Question

Martinez 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 Martinez began the month with $3.730 in Reti two months of business. Assets Liabilities + Stockholders'Equity Accts. Acc. Depr: Accts. Unearn. Sal/Wages Com Cash + Rec Supplies - Equip. Equip. Pay. + Serv. Rev. + Pay. Stock Retained Earnings 11/1 Bal. 3,520 + 3,090 + 1.850 + 10,730 - 500 = 3,030 + 400+ 800 + 10.730 + 3.730 During November, the following summary transactions were completed. Nov. 8 Pald $1.220 for salaries due employees, of which $420 is for November and $800 is for October salaries payable. 10 Received $1,820 cash from customers in payment of account 12 Received $3,810 cash for services performed in November 15 Purchased store equipment on account $3.770, 17 Purchased supplies on account $1.410 20 Paid creditors $2,560 of accounts payable due. 22 Paid November rent $550. 25 Paid salaries $1.070 27 Performed services on account worth $910 and billed customers. 29 Received $770 from customers for services to be performed in the future. Adjustment data 1 Supplies on hand are valued at $1.150. 2. Accrued salaries payable are 5510 3 Depreciation for the month is $290

Answer 1

Answer:

	Assets									=	Liabilities					+	Stockholders' Equity
	Cash	+	Accounts Receivable	+	Supplies	+	Equipment	-	Accumulated Depr. -Equip.	=	Accounts Payable	+	Unearned Service revenue	+	Sal./Wag. payable	+	Common stock	+	Retained Earnings
11/1 Bal.	$3,520		$3,090		$1,850		$10,730		$500		$3,030		$400		$800		$10,730		$3,730
																			Rev.	Exp.	Div.
Nov.8	($1,220)														($800)					$420		Salaries & Wages expense
10	$1,820		($1,820)
12	$3,810																		$3,810			Service revenue
15							$3,770				$3,770
17					$1,410						$1,410
20	($2,560)										($2,560)
22	($550)																			$550		Rent expense
25	($1,070)																			$1,070		Salaries expense
27			$910																$910			Service revenue
29	$770												$770
Unadj. Bal.	$4,520		$2,180		$3,260		$14,500		$500		$5,650		$1,170		$0		$10,730		$4,720	$2,040	$0
Adj.1 [3260-1150]					($2,110)															$2,110		Supplies expense
Adj.2															$510					$510		Salaries & Wages expense
Adj.3									$290											$290		Depreciation expense
Adj.4													($510)						$510			Service revenue
Adj. Bal.	$4,520		$2,180		$1,150		$14,500		$790		$5,650		$660		$510		$10,730		$5,230	$4,950	$0