entries in the order of journal entries presented above.)

Cash11/1 Bal.

7,02011/82,76911/101,48211/205,88611/194,20411/282,34011/221,79411/2929311/2952711/291,014

11/30 Bal.2,725

Accounts Receivable11/1 Bal.

1,74711/101,48211/124,29011/194,29011/29546

11/30 Bal.811

Inventory11/116,24011/123,12011/1523411/2012011/30 Bal.2,766

Supplies11/1 Bal.671

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

11/271,326

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

Equipment11/1 Bal.

19,50011/253,90011/30 Bal.23,400

Accumulated DepreciationEquipment

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

11/1 Bal.

780

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

Accounts Payable11/1523411/1 Bal.

2,65211/206,00611/116,24011/282,34011/253,90011/271,32611/30 Bal.5,538

Unearned Service Revenue

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

11/1 Bal.

3,120

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

11/29527

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

Salaries and Wages Payable11/81,32611/1 Bal.

1,326

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

Common Stock11/1 Bal.15,60011/30 Bal.15,600

Retained Earnings

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

11/1 Bal.

5,460

Service Revenue

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

11/22

1,794

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

11/29546

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

Depreciation Expense

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Supplies Expense

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

Salaries and Wages Expense11/81,443

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

11/291,014

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

Rent Expense11/29293

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

Sales Revenue

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

11/124,290

Cost of Goods Sold11/123,120

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

Sales Discounts11/1986

11/1 Bal.

11/8

11/10

11/11

11/12

11/15

11/19

11/20

11/22

11/25

11/27

11/28

11/29

11/30

11/30 Bal.

Close

Adj.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of Financial Accounting

Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh

4th Canadian edition

978-1259269868, 978-1259103292

More Books

Students also viewed these Accounting questions

Question

11.4 Discuss how to motivate employees.

Answered: 1 week ago

Question

=+c) Complete the test and report your conclusion.

Answered: 1 week ago

Question

Explain the various techniques of Management Development.

Answered: 1 week ago