skip to Main Content
The smarter way
to do assignments.

Please note that this is just a preview of a school assignment posted on our website by one of our clients. If you need assistance with this question too, please click on the Order button at the bottom of the page to get started.

P3-5C
On November 1, 2014, the account balances of Noreen Equipment Repair were as
follows.
No. Debits No. Credits
101 Cash $ 2,500 158 Accumulated Depreciation—
112 Accounts Receivable 4,400 Equipment $ 2,000
126 Supplies 1,600 201 Accounts Payable 3,100
157 Equipment 14,000 209 Unearned Service Revenue 1,700
212 Salaries and Wages Payable 700
311 Common Stock 11,000
320 Retained Earnings 4,000
$22,500 $22,500
During November the following summary transactions were completed.
Nov. 8 Paid $1,600 for salaries due employees, of which $700 is for October salaries.
10 Received $3,240 cash from customers on account.
12 Received $3,600 cash for services performed in November.
15 Purchased equipment on account $2,500.
17 Purchased supplies on account $500.
20 Paid creditors on account $2,900.
22 Paid November rent $800.
25 Paid salaries $1,800.
27 Performed services on account and billed customers for services provided $700.
29 Received $900 from customers for future service.
Adjustment data consist of:
1. Supplies on hand $1,000.
2. Accrued salaries payable $450.
3. Depreciation for the month is $400.
4. Unearned service revenue of $1,500 is earned.
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. 400 Service Revenue, No. 631 Supplies Expense, No. 711
Depreciation 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.
(f) Prepare an adjusted trial balance.
(g) Prepare an income statement and a retained earnings statement for November and a
balance sheet at November 30

GET HELP WITH THIS ASSIGNMENT TODAY

Clicking on this button will take you to our custom assignment page. Here you can fill out all the additional details for this particular paper (grading rubric, academic style, number of sources etc), after which your paper will get assigned to a course-specific writer. If you have any issues/concerns, please don’t hesitate to contact our live support team or email us right away.

How It Works        |        About Us       |       Contact Us

© 2018 | Intelli Essays Homework Service®

Back To Top