Requirement 1: Enter the beginning balances as follows
Requirement 2: Prepare the journal entries including adjusting entries as follows
Requirement 3: Post the above journal entries to T-Accounts as follows
Requirement 4: Prepare the following trial balance and financial statements
SER Inc | ||
Adjusted Trial Balance | ||
November 30, 2022 | ||
Account Title | Debit | Credit |
Cash | $4,700 | |
Accounts Receivable | $2,120 | |
Supplies | $1,260 | |
Equipment | $14,500 | |
Accumulated Depreciation - Equipment | $790 | |
Unearned Revenue | $730 | |
Accounts Payable | $5,600 | |
Salaries and Wages Payable | $490 | |
Common stock | $10,750 | |
Retained Earnings | $3,750 | |
Service revenue | $5,320 | |
Salaries and Wages Expense | $2,070 | |
Supplies Expense | $1,980 | |
Rent Expense | $510 | |
Depreciation Expense | $290 | |
Total | $27,430 | $27,430 |
SER Inc | ||
Income Statement | ||
For the Month Ended November 30, 2022 | ||
Particulars | Amount | Amount |
Revenues: | ||
Service revenue | $5,320 | |
Expenses: | ||
Salaries and Wages Expense | $2,070 | |
Supplies Expense | $1,980 | |
Rent Expense | $510 | |
Depreciation Expense | $290 | |
Total Expenses | $4,850 | |
Net income | $470 | |
SER Inc | ||
Retained Earnings Statement | ||
For the Month Ended November 30, 2022 | ||
Particulars | Amount | |
Retained Earnings - November 1 | $3,750 | |
Add: Net income | $470 | |
Retained Earnings - November 30 | $4,220 | |
SER Inc | ||
Balance Sheet | ||
30-Nov-22 | ||
Assets | Amount | Amount |
Current Assets | ||
Cash | $4,700 | |
Accounts Receivable | $2,120 | |
Supplies | $1,260 | |
Total Current Assets | $8,080 | |
Property, Plant and Equipment | ||
Equipment | $14,500 | |
Deduct: Accumulated Depreciation - Equipment | ($790) | $13,710 |
Total Assets | $21,790 | |
Liabilities and Stockholders' Equity | ||
Current Liabilities | ||
Accounts Payable | $5,600 | |
Unearned Revenue | $730 | |
Salaries and Wages Payable | $490 | |
Total Current Liabilities | $6,820 | |
Stockholders' Equity | ||
Common stock | $10,750 | |
Retained Earnings | $4,220 | |
Total stockholders' equity | $14,970 | |
Total liabilities and stockholders' equity | $21,790 |
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