Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your answer is partially correct. Adjustment data: 1. Supplies on hand are valued at $800. 2. Accrued salaries payable are $250. 3. Depreciation for

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Your answer is partially correct. Adjustment data: 1. Supplies on hand are valued at $800. 2. Accrued salaries payable are $250. 3. Depreciation for the month is $125. 4. $325 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 0 for the amounts. List all debit entries before credit entries.) No. Date Account Titles and Explanation Debit Credit Nov. 1. Supplies Expense 30 2. Supplies Nov. 30 Salaries and Wages Expense 30 Salaries and Wages Payable 800 250 800 250 Nov. 3. 30 Depreciation Expense Accumulated Depreciation-Equipment 1. Nov. 30 Unearned Service Revenue Service Revenue 125 125 325 Post the above adjusting entries. (Post entries in the order of journal entries presented above.) Cash 11/1 Bal. 4,500 11/8 1,775 11/10 950 11/20 3,773 11/19 2,695 11/28 1,500 11/22 1,150 11/29 187 11/29 11/30 Bal. 338 11/29 650 1,748 11/1 Bal 11/12 Accounts Receivable. 1,120 11/10 950 2750 11/19 2750 125 325 11/29 350 11/30 Bal. 520 Inventory 11/11 4,000 11/12 2,000 11/30 Bal. 1,773 11/1 Bal. 11/27 11/30 Bal 11/15 11/20 150 77 Supplies 430 Adj. 800 850 480 Equipment 11/1 Bal. 12,500 11/25 2,500 11/30 Bal. 15,000 Accumulated Depreciation-Equipment 11/1 Bal. Accounts Payable Adj. 500 125 11/30 Bal. 625 11/15 150 11/1 Bal. 1,700 11/20 3,850 11/11 4,000 11/28 1,500 11/25 2,500 11/27 850 11/30 Bal. 3,550 Adj. Unearned Service Revenue 325 11/1 Bal. 11/29 2,000 11/30 Bal. # 2013 338 11/8 Salaries and Wages Payable 850 11/1 Bal. Adj. Common Stock 850 250 11/30 Bal. 1100 11/1 Bal. 10,000 11/30 Bal. 10,000 Retained Earnings 11/1 Bal. 3,500 Service Revenue 11/22 11/29 1,150 350 Adj. 325 Depreciation Expense Adj. 125 Adj. Supplies Expense 800 11/8 11/29 Salaries and Wages Expense 925 650 Adj. 250 Rent Expense 11/29 187 Sales Revenue 11/12 2,750 Sales Revenue 11/12 2,750 11/12 Cost of Goods Sold 2,000 Sales Discounts 11/19 55

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey of Accounting

Authors: Edmonds, old, Mcnair, Tsay

2nd edition

9780077392659, 978-0-07-73417, 77392655, 0-07-734177-5, 73379557, 978-0073379555

More Books

Students also viewed these Accounting questions

Question

What is cultural tourism and why is it growing?

Answered: 1 week ago

Question

=+3. What is the pinna? What role does it play in hearing?

Answered: 1 week ago

Question

=+2. Describe how and why pain is adaptive.

Answered: 1 week ago

Question

=+1. What three kinds of receptors form the cutaneous senses?

Answered: 1 week ago