On November 1, 2020, the account balances of Hibban Equipment Repair were as follows. Debit ($) 2400 Credit ($) Cash Accounts receivable 4250 Supplies Equipment Accumulated depreciation- Equipment Accounts Payable 1800 12000 2000 2600 Unearned Service Revenue 1200 Salaries and Wages Payable Owner's capital 700 13950 20450 20450 During November, the following summary transactions were completed. Nov. 8 Paid $1,700 for salaries due employees, of which $700 is for October salaries. 10 Received $3,620 cash from customers on account. 12 Received $3,100 cash for services performed in November. 15 Purchased equipment on account $2,000. 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 $1,220 were performed. Instructions a. Enter the November 1 balances in the ledger accounts. b. Journalize the November transactions. c. Post to the ledger accounts.
On November 1, 2020, the account balances of Hibban Equipment Repair were as follows. Debit ($) 2400 Credit ($) Cash Accounts receivable 4250 Supplies Equipment Accumulated depreciation- Equipment Accounts Payable 1800 12000 2000 2600 Unearned Service Revenue 1200 Salaries and Wages Payable Owner's capital 700 13950 20450 20450 During November, the following summary transactions were completed. Nov. 8 Paid $1,700 for salaries due employees, of which $700 is for October salaries. 10 Received $3,620 cash from customers on account. 12 Received $3,100 cash for services performed in November. 15 Purchased equipment on account $2,000. 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 $1,220 were performed. Instructions a. Enter the November 1 balances in the ledger accounts. b. Journalize the November transactions. c. Post to the ledger accounts.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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You shoud slove the qustion which is given in picture.
Thank you in advance.
Transcribed Image Text:On November 1, 2020, the account balances of Hibban Equipment Repair were as follows.
Debit ($)
Credit ($)
Cash
2400
Accounts receivable
4250
Supplies
Equipment
Accumulated depreciation- Equipment
Accounts Payable
1800
12000
2000
2600
1200
Unearned Service Revenue
Salaries and Wages Payable
Owner's capital
700
13950
20450
20450
During November, the following summary transactions were completed.
Nov. 8 Paid $1,700 for salaries due employees, of which $700 is for October salaries.
10 Received $3,620 cash from customers on account.
12 Received $3,100 cash for services performed in November.
15 Purchased equipment on account $2,000.
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.
c. Post to the ledger accounts.
d. Prepare a trial balance at November 30.
e. Journalize and post adjusting entries.
f. Enter the adjusting entries on a worksheet and compete the worksheet.
g. Prepare an income statement and an owner's equity statement for November and a balance sheet at
November 30.
h. Prepare necessary closing entries at November 30.
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