Assignment 3 - $1,200. 29 Received $1,650 from customers...

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ACCT 2111 Introductory Financial Accounting Assignment for Chapter 3 On November 1, 2008, the account balances of Gaea Equipment Repair were as follows. No. Debits No. Credits 101 Cash $8,370 154 Accumulated Depreciation $1,500 112 Accounts Receivable 7,530 201 Accounts Payable 6,300 126 Supplies 6,000 209 Unearned Service Revenue 4,200 153 Store Equipment 30,000 212 Salaries Payable 1,500 311 Common Stock 30,000 320 Retained Earnings 8,400 51,900 51,900 During November the following summary transactions were completed. Nov. 8 Paid $3,300 for salaries due employees, of which $1,800 is for November. 10 Received $3,600 cash from customers on account. 12 Received $4,200 cash for services performed in November. 15 Purchased store equipment on account $9,000. 17 Purchased supplies on account $1,500. 20 Paid creditors on account $7,500. 22 Paid November rent $900. 25 Paid salaries $3,900. 27 Performed services on account and billed customers for services provided
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Unformatted text preview: $1,200. 29 Received $1,650 from customers for future service. Adjustment data consist of: 1. Supplies on hand $1,500. 2. Accrued salaries payable $1,500. 3. Depreciation for the month is $300. 4. Unearned service revenue of $3,450 is earned. Instructions (a) Enter the November 1 balances in the ledger accounts. (b) Journalize the November transactions. ACCT 2111 Introductory Financial Accounting (c) Post to the ledger accounts. Use J1 for the posting reference. Use the following accounts: No. 407 Service Revenue, No. 615 Depreciation Expense, No. 631 Supplies Expense, No. 726 Salaries Expense, and No. 729 Rent Expense. (d) Prepare a trial balance at November 30. (e) Journalize and post adjusting entries. (f) Prepare an adjusted trail balance. (g) Prepare an income statement and a retained earnings statement for November and a balance sheet at November 30....
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Assignment 3 - $1,200. 29 Received $1,650 from customers...

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