Please help me with the assignment attached. It is for Principals of Accounting 1.
On November 1, 2010, the following were the account balances of Montana Equipment Repair. Debits Credits Cash $2,790 Accumulated Depreciation $500 Accounts Receivable 2,910 Accounts Payable 2,300 Supplies 1,120 Unearned Service Revenue 400 Store Equipment 10,000 Salaries Payable 620 Common Stock 10,000 3,000 Retained Earnings $16,820 $16,820 During November the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $600 is for November and $620 is for October salaries payable. Nov. 10 Received $1,500 cash from customers in payment of account. Nov. 12 Received $1,700 cash for services performed in November. Nov. 15 Purchased store equipment on account $4,000. Nov. 17 Purchased supplies on account $1,300. Nov. 20 Paid creditors $2,500 of accounts payable due. Nov. 22 Paid November rent $450. Nov. 25 Paid salaries $1,000. Nov. 27 Performed services on account and billed customers for services provided $900. Nov. 29 Received $550 from customers for services to be provided in the future. Adjustment data: 1. Supplies on hand are valued at $1,100. 2. Accrued salaries payable are $480. 3. Depreciation for the month is $250. 4. Unearned service revenue of $300 is earned. Journalize the November transactions. smallest amount, e.g. 10, 5, 2.) Date Account/Description Nov. 8 Nov. 10 Nov. 12 Nov. 15 Nov. 17 Nov. 20 Nov. 22 Nov. 25 Nov. 27 Nov. 29 Journalize the adjusting entries. Date Account/Description 1. Nov. 30 2. Nov. 30 3. Nov. 30 4. Nov. 30 Enter the November 1 balances in the ledger accounts. (Use T accounts.) Post th November transactions and adjusting entries to the ledger accounts. Cash 11/1 Bal. 11/8 11/10 11/20 11/12 11/22 11/29 11/30 Bal. Accounts Receivab le 11/1 Bal. 11/25 11/30 11/10 11/27 11/30 Bal. Supplies 11/1 Bal. 11/17 11/30 Bal. Store Equipme nt 11/1 Bal. 11/15 11/30 Bal. Accumul ated Deprecia 11/8 11/30 tion 11/1 Bal. 11/30 11/30 Bal. Service Revenue 11/30 11/12 11/27 11/30 11/30 Bal. Deprecia tion Expense 11/30 11/30 Bal. Supplies Expense 11/30 11/30 Bal. Prepare a trial balance before and after adjustment at November 30. please enter 0, do not leave any fields blank.) MONTANA EQUIPMENT REPAIR Before Adjustment Cash Accounts Receivable Supplies Store Equipment Accumulated Depreciation Accounts Payable Unearned Service Revenue Salaries Payable Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Supplies Expense Depreciation Expense Complete the Income Statement a Retained Earnings Statement (If a Net Loss results use either a negative sign preceding the n parenthesis, e.g. (45) for the Income Statement only. List expen amount, e.g. 10, 5, 2. List assets in order of liquidity and liabili amount, e.g. 10, 5, 2.) MONTANA EQUIPMENT REPAI Income Statement Revenues Expenses Total Expenses Net Income (loss) MONTANA EQUIPMENT REPAIR Retained Earnings Statement : MONTANA EQUIPMENT REPAI Balance Sheet Assets Current assets Total current assets Less: Total assets Liabilities and Stockholders' Equit Current liabilities Total current liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity
