On November 1, 2022, Zora Company had the following account balances. The company uses theperpetual inventory method.CreditDebit$ 9,000 Accumulated DepreciationCashAccounts Receivable 2,240 EquipmentSuppliesEquipment860 Accounts Payable25,000$37,100Unearned Service RevenueSalaries and Wages PayableOwner's Capital$ 1,0003,4004,0001,70027,000$37,100During November, the following transactions were completed.Nov. Paid $3,550 for salaries and wages, of which $1,850 is for November and $1,700 is for8 October.10 Received $1,900 cash from customers in payment of account. No discount was allowed.11 Purchased merchandise on account from Dimas Discount Supply for $8,000, terms 2/10,n/30.12 Sold merchandise on account for $5,500, terms 2/10, n/30. The cost of the merchandise soldwas $4,000.15 Received credit from Dimas Discount Supply for merchandise returned $300.19 Received collections in full, less discounts, from customers billed on sales of $5,500 onNovember 12.20 Paid Dimas Discount Supply in full, less discount.22 Received $2,300 cash for services performed in November.25 Purchased equipment on account $5,000.27 Purchased supplies on account $1,700.28 Paid creditors $3,000 of accounts payable due. No discount was taken.29 Paid November rent $375.29 Paid salaries and wages $1,300.29 Performed services on account and billed customers $700 for those services.29 Received $675 from customers for services to be performed in the future. Adjustment data:1. Supplies on hand total $1,600.2. Accrued salaries and wages payable are $500.3. Depreciation for the month is $250.4. $650 related to unearned service revenue remains unearned by month-end.Instructions1. Enter the November 1 balances in ledger T-accounts.2. Journalize the November transactions.3. Post to the ledger accounts. You will need to add some accounts.4. Journalize and post adjusting entries.5. Prepare an adjusted trial balance at November 30.6. Prepare a multiple-step income statement and an owner's equity statement for November anda classified balance sheet at November 30.7. Journalize and post closing entries.

Name: On November 1, 2022, Zora Company had the following account balances.
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Description: On November 1, 2022, Zora Company had the following account balances. The company uses theperpetual inventory method.CreditDebit$ 9,000 Accumulated DepreciationCashAccounts Receivable 2,240 EquipmentSuppliesEquipment860 Accounts Payable25,000$37,100

Journal entry records the accounting transactions of a business in a journal book. All the business…

Business

Accounting

On November 1, 2022, Zora Company had the following account balances. The company uses the perpetual inventory method. Debit $ 9,000 Accumulated Depreciation- Cash Accounts Receivable 2,240 Equipment Supplies Equipment 860 Accounts Payable 25,000 Unearned Service Revenue $37,100 Salaries and Wages Payable Owner's Capital Credit $ 1,000 3,400 4,000 1,700 27,000 $37,100

On November 1, 2022, Zora Company had the following account balances. The company uses the perpetual inventory method. Debit $ 9,000 Accumulated Depreciation- Cash Accounts Receivable 2,240 Equipment Supplies Equipment 860 Accounts Payable 25,000 Unearned Service Revenue $37,100 Salaries and Wages Payable Owner's Capital Credit $ 1,000 3,400 4,000 1,700 27,000 $37,100

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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