D) Adjusting Journal Entries | ||||
No. | Date | Account Tittles and Explanation | Debit | Credit |
1 | Nov. 30 | Supplies Expense | $ 2,784 | |
Supplies Expense | $ 2,784 | |||
To record supplies expense | ||||
2 | Nov. 30 | Salaries and Wages Expense | 1450 | |
Salaries and Wages Payable | 1450 | |||
3 | Nov. 30 | Depreciation Expense | 725 | |
Accumulated Depreciation-Equipment | 725 | |||
4 | Nov. 30 | Unearned Service Revenue | $ 11,673 | |
Service Revenue | $ 11,673 | |||
To record service revenue earned | ||||
Notes: | ||||
Supplies Expense = Beg. Balance of supplies + Additional purchase - End. Balance | ||||
Supplies Expense = $2,494 + $4,930 - $4,640 = $2,784 | ||||
Revenue from unearned service revenue = Beg. Balance of unearned service revenue + unearned | ||||
Service revenue received in Nov. - Service not provided in Nov. from unearned revenue | ||||
Revenue from unearned service revenue = 11,600 + 1,958 -1885 = $11,673 |
Corrected Ledgers Account:
Supplies | |||||
1-Nov | Bal. | 2494 | 30-Nov | Adj. | 2784 |
27-Nov | 4930 | ||||
30-Nov | Bal. | 4640 | |||
Unearned Service Revenue | |||||
30-Nov | Adj. | 11,673 | 1-Nov | Bal. | 11,600 |
29-Nov | 1,958 | ||||
30-Nov | Bal. | 1,885 | |||
Service Revenue | |||||
22-Nov | 6670 | ||||
29-Nov | 2030 | ||||
30-Nov | Adj. | 11673 | |||
30-Nov | Bal. | 20373 | |||
Supplies Expense | |||||
30-Nov | Adj. | 2784 | |||
E. Adjusted Trial Balance | ||
LARKSPUR | ||
Adjusted Trial Balance | ||
Fr the Month Ended Nov.30, 2022 | ||
Account Tittle | Debit | Credit |
Cash | $ 10,134 | |
Account Receivable | 3,016 | |
Inventory | 10,283 | |
Supplies | 4,640 | |
Equipment | 87,000 | |
Accumulated Depreciation-Equipment | $ 3,625 | |
Account Payable | 20,590 | |
Unearned Service Revenue | 1,885 | |
Salaries and Wage Payable | 1,450 | |
Common Stock | 58,000 | |
Retained Earnings | 20,300 | |
Service Revenue | 20,373 | |
Depreciation Expense | 725 | |
Supplies Expense | 2,784 | |
Salaries and Wage Expense | 10,585 | |
Rent Expense | 1,087 | |
Sales Revenue | 15,950 | |
Cost of Goods Sold | 11,600 | |
Sales Discount | 319 | |
Total | $ 142,173 | $ 142,173 |
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Larkspur had the following...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Larkspur had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $26,100 6,496 2,494 72,500 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $2,900 9,860 11,600 4,930 58,000 20,300 $107,590 During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 22 25 27 28 29 29 29...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Larkspur had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $26,100 6,496 2,494 72,500 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $2,900 9,860 11,600 4,930 58,000 20,300 $107,590 During November, the following summary transactions were completed. Nov. 8 Paid $10,295 for salaries due employees, of which $5,365 is for November...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Larkspur had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $26,100 6,496 2,494 72,500 $107,590 Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $2,900 9,860 11,600 4,930 58,000 20,300 $107,590 During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 20 22 25 27 28...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Larkspur had the following account balances. The company uses the perpetual inventory method. Debit Credit $26,100 Accumulated Depreciation-Equipment $2,900 Cash Accounts Receivable Accounts Payable 6,496 9,860 Unearned Service Revenue Supplies 2,494 11,600 Equipment 72,500 Salaries and Wages Payable 4,930 $107,590 Common Stock 58,000 Retained Earnings 20,300 $107,590 During November, the following summary transactions were completed. Paid $10,295 for salaries due employees, of which $5,365 is for November and...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Larkspur had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $26,100 6,496 2,494 72,500 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $2,900 9,860 11,600 4,930 58,000 20,300 $107,590 During November, the following summary transactions were completed. Nov. 8 Paid $10,295 for salaries due employees, of which $5,365 is for November...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Larkspur had the following account balances. The company uses the perpetual inventory method. Debit Credit $26,100 Accumulated Depreciation-Equipment Cash $2,900 6,496 Accounts Payable 9,860 Accounts Receivable 11,600 Supplies 2,494 Unearned Service Revenue Equipment 72,500 Salaries and Wages Payable 4,930 $107,590 Common Stock 58,000 Retained Earnings 20,300 $107,590 During November, the following summary transactions were completed. Paid $10,295 for salaries due employees, of which $5,365 is for November and...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Larkspur had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $26,100 6,496 2,494 72,500 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $2,900 9,860 11,600 4,930 58,000 20,300 $107,590 During November, the following summary transactions were completed. Nov. 8 Paid $10,295 for salaries due employees, of which $5,365 is for November...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $27,000 6,720 2,580 75,000 $111,300 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $3,000 10,200 12,000 5,100 60,000 21,000 $111,300 During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 20 22 25 27 28 29...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Debit Credit $17,100 Accumulated Depreciation-Equipment $1,900 Cash 4,256 Accounts Payable 6,460 Accounts Receivable 7,600 1,634 Unearned Service Revenue Supplies 47,500 Salaries and Wages Payable 3,230 Equipment $70,490 Common Stock 38,000 Retained Earnings 13,300 $70,490 During November, the following summary transactions were completed Nov. 8 Paid $6,745 for salaries due employees, of which $3,515 is for...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. 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 Retained Earnings Credit $1,900 6,460 7,600 3,230 38,000 13,300 $70,490 During November, the following summary transactions were completed. Nov. 8 Paid $6,745 for salaries due employees, of which $3,515 is for...