Question
On November 1, 2020, the account balances of Hibban Equipment Repair were as follows. Debit ($) Credit ($) Cash 2400 Accounts receivable 4250 Supplies 1800
On November 1, 2020, the account balances of Hibban Equipment Repair were as follows.
Debit ($) Credit ($)
Cash 2400 Accounts receivable 4250 Supplies 1800 Equipment 12000 Accumulated depreciation- Equipment 2000 Accounts Payable 2600 Unearned Service Revenue 1200 Salaries and Wages Payable 700 Owners capital 13950 20450 20450
LS During November, the following summary transactions were completed. Nov. 8 Paid $1,700 for salaries due employees, of which $700 is for October salaries. 10 Received $3,620 cash from customers on account. 12 Received $3,100 cash for services performed in November. 15 Purchased equipment on account $2,000. 17 Purchased supplies on account $700. 20 Paid creditors on account $2,700. 22 Paid November rent $400. 25 Paid salaries $1,700. 27 Performed services on account and billed customers for these services $2,200. 29 Received $600 from customers for future service. Adjustment data consist of: 1. Supplies on hand $1,400. 2. Accrued salaries payable $350. 3. Depreciation for the month is $200. 4. Services related to unearned service revenue of $1,220 were performed. Instructions a. Enter the November 1 balances in the ledger accounts. b. Journalize the November transactions. c. Post to the ledger accounts. d. Prepare a trial balance at November 30. e. Journalize and post adjusting entries. f. Enter the adjusting entries on a worksheet and compete the worksheet. g. Prepare an income statement and an owners equity statement for November and a balance sheet at November 30. h. Prepare necessary closing entries at November 30. Instructions for the assignment: You should solve the assignment on your script, take an image of the answers, convert it into pdf and upload the pdf file on google form. You must prepare a cover page mentioning your name, ID, Course Code, Section; faculty particulars etc. your cover page should appear as the first page of the assignment. You may use camscanner apps to take an image. File size: Maximum 10 MB.
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