Question -
On November 1, 2017, the account balances of Hamm Equipment Repair were as follows.
|
No.
|
Debit
|
No.
|
Credit
|
|
101 Cash
|
$2,400
|
154 Accumulated Depreciation-Equipment
|
$2,000
|
|
112 Accounts Receivable
|
4,200
|
Account Payable
|
2,600
|
|
126 Supplies
|
1,800
|
Unearned Service Revenue
|
1,200
|
|
153 Equipment
|
12,000
|
Salaries and Wages Payable
|
700
|
|
|
|
Owner's Capital
|
13,950
|
|
|
$20,450
|
|
$20,450
|
During November, the following summary transactions were completed.
Nov. 8 - Paid $1,700 for saltines 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 - Purchased supplies on account $700.
20 - 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 senates $2,200.
29 - Received $600 from customers for future service
Adjustment data consist of:
1. Supplies on hand $1,400
2. Accrued salaries pa) able $350
3. Depreciation for the month is $200.
4. Services related to unearned service revenue of $1,220 were performed.
Instruction -
(a) Enter the November 1 balance in the ledger accounts.
(b) Journalize the November transactions.
(c) 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.