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Please help and I'm sorry I could not fit the entire bottom chart Cheyenne Equipment Repair began operating in September 2017. It prepares financial statements
Please help and I'm sorry I could not fit the entire bottom chart
Cheyenne Equipment Repair began operating in September 2017. It prepares financial statements at the end of each month. On November 1, 2017, a tabular summary includes the following information. Note that Cheyenne began the month with $3,350 in Retained Earnings. This balance represents the results of its first two months of business. Assets Liabilities Stockholders' Equity Acc. Accts. Rec. Unearn. Serv. Rev. Cash + Com. Stock + Depr. Equip. 500 Equip. Accts. Pay. 2.650 + Supplies 1,470 + Sal./Wages Pay. 850 + Retained Earnings 3,350 3.140 + 3,140 + + 10.350 = + 400 + 10.350 + During November, the following summary transactions were completed. Nov. 8 10 12 15 17 Paid $1,220 for salaries due employees, of which $370 is for November and $850 is for October salaries payable. Received $1.840 cash from customers in payment of account. Received $3.790 cash for services performed in November. Purchased store equipment on account $3.550. Purchased supplies on account $1,340. Paid creditors $2,580 of accounts payable due. Paid November rent $450. Paid salaries $1,070. Performed services on account worth $950 and billed customers. Received $760 from customers for services to be performed in the future. 20 22 25 27 29 Adjustment data: 1. 2. 3. Supplies on hand are valued at $1,110. Accrued salaries payable are $500. Depreciation for the month is $290. Services were performed to satisfy $500 of unearned service revenue. 4. (a-d) Use the tabular summary below to complete the following. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) (a) Record the November transactions. Include explanations for amounts in the revenue or expense column. (b) Compute the balance in each column after recording the November 29 transaction. (c) Record adjustments. (d) Compute the adjusted balance in each column. Assets Accts. Rec. Cash + Supplies Equip. 11/1 Bal. 3.140 3.140 1,470 Nov. 8 10 12 15 17 20 22 25 27 29 Unadj. Bal. Adj. (A1) (A2) (A3) (A4) Adj. Bal. Stockholders' Equity Retained Earnings 3,350 Exp. Rev. Div.Step by Step Solution
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