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On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Credit Cash Accounts Receivable Supplies Equipment Debit $17,100 Accumulated Depreciation Equipment 4,256 Accounts Payable 1,634 Unearned Service Revenue 47,500 Salaries and Wages Payable $70,490 Common Stock 6,460 7,600 3,230 38,000 Retained Earnings 13,300 $70,490 During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 20 22 25 27 28 Paid $6,745 for salaries due employees, of which $3,515 is for November and $3,230 is for October Received $3,610 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $15,200, terms 2/10, n/30. Sold merchandise on account for $10,450, terms 2/10, n/30. The cost of the merchandise sold was $7,600. Received credit from Dimas Discount Supply for merchandise returned $570. Received collections in full, less discounts, from customers billed on sales of $10,450 on November 12. Paid Dimas Discount Supply in full, less discount. Received $4,370 cash for services performed in November. Purchased equipment on account $9,500. Purchased supplies on account $3,230. Paid creditors $5,700 of accounts payable due. Paid November rent $712. Paid salaries $2,470. Performed services on account and billed customers $1,330 for those services. Received $1,283 from customers for services to be performed in the future. 29 29 29 (a) Your answer is correct. Enter the November 1 balances in ledger T-accounts. Cash T11/1 Bal. 17100 TT Accounts Receivable 11/1 Bal. Il T11/1 Bal. i Supplies 1634 Equipment 111/1 Bal. 47500 47500 1 1900 Accumulated Depreciation-Equipment T 11/1 Bal. V Accounts Payable 11/1 Bal. i Unearned Service Revenue 6460 7600 11/1 Bal. Salaries and Wages Payable 11/1 Bal. Common Stock i 3230 38000 11/1 Bal. Retained Earnings 11/1 Bal. 13300 Tournalize the November transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, se Debit Credit Date Account Titles and Explanation Nov. 8 Salaries and Wages Payable Salaries and Wages Expense Cash Cash Nov. 10 Accounts Receivable Nov. 11 Inventory 15200 T Accounts Payable Nov. 12 Accounts Receivable I 10450 T Sales Revenue (To record credit sale) Cost of Goods Sold Inventory (To record cost of merchandise sold) Accounts Payable JUULILLELL LL LLLLLLLLL 7600 Nov. 15 Inventory 570 Nov. 19 Cash T 10241 Sales Discounts Accounts Receivable Nov. 20 Accounts Payable Inventory Nov. 22 Cash Service Revenue Nov. 25 V Equipment Accounts Payable Nov. 27 y Supplies Accounts Payable LHUGULUH Nov. 28 y Accounts Payable Cash Nov. 29 V Rent Expense T 712 Cash (To record November rent paid) Salaries and Wages Expense Cash (To record salaries paid) Accounts Receivable Service Revenue (To record services performed) Cash Unearned Service Revenue (To record receipt for services to be performed c) Your answer is correct. Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) Cash 11/1 Bal. 17.100 11/8 6745 11/10 3610 | 11/20 14337 11/19 11/28 5700 11/22 4370 11/29 11/29 11/30 Bal. 7 1283 | 11/29 5540 Accounts Receivable 11/1 Bal. 11/10 SIT 11/19 11/12 11/29 1330 11/30 Bal. 1975 Inventory 11/15 11/30 Bal. 1 6737 Supplies 11/1 Bal. 1,634 11/27 y 2 32302 Equipment 11/1 Bal 47,500 9500 57000|| Accumulated Depreciation Equipment 11/1 Bal Accounts Payable 570 11/1 Bal 6.460 14630 || 11/25 11/27 3230 13490 v 7,600 1283 11/30 Bal. Unearned Service Revenue T 11/1 Bal. 11/29 Salaries and Wages Payable 3230 11/1 Bal. Common Stock 11/1 Bal. 3,230 38,000 T 38000 | 11/30 Bal. Retained Earnings 11/1 Bal. 13,300 Service Revenue 11/22 11/29 Salaries and Wages Expense 3515 2470 | Rent Expense 7121 Sales Revenue 11/12 Cost of Goods Sold 7600 | Sales Discounts 20910 1 SHOW LIST OF ACCOUNTS SHOW ANSWER (d) Your answer is correct. Adjustment data: 1. 2. 3. 4. Supplies on hand are valued at $3,040. Accrued salaries payable are $950. Depreciation for the month is $475. $1,235 of services related to the unearned service revenue has not been performed by month-end. Journalize the adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) No. Date Account Titles and Explanation Debit Credit IL 1. Nov. 30 Supplies Expense 1824 Supplies 1824 2. Nov. 30 Salaries and Wages Expense Salaries and Wages Payable 950 3. Nov. 30 Depreciation Expense Accumulated Depreciation-Equipment 4. Nov. 30 Unearned Service Revenue 7648 Service Revenue 7648 11/1 Bal. 11/10 11/19 11/22 11/29 6,745 14,337 5,700 712 2,470 11/30 Bal. Cash 17,100 11/8 3,610 11/20 10,241 11/28 4,370 