On November 1, 2022, Sage Hill had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $8,100 Accumulated Depreciation-Equipment $900 Accounts Receivable 2,016 Accounts Payable 3,060 Supplies 774 Unearned Service Revenue 3,600 Equipment 22,500 Salaries and Wages Payable 1,530 $33,390 Common Stock 18,000 Retained Earnings 6,300 $33,390 During November, the following summary transactions were completed. Nov. 8 Paid $3,195 for salaries due employees, of which $1,665 is for November and $1,530 is for October. 10 Received $1,710 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $7,200, terms 2/10, n/30. 12 Sold merchandise on account for $4,950, terms 2/10, n/30. The cost of the merchandise sold was $3,600. 15 Received credit from Dimas Discount Supply for merchandise returned $270. 19 Received collections in full, less discounts, from customers billed on sales of $4,950 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $2,070 cash for services performed in November. 25 Purchased equipment on account $4,500. 27 Purchased supplies on account $1,530. 28 Paid creditors $2,700 of accounts payable due. 29 Paid November rent $337. 29 Paid salaries $1,170. 29 Performed services on account and billed customers $630 for those services. Received $608 from customers for services to be performed in the future. 29 (a) Your answer is correct. Enter the November 1 balances in ledger T-accounts. Cash 11/1 Bal. 8100 Accounts Receivable 11/1 Bal. 2016 Supplies 11/1 Bal. 774 Equipment 11/1 Bal. 22500 Accumulated Depreciation Equipment 11/1 Bal. Accounts Payable 11/1 Bal. Unearned Service Revenue 11/1 Bal. Salaries and Wages Payable 11/1 Bal. Common Stock 11/1 Bal. Retained Earnings 11/1 Bal. < 4 900 3060 3600 1530 18000 6300 Date Account Titles and Explanation Nov. 8 Salaries and Wages Payable Salaries and Wages Expense D Cash Nov. 10 Cash Accounts Receivable Nov. 11 Inventory Accounts Payable Nov. 12 Accounts Receivable Sales Revenue (To record credit sale) Cost of Goods Sold Inventory (To record cost of merchandise sold) Nov. 15 Accounts Payable Inventory D Nov. 19 Cash Sales Discounts Nov. 20 Accounts Payable P Inventory Cash Nov. 22 Cash Service Revenue Nov. 25 Equipment Accounts Payable Nov. 27 Supplies Accounts Payable Nov. 28 Accounts Payable Accounts Receivable M Debit 1,530 1,665 1710 7200 4950 3600 270 4851 99 6930 2070 4500 1530 2700 x x Credit 3195 1710 7200 4950 3600 270 4950 270 7200 2070 4500 1530 Nov. 27 Supplies Accounts Payable Nov. 28 Accounts Payable Cash Nov. 29 Rent Expense Cash (To record November rent paid) Salaries and Wages Expense Cash (To record salaries paid) Accounts Receivable Service Revenue (To record services performed) Cash Unearned Service Revenue (To record receipt for services to be performed) 1530 2700 337 1170 630 608 [>] Isl Jsl > S > S 1530 2700 337 1170 630 608 Post to the ledger accounts. (Post entries in the order of journal entries presented Cash 11/1 Bal. 8,100 11/8 - 3195 11/10 1710 11/20 + 6791 11/19 4851 11/28 + 2700 11/22 2070 11/29 337 11/29 608 11/29 + 1170 11/30 Bal. 3146 + Accounts Receivable 2,016 11/10 - 1710 4950 11/19 + 4950 630 936 + Inventory 7200 11/12 + 3600 11/15 + 270 11/20 + 139 + + + # 11/1 Bal. 11/12 + 11/29 + 11/30 Bal. + 11/11 + + 11/30 Bal. 11/1 Bal. 11/27 11/1 Bal. A - + P P E P P 3191 Supplies 774 1530 Equipment 22,500 + 11/25 + 4500 + 11/30 Bal. + 27000 Accumulated Depreciation-Equipment 11/1 Bal. Accounts Payable A 11/15 270 11/1 Bal. 2 11/20 + 6930 11/11 + P 11/28 + 2700 11/25 Q 900 3,060 7200 4500 11/20 11/28 11/8 11/8 11/29 11/29 11/12 11/19 6930 11/11 2700 11/25 + 11/27 11/30 Bal. Unearned Service Revenue 11/1 Bal. 11/29 4 Salaries and Wages Payable 1530 11/1 Bal. Common Stock 11/1 Bal. 11/30 Bal. Retained Earnings 11/1 Bal. Service Revenue 11/22 + 11/29 + Salaries and Wages Expense - 1665 1170 + Rent Expense 337 Sales Revenue 11/12 Cost of Goods Sold + 3600 Sales Discounts 99 + - P x M E /2001 4500 1530 13230 3,600 608 1,530 18,000 18000 6,300 2070 630 4950 (d) Adjustment data: 1. Supplies on hand are valued at $1,440. 2. Accrued salaries payable are $450. 3. Depreciation for the month is $225. 4. $585 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.) 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.) 11/1 Bal.. Cash 8,100 11/8 1,710 11/20 3,195 6,791 11/10 11/19 4,851 11/28 2,700 11/22 2,070 11/29 337 11/29 608 11/29 1,170 11/30 Bal. 3,146 Accounts Receivable 11/1 Bal. 2,016 11/10 1,710 4,950 11/12 4,950 11/19 11/29 630 11/30 Bal. 936 Inventory 11/11 7,200 11/12 3,600 11/15 270 11/20 139 11/30 Bal. 3,191 11/1 Bal. 11/27 Supplies 774 1,530 # # 11/1 Bal. 11/25 11/30 Bal. 11/15 11/20 11/28 11/8 Equipment 22,500 4,500 27,000 Accumulated Depreciation-Equipment 11/1 Bal. + + + Accounts Payable 270 11/1 Bal. 6,930 11/11 2,700 11/25 11/27 11/30 Bal. Unearned Service Revenue 11/1 Bal. + 11/29 + + Salaries and Wages Payable 1,530 11/1 Bal. + Common Stock 11/1 Bal. 11/30 Bal. Retained Earnings 11/1 Bal. Service Revenue 11/22 11/29 + Depreciation Expense Supplies Expense Salaries and Wages Expense 1,665 1,170 11/8 11/29 + 900 3,060 7,200 4,500 1,530 6,390 3,600 608 1,530 18,000 18,000 6,300 2,070 630 11/20 11/28 11/8 11/8 11/29 11/29 11/12 11/19 6,930 11/11 2,700 11/25 11/27 11/30 Bal. Unearned Service Revenue 11/1 Bal. + 11/29 + Salaries and Wages Payable 1,530 11/1 Bal. + + Common Stock 11/1 Bal. 11/30 Bal. Retained Earnings 11/1 Bal. Service Revenue 11/22 11/29 + Depreciation Expense + Supplies Expense + + Salaries and Wages Expense 1,665 + 1,170 + Rent Expense 337 Sales Revenue 11/12 Cost of Goods Sold 3,600 Sales Discounts 99 + 7,200 4,500 1,530 6,390 3,600 608 1,530 18,000 18,000 6,300 2,070 630 4,950