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Posted on Jul 15, 2024

* Problem 4-07A On November 1, 2022, the following were the account balances of Blossom Equipment Repair Debit Credit Cash $ 3,250 Accumulated Depreciation-Equipment $

* Problem 4-07A On November 1, 2022, the following were the account balances of Blossom Equipment Repair Debit Credit Cash $ 3,250 Accumulated Depreciation-Equipment $ 500 Accounts Receivable 3,080 Accounts Payable 2.750 Supplies 1.580 Unearned Service Revenue 400 Equipment 10,460 Salaries and Wages Payable 790 Common Stock 10.460 Retained Earnings 3.460 $18,370 $18,370 During November, the following summary transactions were completed. Nov. Paid $1,220 for salaries due employees, of which $430 is for November and $790 is for October salaries 8 payable 10 Received $1,900 cash from customers in payment of account 12 Received $3,800 cash for services performed in November 15 Purchased store equipment on account $3,530 17 Purchased supplies on account $1.410. 20 Paid creditors $2,560 of accounts payable due 22 Paid November rent $500 25 Paid salaries $1.080. 27 Performed services on account worth $950 and billed customers. 29 Received $830 from customers for services to be performed in the future. Your answer is correct. Enter the November 1 balances in the ledger accounts. Cash 11/1 Bal. 3250 Accounts Receivable 11/1 Bal. 13080 Supplies 11580 Equipment 111/1 Bal. 111/1 Bal 110460 Accumulated Depreciation Equipment 11/1 Bal. SOC Accounts Payable 011/1 Bal 12760 Uneared Service Revenue 011/1 Bal. 1400 Salaries and Wages Payable 011/1 Bal. 1790 Common Stock Du/1 Bal 10460 Retained Earnings O//lBat) 11450 Your answer is partially correct. Try again. Journalize the November transactions. If neemtry is required select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 8 Salaries and Wages Payable 1290 Salaries and Wages Expense 430 Cash 1220 NOV 10 Casa Accounts Receivable Nov. 12) Cash 13800 Service Revenud 3800 Nov. 15 Now 121 10000 Nov. 20 Nov. 221 Nov. 2 Nov. 27 Nov. 29 1930 830 Your answer is partially correct. Try again Post above journal entries to the ledger accounts. (Post entries in the order of journal entries passed in the previous question. If the balance is zero (0), select date from drop down and enter for the amounts.) Cash 11/1 Bal. 3,250 Accounts Receivable 11/1 Bal. 3,000 Supplies 1,580 11/1 Bal. Equipment 11/1 Bal 10,460 Accumulated Depreciation Equipment 11/1 Bal. 500 Accounts Payable 11/1 Bal 2,760 Uneared Service Revenue 400 11/1B Salaries and Wages Payable 11/1 Bal. 790 Common Stock 11/1 Bal 10,460 Retained Earnings 11/1 Bal. 3,460 Service Revenue Salaries and Wages Expense Rent Expense Your answer is partially correct. Try again. Prepare a trial balance at November 30. 000 000 00000OOOO00000 BLOSSOM EQUIPMENT REPAIR Triat face For the Month Ended Nove Debit Credit Service Revenue Your answer is incorrect. Try again. Journalize the following adjusting entries. (If no entry is required. select "Ma intry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. De net indent manually.) 1. Supplies on hand are valued at $1,290. 2. Accrued salaries payable are $490. 3. Depreciation for the month is $250. 4. Services were performed to satisfy $530 of unearned service revenue No. Account Titles and Explanation Debit Credit 1. Your answer is partially correct. Try again. Post the above adjusting entries. (Post entries in the order of journal entries passed in the previous question.) 11/1 Bal. 11/10 11/12 11/29 11/30 Bal. 1,220 2,560 500 1,080 Cash 3,250 11/8 1,900 11/20 3,800 11/22 830 11/25 4,420 Accounts Receivable 3,080 11/10 960 2,140 Supplies 1.580 1,900 11/1 Bat. 11/27 11/30 Bal. 11/1 Bal. 11/27 1,410 11/1 Bal. 11/15 11/30 Bal. Equipment 10,460 3,530 13,990 Accumulated Depreciation--Equipment 500 11/1 Bal 11/20 Accounts Payable 2,560 11/1 Bal. 11/15 11/17 11/30 Bal Unearned Service Revenue 11/1 Bali 2,760 3.530 1,410 5.140 400 11/29 830 Salaries and Wages Payable 790 11/1 Bar 11/8 790 10,460 10,460 Common Stock 11/1 Bal 11/30 Bal. Retained Earnings 11/1 Bal. 11/30 Bal Service Revenue 11/12 11/27 3,460 3,460 3,800 960 3 Depreciation Expense Supplies Expense Salaries and Wages Expense 11/8 11/25 1,080 Rent Expense 11/22 11/30 Bal. 500 500 E3 Your answer is incorrect. Try again. Prepare an adjusted trial balance. HLOSSOM EQUIPMENT REPAIR Tralalances Debit Credit 000 100 ON x Your answer is incorrect. Try again. Prepare an income statement for November 30. BLOSSOM EQUIPMENT REPAIR Income talent DODO 80000 23 Your answer is incorrect. Try again. Prepare a retained earnings statement for November 30, BLOSSOM EQUIPMENT REPAIR Returning Statement Your answer is partially correct. Try again. Prepare a classified balance sheet at November 30. (List current assets in order of liquidity.) BLOSSON EQUIPMENT REPAIR Matice Sheet November 30, 2022 Assets Current Assets Cast Accounts Receivable Supplies Total Current Assets Property, Plant land Equipment OO DOO DO Equipment Less Accumulated Depreciation- Equipment flotal Assets Llabilities and Stockholders' Equity Current Liabilities Accounts Payable Unearned Service Revenue 100 Salaries and Wages Payable Total Current Liabilities Stockholders' Equity Common Stock 110460) Retained Earnings Total Stockholders' Equity Total Liabilities land Stockholders Equity 121220 Question Attem