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lint Equipment Repair began operating in September 2022. It prepares financial statements at the end of each month. On ovember 1, 2022, a tabular summary includes the following information. Note that Flint began the month with $3,540 in Retained Earnings. This balance represents the results of its first two months of business. Assets + Stockhol + Accts. Rec. + Supplies + 3,430 + 1,314 + Liabilities Unearn. Serv. Rev. + 472 + Cash 11/1 Bal. 3.296 Acc. Depr = Equip. 590 = Accts. Pay. 2.714 + Equip 11,800 + Sal./Wages + Com Pay. Stock 724 + 11,800 + + During November, the following summary transactions were completed, Nov. 8 10 12 15 17 20 22 25 Paid $1,432 for salaries due employees, of which $708 is for November and $724 is for October salaries payable. Received $2,124 cash from customers in payment of account. Received $4,366 cash for services performed in November. Purchased store equipment on account $4,248. Purchased supplies on account $1,534. Paid creditors $2,950 of accounts payable due. Paid November rent $574. Paid salaries $1,180. Performed services on account worth $1,062 and billed customers. 27

Answer 1

Solution: Diy Exp. 708 salaries and wages exp Service revenue Assets Liabilities Stockholder equity Cash + A/R Supplies - Equip. - Acc. Depr. Equip. = A/P Acc. Depr. Equip. = A/P + Unearn. Serv. Rev. +sal/wages pay. + com. Stock + Retained earnings 11/1 bal. 3296 3430 1314 11800 590 2714 4721 724 11800 3540 Rev. Nov 8. - 1432 -724 101 2124 -2124 121 4366 4366 15 4248 4248 17 1534 1534 201-2950 -2950 221 -574) 251-1180 27 1062 1062 29 885 885 Unadj. Bal 4535 2368 2848 16048 590 5546 1357 이 11800 8968 Adi - 1550 A2 574 A3 295 A4 -590 590 Adj bal. 4535 2368 1298 16048 885 5546 767 574 11800 9558 **2848-1298 574 1180 Rent exp salaries and wages exp Service revenue 2462 0 A1** 1550 574 295 supplies exp salaries and wages exp Depreciation exp Service revenue 4881 0