P3-SA On November 1, 2017, the account balances of Hamm Equipment Repair were as follows. No. Debit No. Credit 101 Cash 112 Accounts Receivable 4,250 201 Accounts Payable 126 Supplies 153 Equipment 2,400 154 Accumulated Depreciation-Equipment $ 2,000 2,600 1,200 1,800 209 Unearned Service Revenue 12,000 212 Salaries and Wages Payable 301 Owner's Capital 700 13,950 $20,450 $20,450 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. Purchased supplies on account $700. 20 17 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. Use J1 for the posting reference. Use the following addi- tional accounts: No. 407 Service Revenue, No. 615 Depreciation Expense, No, 631 Supplies Expense, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. (d) Prepare a trial balance at November 30. (e) Journalize and post adjusting entries. () Prepare an adjusted trial balance. (g) Prepare an income statement and an owner's equity statement for November and a balance sheet at November 30.
P3-SA On November 1, 2017, the account balances of Hamm Equipment Repair were as follows. No. Debit No. Credit 101 Cash 112 Accounts Receivable 4,250 201 Accounts Payable 126 Supplies 153 Equipment 2,400 154 Accumulated Depreciation-Equipment $ 2,000 2,600 1,200 1,800 209 Unearned Service Revenue 12,000 212 Salaries and Wages Payable 301 Owner's Capital 700 13,950 $20,450 $20,450 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. Purchased supplies on account $700. 20 17 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. Use J1 for the posting reference. Use the following addi- tional accounts: No. 407 Service Revenue, No. 615 Depreciation Expense, No, 631 Supplies Expense, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. (d) Prepare a trial balance at November 30. (e) Journalize and post adjusting entries. () Prepare an adjusted trial balance. (g) Prepare an income statement and an owner's equity statement for November and a balance sheet at November 30.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:P3-SA On November 1, 2017, the account balances of Hamm Equipment Repair were as
follows.
No.
Debit No.
Credit
101 Cash
112 Accounts Receivable 4,250 201 Accounts Payable
126 Supplies
153 Equipment
2,400 154 Accumulated Depreciation-Equipment $ 2,000
2,600
1,200
1,800 209 Unearned Service Revenue
12,000 212 Salaries and Wages Payable
301 Owner's Capital
700
13,950
$20,450
$20,450
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.
Purchased supplies on account $700.
20
17
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. Use J1 for the posting reference. Use the following addi-
tional accounts: No. 407 Service Revenue, No. 615 Depreciation Expense, No, 631
Supplies Expense, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.
(d) Prepare a trial balance at November 30.
(e) Journalize and post adjusting entries.
() Prepare an adjusted trial balance.
(g) Prepare an income statement and an owner's equity statement for November and a
balance sheet at November 30.
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