Question

1 Approved Answer

Posted on Jul 18, 2024

Problem 4-07A On November 1, 2022, the following were the account balances of Cullumber Equipment Repair. Cash Debit $ 3,430 3,010 1,760 10,640 Credit $

image text in transcribed

Problem 4-07A On November 1, 2022, the following were the account balances of Cullumber Equipment Repair. Cash Debit $ 3,430 3,010 1,760 10,640 Credit $ 500 2,940 Accounts Receivable 400 Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings 720 10,640 3,640 $18,840 $18,840 During November, the following summary transactions were completed. Nov. 8 10 15 17 Purch Paid $1,220 for salaries due employees, of which $500 is for November and $720 is for October salaries payable. Received $1,820 cash from customers in payment of account. Received $3,710 cash for services performed in November. Purchased store equipment on account $3,770. Purchased supplies on account $1,370. Paid creditors $2,600 of accounts payable due. Paid November rent $520. Paid salaries $1,010. Performed services on account worth $920 and billed customers. Received $760 from customers for services to be performed in the future. 20 22 25 27 29 Reci 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 o for the amounts.) Cash 11/1 Bal 3,430 11/8 11/10 11/20 11/12 V 11/22 11/29 11/25 11/30 Bal. Accounts Receivable 3,010 11/10 11/1 Bal. 11/27 11/30 Bal. Supplies 1,760 11/1 Bal. 11/30 Bal. Equipment 10,640 11/1 Bal. 11/15 11/30 Bol. Accumulated Depreciation - Equipment 11/1 Bal. 500 Accounts Payable 11/20 11/1 Bal. 2,940 11/15 11/17 11/30 Bal. v Unearned Service Revenue 11/1 Bal. 400 11/29 11/30 Bal. Salaries and Wages Payable 11/8 11/1 Bal. 720 11/30 Bal. Common Stock 11/1 Bal. 10,640 11/30 Bal. Retained Earnings 11/1 Bal. 3,640 11/30 Bal. Service Revenue 11/12 v Service Revenue 11/12 11/27 11/30 Bal. Salaries and Wages Expense 11/8 11/25 11/30 Bal. v Rent Expense 11/22 11/30 Bal. SHOW LIST OF ACCOUNTS LINK TO TEXT LINKI Prepare a trial balance at November 30. CULLUMBER EQUIPMENT REPAIR Trial Balance November 30, 2022 Debit Credit Cash Accounts Receivable supp CULLUMBER EQUIPMENT REPAIR Trial Balance November 30, 2022 Debit Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense Journalize the following adjusting entries. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) 1. Supplies on hand are valued at 51,170. ZAccrued salaries pavable arc 5520 3. Depreciation for the month is $280. 4. Services were performed to satisfy S540 of unearned service revenue. No. Account Titles and Explanation Debit Credit 1. Supplies Expense Supplies 2. Salaries and Wages Expense Salaries and Wages Payable 3. Depreciation Expense Accumulated Depreciation-Equipment Unearned Service Revenue Service Revenue SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO 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 Cash 3,430 11/8 1,820 11/20 3,710 11/22 1,220 2,600 520 11/12 11/29 11/30 Bal. 520 1,010 3,710 11/22 760 11/25 4,370 Accounts Receivable 3,010 11/10 920 2,110 Supplies 1,760 11/1 Bal. 11/27 1,820 11/30 Bal. 11/1 Bal. 11/27 1,370 11/30 Bal. Equipment 11/1 Bal. 10,640 11/15 3,770 11/30 Bal. 14,410 Accumulated Depreciation-Equipment 11/1 Bal. 500 11/30 v 11/20 11/30 Bal. v Accounts Payable 2,600 11/1 Bal. 11/15 11/17 11/30 Bal. Unearned Service Revenue 2,940 3,770 1,370 5,480 11/30 11/1 Bal. 400 11/30 v 11/1 Bal. 400 11/29 760 11/30 Bal. Salaries and Wages Payable 720 11/1 Bal. 11/8 11/30 10,640 10,640 11/30 Bal. Common Stock 11/1 Bal. 11/30 Bal. Retained Earnings 11/1 Bal. 11/30 Bal. Service Revenue 3,640 3,640 11/12 3,710 11/27 920 11/30 11/30 Bal. Depreciation Expense 11/30 v 11/30 Bal. Supplies Expense 11/30 v Supplies Expense 11/30 11/30 Bal. Salaries and Wages Expense 11/8 500 11/25 1,010 11/30 11/30 Bal. 11/22 Rent Expense 520 520 11/30 Bal. SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare an adjusted trial balance. CULLUMBER EQUIPMENT REPAIR Trial Balances November 30, 2022 Debit Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Depreciation Expense Supplies Expense Salaries and Wages Expense Rent Expense SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare an income statement for November 30. CULLUMBER EQUIPMENT REPAIR Income Statement For the Month Ended November 30, 2022 v For the Month Ended November 30, 2022 Revenues Service Revenue Expenses Salaries and Wages Expense Supplies Expense Rent Expense Depreciation Expense Total Expenses Net Income / (Loss) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare a retained earnings statement for November 30. CULLUMBER EQUIPMENT REPAIR Retained Earnings Statement For the Month Ended November 30, 2022 V Retained Earnings, November 1 v Add Retained Earnings, November 30 Accumulated Depreciation-Equipment Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Unearned Service Revenue Salaries and Wages Payable Total Current Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity v SHOW LIST OF ACCOUNTS