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P3.5A (LO 2, 3, 4) Financial Statement On November 1, 2020, the account balances of Hamm Equipment Repair were as follows. No. 101 Cash 112 Accounts Receivable 126 Supplies 153 Equipment Debit No. $ 2,400 154 Accumulated Depreciation Equipment 4,250 201 Accounts Payable 1,800 209 Unearned Service Revenue 12,000 212 $20,450 Salaries and Wages Payable 301 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. Received $3,620 cash from customers on account. 10 12 Received $3,100 cash for services performed in November. 15 Purchased equipment on account $2,000. Purchased supplies on account $700. 17 20 Paid creditors on account $2,700. 22 Paid November rent $400. Paid salaries $1,700. 25 27 Performed services on account and billed customers for these services $2,200. 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. Instructions a. Enter the November 1 balances in the ledger accounts. b. Journalize the November transactions. Credit $ 2,000 2,600 1,200 700 13,950 $20,450 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, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.

P3.5A (LO 2, 3, 4) Financial Statement On November 1, 2020, the account balances of Hamm Equipment Repair were as follows. No. 101 Cash 112 Accounts Receivable 126 Supplies 153 Equipment Debit No. $ 2,400 154 Accumulated Depreciation Equipment 4,250 201 Accounts Payable 1,800 209 Unearned Service Revenue 12,000 212 $20,450 Salaries and Wages Payable 301 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. Received $3,620 cash from customers on account. 10 12 Received $3,100 cash for services performed in November. 15 Purchased equipment on account $2,000. Purchased supplies on account $700. 17 20 Paid creditors on account $2,700. 22 Paid November rent $400. Paid salaries $1,700. 25 27 Performed services on account and billed customers for these services $2,200. 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. Instructions a. Enter the November 1 balances in the ledger accounts. b. Journalize the November transactions. Credit $ 2,000 2,600 1,200 700 13,950 $20,450 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, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter3: Basic Accounting Systems: Accrual Basis
Section: Chapter Questions
Problem 3.23E: Adjustment for depreciation The estimated amount of depredation on equipment for the current year is...
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P3.5A (LO 2, 3, 4) Financial Statement On November 1, 2020, the account balances of Hamm Equipment Repair were as follows. No. 101 Cash 112 Accounts Receivable 126 Supplies 153 Equipment Nov. 8 10 12 15 Debit No. $ 2,400 154 4,250 201 1,800 209 12,000 212 17 20 22 25 27 29 $20,450 Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable During November, the following summary transactions were completed. 301 Owner's Capital Paid $1,700 for salaries due employees, of which $700 is for October salaries. Received $3,620 cash from customers on account. Received $3,100 cash for services performed in November. Purchased equipment on account $2,000. 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 for these services $2,200. 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. Instructions a. Enter the November I balances in the ledger accounts. b. Journalize the November transactions. Credit $ 2,000 2,600 1,200 700 13,950 $20,450 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, 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 an owner's equity statement for November and a balance sheet at November 30. Journalize transactions and follow through accounting cycle to preparation of financial statements. GLS d. Trial balance $25,650 f. Adj. trial balance $26,200 g. Net income $1,770; Ending capital $15,720 Total assets $19,250
Transcribed Image Text:P3.5A (LO 2, 3, 4) Financial Statement On November 1, 2020, the account balances of Hamm Equipment Repair were as follows. No. 101 Cash 112 Accounts Receivable 126 Supplies 153 Equipment Nov. 8 10 12 15 Debit No. $ 2,400 154 4,250 201 1,800 209 12,000 212 17 20 22 25 27 29 $20,450 Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable During November, the following summary transactions were completed. 301 Owner's Capital Paid $1,700 for salaries due employees, of which $700 is for October salaries. Received $3,620 cash from customers on account. Received $3,100 cash for services performed in November. Purchased equipment on account $2,000. 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 for these services $2,200. 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. Instructions a. Enter the November I balances in the ledger accounts. b. Journalize the November transactions. Credit $ 2,000 2,600 1,200 700 13,950 $20,450 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, 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 an owner's equity statement for November and a balance sheet at November 30. Journalize transactions and follow through accounting cycle to preparation of financial statements. GLS d. Trial balance $25,650 f. Adj. trial balance $26,200 g. Net income $1,770; Ending capital $15,720 Total assets $19,250
