Question

Flint Equipment Repair began operating in September 2022. It prepares financial statements at the end of each month. On November 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. 3.430 + Liabilities Unearn Serv. Rev. + 472 + Cash 11/1 Bal. 3,296 + Acc. Depr. - Equip 590 Supplies + 1.314 + + Accts. Pay 2,714 Equip 11,800 - Sal./Wages + Pay 724 Com. Stock 11,800 + - During November, the following summary transactions were completed. Nov. 8 10 12 15 17 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. 20 22 25

Answer 1

Date	Assets	Total	Liabilities	Stockholders equity			Total
Cash	Accounts rec.	Supplies	Equip.	Acc. Dep equip.	Accounts payable	Unearned serv rev.	Sal/Wages payable	Com. Stock	Retained earnings
Rev	Exp	Div
1-Nov	3296	3430	1314	11800	-590	19250	2714	472	724	11800	3540			19250
8-Nov	-1432	0	0	0	0	17818	0	0	-724	0	0	-708	0	17818
10-Nov	2124	-2124	0	0	0	17818	0	0	0	0	0	0	0	17818
12-Nov	4366	0	0	0	0	22184	0	0	0	0	4366	0	0	22184
15-Nov	0	0	0	4248	0	26432	4248	0	0	0	0	0	0	26432
17-Nov	0	0	1534	0	0	27966	1534	0	0	0	0	0	0	27966
20-Nov	-2950	0	0	0	0	25016	-2950	0	0	0	0	0	0	25016
22-Nov	-574	0	0	0	0	24442	0	0	0	0	0	-574	0	24442
25-Nov	-1180	0	0	0	0	23262	0	0	0	0	0	-1180	0	23262
27-Nov	0	1062	0	0	0	24324	0	0	0	0	1062	0	0	24324
29-Nov	885	0	0	0	0	25209	0	885	0	0	0	0	0	25209
Total	4535	2368	2848	16048	-590	25209	5546	1357	0	11800	8968	-2462	0	25209
Other adjustments	0	590	-1550	0	-295	-1255	0	590	574	0	0	-2419*	-1255	-1255
Adjusted balance	4535	2958	1298	16048	-885	23954	5546	767	574	11800	8968	-4881	-1255	23954

* 2419=-295-574-1550