Question
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started