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P3.5A (LO 2, 3, 4) Financial Statement On November 1, 2020, the account balances of Hamm Equipment Repair were as follows. No. 101 Cash 112 Accounts Receivable 126 Supplies 153 Equipment Nov. 8 10 12 15 Debit No. $ 2,400 154 4,250 201 1,800 209 12,000 212 17 20 22 25 27 29 $20,450 Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable During November, the following summary transactions were completed. 301 Owner's Capital Paid $1,700 for salaries due employees, of which $700 is for October salaries. Received $3,620 cash from customers on account. Received $3,100 cash for services performed in November. Purchased equipment on account $2,000. 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 for these services $2,200. 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. Instructions a. Enter the November I balances in the ledger accounts. b. Journalize the November transactions. Credit $ 2,000 2,600 1,200 700 13,950 $20,450 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, 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 an owner's equity statement for November and a balance sheet at November 30. Journalize transactions and follow through accounting cycle to preparation of financial statements. GLS d. Trial balance $25,650 f. Adj. trial balance $26,200 g. Net income $1,770; Ending capital $15,720 Total assets $19,250
Transcribed Image Text:P3.5A (LO 2, 3, 4) Financial Statement On November 1, 2020, the account balances of Hamm Equipment Repair were as follows. No. 101 Cash 112 Accounts Receivable 126 Supplies 153 Equipment Nov. 8 10 12 15 Debit No. $ 2,400 154 4,250 201 1,800 209 12,000 212 17 20 22 25 27 29 $20,450 Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable During November, the following summary transactions were completed. 301 Owner's Capital Paid $1,700 for salaries due employees, of which $700 is for October salaries. Received $3,620 cash from customers on account. Received $3,100 cash for services performed in November. Purchased equipment on account $2,000. 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 for these services $2,200. 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. Instructions a. Enter the November I balances in the ledger accounts. b. Journalize the November transactions. Credit $ 2,000 2,600 1,200 700 13,950 $20,450 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, 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 an owner's equity statement for November and a balance sheet at November 30. Journalize transactions and follow through accounting cycle to preparation of financial statements. GLS d. Trial balance $25,650 f. Adj. trial balance $26,200 g. Net income $1,770; Ending capital $15,720 Total assets $19,250
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P3.5A (LO 2, 3, 4) Financial Statement On November 1, 2020, the account balances of Hamm Equipment Repair were as follows. No. 101 Cash 112 Accounts Receivable 126 Supplies 153 Equipment Nov. 8 10 12 15 Debit No. $ 2,400 154 4,250 201 1,800 209 12,000 212 17 20 22 25 27 29 $20,450 Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable During November, the following summary transactions were completed. 301 Owner's Capital Paid $1,700 for salaries due employees, of which $700 is for October salaries. Received $3,620 cash from customers on account. Received $3,100 cash for services performed in November. Purchased equipment on account $2,000. 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 for these services $2,200. 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. Instructions a. Enter the November I balances in the ledger accounts. b. Journalize the November transactions. Credit $ 2,000 2,600 1,200 700 13,950 $20,450 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, 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 an owner's equity statement for November and a balance sheet at November 30. Journalize transactions and follow through accounting cycle to preparation of financial statements. GLS d. Trial balance $25,650 f. Adj. trial balance $26,200 g. Net income $1,770; Ending capital $15,720 Total assets $19,250
Transcribed Image Text:P3.5A (LO 2, 3, 4) Financial Statement On November 1, 2020, the account balances of Hamm Equipment Repair were as follows. No. 101 Cash 112 Accounts Receivable 126 Supplies 153 Equipment Nov. 8 10 12 15 Debit No. $ 2,400 154 4,250 201 1,800 209 12,000 212 17 20 22 25 27 29 $20,450 Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable During November, the following summary transactions were completed. 301 Owner's Capital Paid $1,700 for salaries due employees, of which $700 is for October salaries. Received $3,620 cash from customers on account. Received $3,100 cash for services performed in November. Purchased equipment on account $2,000. 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 for these services $2,200. 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. Instructions a. Enter the November I balances in the ledger accounts. b. Journalize the November transactions. Credit $ 2,000 2,600 1,200 700 13,950 $20,450 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, 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 an owner's equity statement for November and a balance sheet at November 30. Journalize transactions and follow through accounting cycle to preparation of financial statements. GLS d. Trial balance $25,650 f. Adj. trial balance $26,200 g. Net income $1,770; Ending capital $15,720 Total assets $19,250
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