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Sheffield Equipment Repair began operating in September 2017. It prepares financial statements at the end of each month. On November 1, 2017, a tabular summary

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Sheffield 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 Sheffield began the month with $3,440 in Retained Earnings. This balance represents the results of its first two months of business. Assets Stockholde + Liabilities Unearn. Serv Rev + 400+ Acets Rec 3,030 Cash 11/1 Bal 3.230 Acc. Depr: Acets Equip Pay 500 2740 Com Stock + Supplies Equip 1.560 10.440 Sal/Wages Pay 740 10.440 During November, the following summary transactions were completed. Novo 10 12 15 17 20 22 Paid $1,220 for salaries due employees of which 5480 is for November and $740 is for October salaries payable Received $1,820 cash from customers in payment of account Received $3,770 cash for services performed in November Purchased store equipment on account $3.850. Purchased supplies on account $1,370. Paid creditors $2.580 of accounts payable due Paid November rent $520 Paid salaries $1,040 Performed services on account worth $980 and billed customers Received 5820 from customers for services to be performed in the future. 25 27 29 Adjustment data: 1 2 Supplies on hand are valued at $1,180. Accrued salaries payable are $510. Depreciation for the month is $250. Services were performed to satisfy $540 of uneared service revenue. 3. 4. la-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 for 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 Ball 3.230 31030 1.560 Assets Accts. Rec Cash + + + Supplies Equip 11/1 Bal 3.230 3.030 1,560 Nov 8 10 12 15 17 20 22 25 27 29 Unadi , BM Adi (A1) (A2) A) (A4) Adj. Bal Acc Depr Equip Accts Pay Liabilities Unearn Serv. Rev. Sal/Wages Pay -500 2.740 400 Stockholders Equity Com Stock 10.40 Retained Earnings 3440 Exp Rev Div

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