11/29 1,283 11/29 6,640 Accounts Receivable 4,256 11/10 10,450 11/19 1,330 1,976 Inventory 15,200 11/12 11/15 11/20 6,737 Supplies 11/1 Bal. 11/12 11/29 11/30 Bal. 3,610 10,450 11/11 7,600 570 293 11/30 Bal. 11/1 Bal. 1,634|| Adj. 1824 11/27 3,2301 11/30 Bal. V 3040 11/1 Bal. 11/25 11/30 Bal. Equipment 47,500 9,500 57,000 Accumulated Depreciation-Equipment 11/1 Bal. 1,900 Adj. 475 2375 11/15 11/30 Bal. Accounts Payable 570 11/1 Bal. 14,630 11/11 5,700 11/25 11/20 11/28 6,460 15,200 9,500 I 11/27 3.230 Accounts Payable 570 11/1 Bal. 14,630 11/11 5,700 11/25 11/27 11/30 Bal. Unearned Service Revenue 7548 11/1 Bal. 6,460 15,200 9,500 3,230 13,490 7,600 11/29 1,283 1235 11/30 Bal. Salaries and Wages Payable 3.230/11/1 Bal 11/30 Bal. Common Stock 11/1 Bal. 11/30 Bal. Retained Earnings 11/1 Bal. 38.000 38,000 13,300 Service Revenue 4,370 1,330 11/22 11/29 Adj. Depreciation Expense 7648 Adj. Adj. Supplies Expense 1824 Salaries and Wages Expense 11/8 3.515 11/29 Tadi 2.47011 950 Rent Expense 71211 Sales Revenue 11/12 Cost of Goods Sold 7,600 Sales Discounts 2091 10,450 11/19 (e) Your answer is correct. Prepare an adjusted trial balance at November 30. MARIN Adjusted Trial Balance November 30, 2022 Debit Credit TAccounts Receivable Inventory Supplies Equipment TAccumulated Depreciation Equipment Accounts Payable Unearned Service Revenue 99 Salaries and Wages Payable Common Stock 38000 Retained Earnings 13300 Service Revenue Depreciation Expense Supplies Expense salaries and Wages Expense Rent Expense Sales Revenue Tcost of Goods Sold Sales Discounts Totals (1) Your answer is correct. Prepare a multiple-step income statement for November MARIN Income Statement For the Month Ended November 30, 2022 Sales Sales Revenue ess + Sales Discounts 1 Net Sales 10241 T Service Revenue 13348 Total Revenues 23589 Cost of Goods Sold 7600 Gross Draft 15989 Expenses Depreciation Expense Supplies Expense Salaries and Wages Expense Rent Expense 712 T Total Expenses 9946 1 TNet Income / (Loss) 6043 (f2) Your answer is correct. Prepare a retained earnings statement for November MARIN Retained Earnings Statement For the Month Ended November 30, 2022 13300 Retained Earnings, November 1 Add Net Income (Loss) T 6043 Retained Earnings, November 30 V 19343 (3) Your answer is correct. Prepare a classified balance sheet at November 30. (List Current Assets in order of liquidity.) MARIN Balance Sheet November 30, 2022 Assets Current Assets Accounts Receivable 1976 Inventory 6737 | Supplies 3040 1 Total Current Assets 18393 Property, Plant and Equipment Equipment 57000 -2375 Accumulated Depreciation Equipment T Total Property, plant and Equipment Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Unearned Service Revenue Salaries and Wages Payable | Total Current Liabilities J 15675 Stockholders' Equity Common Stock 38000 Retained Earnings T 19343 T Total Stockholders' Equity Total Liabilities and Stockholders' Equity v 73018 (9) Journalize the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit Date Account Titles and Explanation Nov. 30 (To close revenue accounts and other accounts with credit balances.) Nov. 30 (To close expense accounts and other accounts with debit balances.) Nov. 30 (To close income summary.) 11/1 Bal. 11/10 11/19 11/22 6,745 14,337 5,700 712 2,470 11/29 11/30 Bal. 3,610 10,450 11/1 Bal. 11/12 11/29 11/30 Bal. 11/11 Cash 17,100 11/8 3,610 11/20 10,24111/28 4,370 11/29 1,283 11/29 6,640 Accounts Receivable 4,25611/10 10,450 11/19 1,330 1,976 Inventory 15,200 11/12 11/15 11/20 6,737 Supplies 1,634 Adj. 3,230 3,040 Equipment 47,500 9,500 57,000 Accumulated Depreciation Equipment 11/1 Bal. 7.600 570 293 11/30 Bal. 11/1 Bal. 11/27 11/30 Bal. 11/1 Bal. 11/25 11/30 Bal. 1.900 Adj. 475 2,375 11/30 Bal. Accounts Payable 57011/1 Bal. 14,63011/11 11/15 11/20 6,460 15,200 11/15 11/20 11/28 Accounts Payable 570 11/1 Bal. 14,630 11/11 5,700 11/25 6,460 15,200 9,500 3,230 13,490 11/27 7,600 1,283 1,235 3,230 11/30 Bal. Unearned Service Revenue 7,548 11/1 Bal. 11/29 11/30 Bal. Salaries and Wages Payable 3,230 11/1 Bal. Adj. 11/30 Bal. Common Stock 11/1 Bal. 11/30 Bal. Retained Earnings 11/1 Bal. 950 950 38,000 38,000 13,300 Service Revenue 11/22 4,370 1,330 11/29 Adj. 7,648 Depreciation Expense Adj. Supplies Expense Adj. 1.824 11/8 Salaries and Wages Expense 3,515 2,470 11/29 Adj. Rent Expense 712 11/29 Sales Revenue 11/12 10,450 Cost of Goods Sold 7,500 11/12 Sales Discounts 11/19 209 Income Summary