Prepare an Adjusted Trial Balance at November 30, 2021.Journalize the Closing Entries. (Hint—Use your Adjusted Trial Balance for accounts and amounts--?)Post the Closing Entries to the General Ledger accounts and find the final ending balances.Prepare a Post-Closing Trial Balance on November 30, 2021.Original:Nov. 1 Issued 5,000 shares of Sweet Angels common stock for $13,000. Each share has a $1.75 par. 1Borrowed $7,500 on a 2-year, 8% note payable. 1Paid $9,000 to purchase used floor and window cleaning equipment from a company going out of business ($4,820 was for the floor equipment and $4,180 for the window equipment). 2Paid $200 for November for internet and phone service. 2Purchased cleaning supplies for $950 on account. 2Hired 4 employees. Each will be paid $450 per 5-day work week (Monday-Friday). Employees will begin working on Monday, November 8th. 3Discussions with the insurance agent indicated that providing outside window cleaning services would cost too much to insure. Sylvia sold the window cleaning equipment for $4,000 cash. 3Negotiated insurance coverage at a rate of $9,840 per year. Sylvia paid $2,460 cash for the first quarter of coverage. 4Returned $150 of the cleaning supplies. 5Paid $2.70 per share to buy 300 shares of Sweet Angels, Inc common stock from a shareholder who disagreed with management goals. The shares will be held as treasury stock. 10Paid $500 on amount owed on cleaning supplies. 15Paid for employees’ wages for the week of November 8-12. 15 Billed customers $3,600 for cleaning services performed through November 12, 2021. 18Received $900 from a customer for 4 weeks of cleaning services to begin on November 22, 2021. 19Purchased additional cleaning supplies for $700. 22Paid employees’ wages for the week of November 15-19. 22Billed customers $3,900 for cleaning services performed through November 19th. 23Collected $2,400 cash from customers billed on November 15. 25Paid $200 for Internet and phone services for December. 26Declared and paid a cash dividend of $0.11 per share. 29Paid employees’ wages for the week of November 22-26. 29Billed customers $4,300 for cleaning services performed through November 26th 30Collected $4,200 from customers billed on November 15 & 22. 30Received notice that a customer who was billed $150 for services performed November 10th has filed for bankruptcy. Sweet Angels, Inc does not expect to collect any portion of this outstanding receivable. (Sweet Angels will follow the GAAP Guidelines for uncollectible accounts.) Adjustment Data:Services performed for customers through November 30, 2021, but unbilled and uncollected were $3,000.Sweet Angels used the allowance method to estimate bad debts. Sweet Angels estimates that 3% of its month-end receivables will not be collected.Record 1 month of depreciation for the floor equipment. Use the straight-line method, an estimated life of 5 years, and $400 salvage value.Record 1 month of insurance expense.An inventory count shows $750 of supplies on hand on November 30th.Record services performed for the customer who paid in advance on November 18th.Accrue for wages owed through November 30, 2021.Accrue interest expense for one month.Here's what I have done: Supplies Expense+Journal EntriesNov 29Wages Expense1800.0011/30750DateAccount TitlePostDebit ($)Credit ($)Cash1800.00Bal750Ref.Nov 26Dividends517.00Nov 1Cash13000.00Cash517.00Nov 