Problem 4-7A (Part Level Submission)

On November 1, 2017, the following were the account balances of Soho Equipment Repair.

Debit Credit

Cash $ 3,580 Accumulated DepreciationEquipment $ 500

Accounts Receivable 3,010 Accounts Payable 3,090

Supplies 1,910 Unearned Service Revenue 400

Equipment 10,790 Salaries and Wages Payable 720

Common Stock 10,790

Retained Earnings 3,790

$19,290 $19,290

During November, the following summary transactions were completed.

Nov. 8 Paid $1,220 for salaries due employees, of which $500 is for November and $720 is for October salaries payable.

10 Received $1,850 cash from customers in payment of account.

12 Received $3,710 cash for services performed in November.

15 Purchased store equipment on account $3,630.

17 Purchased supplies on account $1,370.

20 Paid creditors $2,590 of accounts payable due.

22 Paid November rent $460.

25 Paid salaries $1,080.

27 Performed services on account worth $940 and billed customers.

29 Received $820 from customers for services to be performed in the future.

(a)

Enter the November 1 balances in the ledger accounts.

Cash

Accounts Receivable

Supplies

Equipment

Accumulated DepreciationEquipment

Accounts Payable

Unearned Service Revenue

Salaries and Wages Payable

Common Stock

Retained Earnings

(b)

Journalize the November transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 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

(c)

Post above journal entries to the ledger accounts. (Post entries in the order of journal entries passed in the previous question.)

Cash

11/1 Bal. 3,580

Accounts Receivable

11/1 Bal. 3,010

Supplies

11/1 Bal. 1,910

Equipment

11/1 Bal. 10,790

Accumulated Depreciation Equipment

11/1 Bal. 500

Accounts Payable

11/1 Bal. 3,090

Unearned Service Revenue

11/1 Bal. 400

Salaries and Wages Payable

11/1 Bal. 720

Common Stock

11/1 Bal. 10,790

Retained Earnings

11/1 Bal. 3,790

Service Revenue

Salaries and Wages Expense

Rent Expense

(d)

trial balance at November 30.

SOHO EQUIPMENT REPAIR

Trial Balance

Debit Credit

$

$

$

$

(e1)

Journalize the following adjusting entries. (If no entry is required, select "No Entry" for the account titles and enter 0 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 $1,140.

2. Accrued salaries payable are $480.

3. Depreciation for the month is $270.

4. Services were performed to satisfy $510 of unearned service revenue.

No. Account Titles and Explanation Debit Credit

1.

2.

3.

4.

(e2)

Post the above adjusting entries. (Post entries in the order of journal entries passed in the previous question.)

Cash

11/1 Bal. 3,580 11/8 1,220

11/10 1,850 11/20 2,590

11/12 3,710 11/22 460

11/29 820 11/25 1,080

11/30 Bal. 4,610

Accounts Receivable

11/1 Bal. 3,010 11/10 1,850

11/27 940

11/30 Bal. 2,100

Supplies

11/1 Bal. 1,910

11/27 1,370

Equipment

11/1 Bal. 10,790

11/15 3,630

11/30 Bal. 14,420

Accumulated DepreciationEquipment

11/1 Bal. 500

Accounts Payable

11/20 2,590 11/1 Bal. 3,090

11/15 3,630

11/17 1,370

11/30 Bal. 5,500

Unearned Service Revenue

11/1 Bal. 400

11/29 820

Salaries and Wages Payable

11/8 720 11/1 Bal. 720

Common Stock

11/1 Bal. 10,790

11/30 Bal. 10,790

Retained Earnings

11/1 Bal. 3,790

11/30 Bal. 3,790

Service Revenue

11/12 3,710

11/27 940

Depreciation Expense

Supplies Expense

Salaries and Wages Expense

11/8 500

11/25 1,080

Rent Expense

11/22 460

11/30 Bal. 460

(f)

an adjusted trial balance.

SOHO EQUIPMENT REPAIR

Trial Balances

Debit Credit

$

$

$

$

(g1)

an income statement for November 30.

SOHO EQUIPMENT REPAIR

Income Statement

$

$

$

(g2)

retained earnings statement for November 30.

SOHO EQUIPMENT REPAIR

Retained Earnings Statement

$

:

$

(g3)