Instructions Prepare the adjusting entries at December 31, 2020. Journa through P3.5 (LO 2, 3, 4) On November 1, 2020, the account balances of Beck Equipment Repair were as prepara follows. Credit Debit No. No. £ 2,000 Accumulated Depreciation-Equipment Accounts Payable £ 2,400 154 101 Cash 2,600 4,250 201 112 Accounts Receivable 1,200 1,800 209 Unearned Service Revenue 126 Supplies 153 Equipment 700 Salaries and Wages Payable Share Capital-Ordinary Retained Earnings 12,000 212 11,000 311 2,950 320 £20,450 £20,450 During November, the following summary transactions were completed. Paid £1,700 for salaries due employees, of which £700 is for October salaries. Received £3,620 cash from customers on account. Nov.8 10 Received £3,100 cash for services performed in November. Purchased equipment on account £2,000. 12 15 17 Purchased supplies on account £700. 20 Paid creditors on account £2,700. 22 Paid November rent £400. 25 Paid salaries £1,700. 27 Performed services on account and billed customers for these services £2,200. 29 Received £600 from customers for future service. Adjustment data consist of: 1. Supplies on hand £1,400. 2. Accrued salaries payable £350. 3. Depreciation for the month is £200. 4. Services related to unearned service revenue of £1,220 were performed. Instructions a. Enter the November 1 balances in the ledger accounts, b. Journalize the November transactions.
Instructions Prepare the adjusting entries at December 31, 2020. Journa through P3.5 (LO 2, 3, 4) On November 1, 2020, the account balances of Beck Equipment Repair were as prepara follows. Credit Debit No. No. £ 2,000 Accumulated Depreciation-Equipment Accounts Payable £ 2,400 154 101 Cash 2,600 4,250 201 112 Accounts Receivable 1,200 1,800 209 Unearned Service Revenue 126 Supplies 153 Equipment 700 Salaries and Wages Payable Share Capital-Ordinary Retained Earnings 12,000 212 11,000 311 2,950 320 £20,450 £20,450 During November, the following summary transactions were completed. Paid £1,700 for salaries due employees, of which £700 is for October salaries. Received £3,620 cash from customers on account. Nov.8 10 Received £3,100 cash for services performed in November. Purchased equipment on account £2,000. 12 15 17 Purchased supplies on account £700. 20 Paid creditors on account £2,700. 22 Paid November rent £400. 25 Paid salaries £1,700. 27 Performed services on account and billed customers for these services £2,200. 29 Received £600 from customers for future service. Adjustment data consist of: 1. Supplies on hand £1,400. 2. Accrued salaries payable £350. 3. Depreciation for the month is £200. 4. Services related to unearned service revenue of £1,220 were performed. Instructions a. Enter the November 1 balances in the ledger accounts, b. Journalize the November transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
What is the solution of question P3. 5(part b)?
Transcribed Image Text:Instructions
Prepare the adjusting entries at December 31, 2020.
Journa
through
P3.5 (LO 2, 3, 4) On November 1, 2020, the account balances of Beck Equipment Repair were as
prepara
follows.
Credit
Debit
No.
No.
£ 2,000
Accumulated Depreciation-Equipment
Accounts Payable
£ 2,400
154
101
Cash
2,600
4,250
201
112
Accounts Receivable
1,200
1,800
209
Unearned Service Revenue
126 Supplies
153 Equipment
700
Salaries and Wages Payable
Share Capital-Ordinary
Retained Earnings
12,000
212
11,000
311
2,950
320
£20,450
£20,450
During November, the following summary transactions were completed.
Paid £1,700 for salaries due employees, of which £700 is for October salaries.
Received £3,620 cash from customers on account.
Nov.8
10
Received £3,100 cash for services performed in November.
Purchased equipment on account £2,000.
12
15
17
Purchased supplies on account £700.
20
Paid creditors on account £2,700.
22
Paid November rent £400.
25
Paid salaries £1,700.
27
Performed services on account and billed customers for these services £2,200.
29
Received £600 from customers for future service.
Adjustment data consist of:
1. Supplies on hand £1,400.
2. Accrued salaries payable £350.
3. Depreciation for the month is £200.
4. Services related to unearned service revenue of £1,220 were performed.
Instructions
a. Enter the November 1 balances in the ledger accounts,
b. Journalize the November transactions.
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