30Cash4200.00Salaries & WagesPayableCommon Stock8750.00Paid In Capital in Excess of Par - Common Stock4250.00Accounts Receivable4200.0011/30720Nov 1Cash7500.00Nov 29Accounts Receivable4300.00Bal720Notes Payable7500.00Service Revenue4300.00Floor EquipmentWindow EquipmentNov 14820.0011/30Allowance for Doubtful Accounts150Interest Expense4180.00Accounts Receivable15011/3050Cash9000.00Adjusting EntriesBal50Nov 2Internet Expense200.0011/30Accounts Receivable3000Cash200.00Service Revenue3000Bad Debt ExpenseCleaning SuppliesAccounts PayableNo Journal EntryInterest PayableNov 2950.0011/3015011/3050950.00Allowance for Doubtful Accounts|150Bal50Nov 2(5050+3000)X.03=241.50 & 242 + 150Cash4000.00Depreciation ExpenseAccumulated DepreciationNov 311/3074Loss on Sale of Window EquipmentWindow EquipmentDividends180.00744180.00[(4820-400)/5]/12 = 73.67Insurance Expense11/26517Bal517Nov 3Prepaid Insurance2460.0011/30820Cash2460.00Prepaid Insurance(2460/3)Supplies Expense82011/4Accounts PayableCleaning SuppliesTreasury Stock150Prepaid Internet11/2520015011/30750Nov 5810.00Supplies(1500-7500Bal200750Cash810.00Nov 10Accounts Payable500.0011/30Unearned Service Revenue315Cash500.00Service Revenue315Nov 15 Wages Expense1800.00(900/4)/5 = 45 per day & 7 Days Worked (11/22-26) & (11/29-30)Cash1800.00Nov 15Accounts Receivable3600.0011/30Salaries & Wages Expense720Service Revenue3600.00Salaries & Wages Payable720Nov 18Cash900.00(1800/5)= 360 per day & 2 days worked (11/29-30)Unearned Service Revenue900.0011/30Interest Expense50Nov 22Wages Expense1800.00Interest Payable50Cash1800.00(7500x.08)/12Nov 19Cleaning Supplies700.00Cash700.00Nov 22Accounts Receivable3900.00Service Revenue3900.00Nov 23Cash2400.00Accounts Receivable2400.00Nov 25Prepaid Internet200.00Cash200.00 11/2911/2911/30Ledger Accounts:DateDebit ($)Credit ($)Balance ($)4300CashNov 2200$2004200Debit ($)13,000Credit ($)Balance ($)13,00020,500DateNov 1Nov 15050Cleaning SuppliesDebit ($)150Balance ($)$9507,500DateCredit ($)11/303000805011,50011,300Nov 19,000Nov 3950Nov 2Nov 3Nov 320011/41504,00015,300Nov 21700$1500Service Revenue2,46012,84011/30750750DateDebit ($)Credit ($)Balance ($)81012,030Nov 15Nov 22$3,600$7,500Nov 53,600Nov 1050011,5303,900Nov 15Nov 18Loss on Sale of Window EquipmentDebit ($)1,8009,730Balance ($)11/2911/3011/30DateCredit ($)43001180090010,630Nov 3180$180300014800Nov 191,8008,830315151158,13010,530Nov 22700Prepaid InsuranceDebit ($)Nov 232,400Credit ($)Balance ($)$2,460DateUnearned Service RevenueNov 25200Nov 62,460DateDebit ($)Credit ($)Balance ($)11/2611/2911/3051711/308201640Nov 17900$900180011/30315585420012213Treasury StockDebit ($)Credit ($)Balance ($)$810DateCommon StockNov 8810Allowance for Doubtful AccountsDebit ($)Credit ($)Balance ($)$8,750DateDebit ($)Credit ($)Balance ($)DateNov 18,75011/30150150Accounts PayableDebit ($)11/30392242Balance ($)$950DateCredit ($)Paid in Capital- Common StockDebit ($)Nov 3950Balance ($)$4,250DateCredit ($)11/4Bad Debt Exp150Nov 14,250Nov 9500$30011/30392Bal392Notes PayableDebit ($)Credit ($)Balance ($)$7,500DateDepreciation ExpWages ExpenseDebit ($)Nov 17,500Credit ($)11/3074Balance ($)$1,800DateNov 13Nov 201,800Bal74Floor Equipment1,800$3,600Debit ($)Credit ($)Balance ($)$4,820Date11/2918005400AccumulatedNov 14,820Depreciation11/30720612011/3074Window EquipmentBal74DateDebit ($)Credit ($)Balance ($)Accounts ReceivableNov 1Nov 64,180$4,180Debit ($)Credit ($)Balance ($)$3,600$7,500$5,100DateInsurance Expense4,180Nov 153,60011/30820Nov 223,900Bal820Internet Expense2,400Nov 23+

