Question

On November 1, 2022, the account balances of Marigold Corp. were as follows. No. 101 112 Debits Cash Accounts Receivable Supplies Equipment $ 2,016 3.570 1.512 10,080 126 153 No. 154 201 209 212 311 320 Credits Accumulated Depreciation-Equipment Accounts Payable Uneared Service Revenue Salaries and Wages Payable Common Stock Retained Earnings $1,680 2.184 1,008 588 8.400 3.318 $17,178 $17.178 During November, the following summary transactions were completed. Nov. 8 Paid $1.428 for salaries due employees, of which $588 is for October salaries. 10 Received $2.872 cash from customers on account. 12 Received $2,604 cash for services performed in November 15 Purchased equipment on account $1,680. 17 Purchased supplies on account $588. 20 Paid creditors on account $2.268. 22 Paid November rent $336.

Answer 1

1. Ledgers -

Cash Date Debit Credit Balance Nov 1 $ 2,016 Nov 8 $ 1,428 $ $ 588 Nov 10 $ 2,872 $ 3,460 Nov 12$ 2,604 $ 6,064 Nov 22 $ 336 $ 5,728 Nov 25 $ 1,428 $ 4,300 Nov 29 $ 504 $ 4,804 Salaries and Wages Payable Date Debit Credit Balance Nov 1 $ $ 588 Nov 8 $ 588 $ . Nov 25 $ 1,428 $ 1,428 Nov 30 $ 294 $ 1,722 Common Stock Debit Credit Date Nov 1 Balance $ 8,400 Accounts Receivable Date Debit Credit Balance Nov 1 $ 3,570 Nov 10 $ 2,872 $ 698 Nov 27 $ 1,596 $ 2,294 Retained Earnings Debit Credit Date Balance $ 3,318 Nov 1 Supplies Date Debit Credit Balance Nov 1 $ 1,512 Nov 17 $ 588 $ 2,100 Nov 30 $ 924 $ 1,176 Date Nov 12 Nov 27 Nov 30 Service Revenue Debit Credit Balance $ 2,604 $ 2,604 $ 1,596$ 4,200 $ 1,050 $ 5,250 Equipment Debit Credit Date Nov 1 Nov 15 Balance $ 10,080 $ 11,760 $ 11,760 $ 1,680 Date Nov 22 Rent Expense Debit Credit $ 336 Balance $ 336 Accumulated Depreciation - Equipment Date Debit Credit Balance Nov 1 $ 1,680 Nov 30 $ 168 $ 1,848 Salaries and Wages Expense Date Debit Credit Balance Nov 8 $ 840 $ 840 Nov 25 $ 1,428 $ 2,268 Nov 30 $ 294 $ 2,562 Date Nov 1 Nov 15 Nov 17 Accounts Payable Debit Credit Balance $ 2,184 $ 1,680 $ 3,864 $ 588 $ 4,452 $ 4,452 Date Nov 30 Supplies Expense Debit Credit S 924 Balance $ 924 $ 924 Unearned Service Revenue Date Debit Credit Balance Nov 1 $ 1,008 Nov 29 $ 504 $ 1,512 Nov 30 $ 1,050 $ 462 $ 462 Depreciation Expense Date Debit Credit Balance Nov 30 $ 168 $ 168

2. Adjusted Trial Balance -

Credit Marigold Corp. Adjusted Trial Balance For the period ended November 30 Accounts Title Debit Cash $ 4,804 Accounts Receivable $ 2,294 Supplies $ 1,176 Equipment $ 11,760 Accumulated Depreciation - Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Rent Expense $ 336 Salaries and Wages Expense $ 2,562 Supplies Expense $ 924 Depreciation Expense $ 168 $ 1,848 $ 4,452 $ 462 $ 294 $ 8,400 $ 3,318 $ 5,250 Total $ 24,024 $ 24,024

3. Income Statement -

Marigold Corp. Income Statement For the period ended November 30 Service Revenue $ 5,250 Expenses: Rent Expense Salaries and Wages Expense Supplies Expense Depreciation Expense Total Expenses $ 336 $ 2,562 $ 924 $ 168 $ 3,990 Net Income $ 1,260

4. Statement of Retained Earnings -

Marigold Corp. Statement of Retained Earnings For the period ended November 30 Retained Earnings November 1 Add: Net Income $ 1,260 $ 3,318 $ 1,260 Retained Earnings November 30 $ 4,578

5. Balance Sheet -

Marigold Corp. Balance Sheet November 30 Assets Current Assets: Cash $ 4,804 Accounts Receivable $ 2,294 Supplies $ 1,176 Equipment $ 11,760 Accumulated Depreciation - Equipment $ (1,848) $ 9,912 Total Assets $ 18,186 Liabilities and Stockholder's Equity Liabilities: Accounts Payable Unearned Service Revenue Salaries and Wages Payable $ 4,452 $ 462 $ 294 Stockholder's Equity: Common Stock Retained Earnings Total Stockholder's Equity $ 8,400 $ 4,578 $ 12,978 Total Liabilities and Stockholder's Equity $ 18,186