Question

Port Equipment Repair began operating in September 2022. It prepares financial statements at the end of each month on Nebe12022. a tabular summary includes the following information. Note that Bridgeport began the month with 52 53 Reed Emine This balance represents the results of its first two months of business, Assets Stockhol Liabilities Unearn. Serv Acets. Rec 2 502 Cash 11/1 Bal 2.400 Rev. Acc Depr Equip 430 + Supplies 962 Equip 8.600 Accts. Pay 1.978 Sal./Wages Pay. 532 Stock 8.600 344 + During November, the following summary transactions were completed Nov. 8 10 12 15 17 20 22 25 27 29 Paid $1,048 for salaries due employees, of which $516 is for November and 5532 is for October salaries payable Received $1,548 cash from customers in payment of account Received $3,182 cash for services performed in November Purchased store equipment on account $3,096 Purchased supplies on account $1,118. Paid creditors $2,150 of accounts payable due Pald November rent $414 Paid salaries 5860 Performed services on account worth $774 and billed customers. Received $645 from customers for services to be performed in the future. Adjustment data Supplies on hand are valued at $946 Accrued salaries payable are $414 Depreciation for the month is $215 Services were performed to satisfy $430 of uneared serv

Answer 1

Asset Accumulated Depreciation - Equipment ++ + + + Liabilities + Stockholder's Equity Salary / Accounts Unearned Service Wages Common Retained = payable + Revenue + Payable + Stock + earnings 430 = 1978+ 344 + 532+ 8600+ 2580 + + -532 + -516 + + + + + + 3182 3096 + + + 1118+ + + + -2150+ + + + + + + + -414 + + + + -860 + + + 774 + 645+ + + 430 4042 989 0 8600 4746 Accounts Equipm Cash + Receivable + Supplies + ent 11/1 Bal. 2400+ 2502 + 962 8600 Nov-08 -1048 + + Nov-10 1548+ -1548 + + Nov-12 3182 + + + Nov-15 + + + 3096 Nov-17 + + 1118+ Nov-20 -2150 + + + Nov-22 -414+ + + Nov-25 -860+ + + Nov-27 774 + + Nov-29 645 + + + Unadjusted Bal., 3303 1728 2080 11696 + = + + + -1134 + + + + + + + + + + + 414 + + Adjustment A1 A2 A3 A4 Adjusted Bal., -1134 -414 -215 430 + + + 215= + + + + + + + + -430 + 559 + +++ 3303 + 1728 + 946 + 11696 645 = 4042 + 414 + 8600 + 3413

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