1. Supplies on hand are valued at $4,800.Accrued salaries payable are $1,500.3. Depreciation for the month is $750.$1,950 of services related to the unearned service revenue has not been performed by month-end.2.4.Journalize the adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do notindent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debitentries before credit entries.)No. Date Account Titles and Explanation1.2.3.4.Nov.30Nov.30Nov.30Nov.30DebitCredit On November 1, 2025, Marin Inc. had the following account balances. The company uses the perpetual inventory method.CashAccounts ReceivableSuppliesEquipment22252728292910291112During November, the following summary transactions were completed.15Debit19$27,000206,7202,58075,000$111,300Accumulated Depreciation-EquipmentAccounts PayableUnearned Service RevenueSalaries and Wages PayableCommon StockNov. 8 Paid $10,650 for salaries due employees, of which $5,550 is for November and $5,100 is for October.Received $5,700 cash from customers in payment of account.Purchased merchandise on account from Dimas Discount Supply for $24,000, terms 2/10, n/30.Sold merchandise on account for $16,500, terms 2/10, n/30. The cost of the merchandise sold was $12,000.Received credit from Dimas Discount Supply for merchandise returned $900.Received collections in full, less discounts, from customers billed on sales of $16,500 on November 12.Paid Dimas Discount Supply in full, less discount.Received $6,900 cash for services performed in November.Purchased equipment on account $15,000.Purchased supplies on account $5,100.Retained EarningsCredit$3,00010,200"P12,0005,10060,00021,000$111,30029 Paid November rent $1,125.Paid salaries $3,900.Performed services on account and billed customers $2,100 for those services.Received $2,025 from customers for services to be performed in the future.Paid creditors $9,000 of accounts payable due.

Adjusting entries mainly helps to ensure that the principle of revenue recognition and matching are…

2. 3. 4. Accrued salaries payable are $1,500. Depreciation for the month is $750. $1,950 of services related to the unearned service revenue has not been performed by month-en Journalize the adjusting entries. (Credit account titles are automatically indented when the amount indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the entries before credit entries)

2. 3. 4. Accrued salaries payable are $1,500. Depreciation for the month is $750. $1,950 of services related to the unearned service revenue has not been performed by month-en Journalize the adjusting entries. (Credit account titles are automatically indented when the amount indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the entries before credit entries)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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