P3.5 (LO 2, 3, 4), AP Financial Statement On November 1, 2022, the account balances of HammEquipment Repair were as follows.No.101 Cash112 Accounts Receivable126 Supplies153 EquipmentDebit$ 2,4004,2501,80012,000Nov.$20,450No.154 Accumulated Depreciation-EquipmentAccounts Payable201209212Unearned Service Revenue301Salaries and Wages PayableOwner's CapitalDuring November, the following summary transactions were completed.8 Paid $1,700 for salaries due employees, of which $700 is for October salaries.10Received $3,620 cash from customers on account.12Received $3,100 cash for services performed in November.15Purchased equipment on account $2,000.17 Purchased supplies on account $700.20Paid creditors on account $2,700.22Paid November rent $400.25Paid salaries $1,700.27Performed services on account and billed customers $2,200 for these services.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 $1,220 were performed.Instructionsa. Enter the November 1 balances in the ledger accounts.b. Journalize the November transactions.Credit$ 2,0002,6001,20070013,950$20,450c. Post to the ledger accounts. Use J1 for the posting reference. Use the following additional accounts:No. 407 Service Revenue, No. 615 Depreciation Expense, No. 631 Supplies Expense, No. 726 Salariesand Wages Expense, and No. 729 Rent Expense.d. Prepare a trial balance at November 30.e. Journalize and post adjusting entries.f. Prepare an adjusted trial balance.g. Prepare an income statement and an owner's equity statement for November and a balance sheet atNovember 30.Journalize transactions and followthrough accounting cycle topreparation of financial statements.GLSd. Trial balance $25,650f. Adj. trial balance $26,200g. Net income $1,770;Ending capital $15,720Total assets $19,250

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P3.5 (LO 2, 3, 4), AP Financial Statement On November 1, 2022, the account balances of Hamm Equipment Repair were as follows. No. 101 Cash 112 Accounts Receivable 126 Supplies 153 Equipment Debit $ 2,400 4,250 1,800 12,000 $20,450 No. 154 Accumulated Depreciation-Equipment Accounts Payable 201 209 Unearned Service Revenue 212 301 Salaries and Wages Payable Owner's Capital 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 20 22 25 27 Purchased supplies on account $700. Paid creditors on account $2,700. Paid November rent $400. Paid salaries $1,700. Performed services on account and billed customers $2,200 for these services. Credit $ 2,000 2,600 1,200 700 13,950 $20,450 Journalize transactions and follow through accounting cycle to preparation of financial statements. GLS

P3.5 (LO 2, 3, 4), AP Financial Statement On November 1, 2022, the account balances of Hamm Equipment Repair were as follows. No. 101 Cash 112 Accounts Receivable 126 Supplies 153 Equipment Debit $ 2,400 4,250 1,800 12,000 $20,450 No. 154 Accumulated Depreciation-Equipment Accounts Payable 201 209 Unearned Service Revenue 212 301 Salaries and Wages Payable Owner's Capital 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 20 22 25 27 Purchased supplies on account $700. Paid creditors on account $2,700. Paid November rent $400. Paid salaries $1,700. Performed services on account and billed customers $2,200 for these services. Credit $ 2,000 2,600 1,200 700 13,950 $20,450 Journalize transactions and follow through accounting cycle to preparation of financial statements. GLS

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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