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Prepare an Adjusted Trial Balance at November 30, 2021. Journalize the Closing Entries. (Hint—Use your Adjusted Trial Balance for accounts and amounts--?) Post the Closing Entries to the General Ledger accounts and find the final ending balances. Prepare a Post-Closing Trial Balance on November 30, 2021. Original: Nov. 1 Issued 5,000 shares of Sweet Angels common stock for $13,000. Each share has a $1.75 par. 1 Borrowed $7,500 on a 2-year, 8% note payable. 1 Paid $9,000 to purchase used floor and window cleaning equipment from a company going out of business ($4,820 was for the floor equipment and $4,180 for the window equipment). 2 Paid $200 for November for internet and phone service. 2 Purchased cleaning supplies for $950 on account. 2 Hired 4 employees. Each will be paid $450 per 5-day work week (Monday-Friday). Employees will begin working on Monday, November 8th. 3 Discussions with the insurance agent indicated that providing outside window cleaning services would cost too much to insure. Sylvia sold the window cleaning equipment for $4,000 cash. 3 Negotiated insurance coverage at a rate of $9,840 per year. Sylvia paid $2,460 cash for the first quarter of coverage. 4 Returned $150 of the cleaning supplies. 5 Paid $2.70 per share to buy 300 shares of Sweet Angels, Inc common stock from a shareholder who disagreed with management goals. The shares will be held as treasury stock. 10 Paid $500 on amount owed on cleaning supplies. 15 Paid for employees’ wages for the week of November 8-12. 15 Billed customers $3,600 for cleaning services performed through November 12, 2021. 18 Received $900 from a customer for 4 weeks of cleaning services to begin on November 22, 2021. 19 Purchased additional cleaning supplies for $700. 22 Paid employees’ wages for the week of November 15-19. 22 Billed customers $3,900 for cleaning services performed through November 19th. 23 Collected $2,400 cash from customers billed on November 15. 25 Paid $200 for Internet and phone services for December. 26 Declared and paid a cash dividend of $0.11 per share. 29 Paid employees’ wages for the week of November 22-26. 29 Billed customers $4,300 for cleaning services performed through November 26th 30 Collected $4,200 from customers billed on November 15 & 22. 30 Received notice that a customer who was billed $150 for services performed November 10th has filed for bankruptcy. Sweet Angels, Inc does not expect to collect any portion of this outstanding receivable. (Sweet Angels will follow the GAAP Guidelines for uncollectible accounts.) Adjustment Data: Services performed for customers through November 30, 2021, but unbilled and uncollected were $3,000. Sweet Angels used the allowance method to estimate bad debts. Sweet Angels estimates that 3% of its month-end receivables will not be collected. Record 1 month of depreciation for the floor equipment. Use the straight-line method, an estimated life of 5 years, and $400 salvage value. Record 1 month of insurance expense. An inventory count shows $750 of supplies on hand on November 30th. Record services performed for the customer who paid in advance on November 18th. Accrue for wages owed through November 30, 2021. Accrue interest expense for one month.

