Question

Problem 3-05A a-g (Part Level Submission) On November 1, 2020, the account balances of Ivanhoe Equipment Repair were as follows. No. Debits No. Credits 101 Cash $ 2,430 154 Accumulated Depreciation Equipment 112 Accounts Receivable 4,230 201 Accounts Payable 126 Supplies 1,820 209 Unearned Service Revenue 153 Equipment 13,080 212 Salaries and Wages Payable 301 Owner's Capital $21,560 $ 2,180 2,650 1,180 734 14,816 $21,560 During November, the following summary transactions were completed. Nov. 8 Paid $1,720 for salaries due employees, of which $734 is for October salaries. 10 Received $3,370 cash from customers on account. 12 Received $3,080 cash for services performed in November. 15 Purchased equipment on account $2,030. 17 Purchased supplies on account $660. 20 Paid creditors on account $2,680. 22 Paid November rent $360. 25 Paid salaries $1,720. 27 Performed services on account and billed customers for these services 51,870. 29 Received $600 from customers for future service.

Can you please prepare an adjusted trial balance. Thanks!

Answer 1

Ivanhoe Equipment Repair
ADJUSTED TRIAL BALANCE
November 30, 2020
	Debit	Credit
Cash	3,000
Accounts Receivable	2,730
Supplies	1,370
Equipment	15,110
Accumulated Depreciation -Equipment		2,398
Accounts Payable		2,660
Unearned Rent Revenue		550
Salaries & Wages Payable		367
Owner's Capital		14,816
Service Revenue		6,180
Depreciation Expense	218
Supplies Expense	1,110
Salaries & Wages Expense	3,073
Rent Expense	360
	26,971	26,971