Prepare an Adjusted Trial Balance at November 30, 2021. Journalize the Closing Entries. (Hint—Use your Adjusted Trial Balance for accounts and amounts--?) Post the Closing Entries to the General Ledger accounts and find the final ending balances. Prepare a Post-Closing Trial Balance on November 30, 2021. Original: Nov. 1 Issued 5,000 shares of Sweet Angels common stock for $13,000. Each share has a $1.75 par. 1 Borrowed $7,500 on a 2-year, 8% note payable. 1 Paid $9,000 to purchase used floor and window cleaning equipment from a company going out of business ($4,820 was for the floor equipment and $4,180 for the window equipment). 2 Paid $200 for November for internet and phone service. 2 Purchased cleaning supplies for $950 on account. 2 Hired 4 employees. Each will be paid $450 per 5-day work week (Monday-Friday). Employees will begin working on Monday, November 8th. 3 Discussions with the insurance agent indicated that providing outside window cleaning services would cost too much to insure. Sylvia sold the window cleaning equipment for $4,000 cash. 3 Negotiated insurance coverage at a rate of $9,840 per year. Sylvia paid $2,460 cash for the first quarter of coverage. 4 Returned $150 of the cleaning supplies. 5 Paid $2.70 per share to buy 300 shares of Sweet Angels, Inc common stock from a shareholder who disagreed with management goals. The shares will be held as treasury stock. 10 Paid $500 on amount owed on cleaning supplies. 15 Paid for employees’ wages for the week of November 8-12. 15 Billed customers $3,600 for cleaning services performed through November 12, 2021. 18 Received $900 from a customer for 4 weeks of cleaning services to begin on November 22, 2021. 19 Purchased additional cleaning supplies for $700. 22 Paid employees’ wages for the week of November 15-19. 22 Billed customers $3,900 for cleaning services performed through November 19th. 23 Collected $2,400 cash from customers billed on November 15. 25 Paid $200 for Internet and phone services for December. 26 Declared and paid a cash dividend of $0.11 per share. 29 Paid employees’ wages for the week of November 22-26. 29 Billed customers $4,300 for cleaning services performed through November 26th 30 Collected $4,200 from customers billed on November 15 & 22. 30 Received notice that a customer who was billed $150 for services performed November 10th has filed for bankruptcy. Sweet Angels, Inc does not expect to collect any portion of this outstanding receivable. (Sweet Angels will follow the GAAP Guidelines for uncollectible accounts.) Adjustment Data: Services performed for customers through November 30, 2021, but unbilled and uncollected were $3,000. Sweet Angels used the allowance method to estimate bad debts. Sweet Angels estimates that 3% of its month-end receivables will not be collected. Record 1 month of depreciation for the floor equipment. Use the straight-line method, an estimated life of 5 years, and $400 salvage value. Record 1 month of insurance expense. An inventory count shows $750 of supplies on hand on November 30th. Record services performed for the customer who paid in advance on November 18th. Accrue for wages owed through November 30, 2021. Accrue interest expense for one month.

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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Nov. 1	Issued 5,000 shares of Sweet Angels common stock for $13,000. Each share has a $1.75 par.
1	Borrowed $7,500 on a 2-year, 8% note payable.
1	Paid $9,000 to purchase used floor and window cleaning equipment from a company going out of business ($4,820 was for the floor equipment and $4,180 for the window equipment).
2	Paid $200 for November for internet and phone service.
2	Purchased cleaning supplies for $950 on account.
2	Hired 4 employees. Each will be paid $450 per 5-day work week (Monday-Friday). Employees will begin working on Monday, November 8th.
3	Discussions with the insurance agent indicated that providing outside window cleaning services would cost too much to insure. Sylvia sold the window cleaning equipment for $4,000 cash.
3	Negotiated insurance coverage at a rate of $9,840 per year. Sylvia paid $2,460 cash for the first quarter of coverage.
4	Returned $150 of the cleaning supplies.
5	Paid $2.70 per share to buy 300 shares of Sweet Angels, Inc common stock from a shareholder who disagreed with management goals. The shares will be held as treasury stock.
10	Paid $500 on amount owed on cleaning supplies.
15	Paid for employees’ wages for the week of November 8-12.
15	Billed customers $3,600 for cleaning services performed through November 12, 2021.
18	Received $900 from a customer for 4 weeks of cleaning services to begin on November 22, 2021.
19	Purchased additional cleaning supplies for $700.
22	Paid employees’ wages for the week of November 15-19.
22	Billed customers $3,900 for cleaning services performed through November 19^th.
23	Collected $2,400 cash from customers billed on November 15.
25	Paid $200 for Internet and phone services for December.
26	Declared and paid a cash dividend of $0.11 per share.
29	Paid employees’ wages for the week of November 22-26.
29	Billed customers $4,300 for cleaning services performed through November 26th
30	Collected $4,200 from customers billed on November 15 & 22.
30	Received notice that a customer who was billed $150 for services performed November 10th has filed for bankruptcy. Sweet Angels, Inc does not expect to collect any portion of this outstanding receivable. (Sweet Angels will follow the GAAP Guidelines for uncollectible accounts.)