50.1K

Verified Solution

Link Copied!

need answer by tomorrow

On October 31, 2021, Waterway Equipment Repair Corp's opening trial balance was as follows. The company adjusts its account monthly Credit Debit $ 16,130 15,690 4,000 18,000 Cash Accounts receivable Supplies Equipment Accumulated depreciation-equipment Accounts payable Salaries payable Deferred revenue Common shares Retained earnings $3,600 5,000 1,000 1,020 10.000 33,200 $53.820 $53,820 During November, the following transactions were completed; Nov. 13 13 19 Paid $2,200 to employees for salaries due, of which $1.000 is for October salaries payable and $1,200 for November Issued common shares for $5,000 Received $12.270 cash from customers in payment of accounts Received $11.400 cash for services performed in November 19 20 21 23 23 27 28 30 Received $11.400 cash for services performed in November Purchased supplies on account, $600. Paid creditors $5,000 of accounts payable due Paid November rent, $600 Paid salaries, $2,400 Performed services on account, $3,800. Declared and paid a cash dividend, $500. Received $1,080 from customers for services to be performed in the future. Prepare journal entries to record the November transactions. (List oll debit entries before credit entries. Credit occount titles are automatically indented when the amount is entered. Do not indent manually. I no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Nov. 9 Salaries Expense Sarles Payable Cash 13 CommonShare Debit Credit Date Account Titles and Explanation Nov. 9 Saries Expense Starles Puyable Cach 13 Cash Common Shares 13 Cash Accounts Receivable 19 Cash Service Revenge 20 Supplies Accounts Payable 21 Accounts Payable Cash 23 Rent Expense Cash (To record rent paid.) 23 Accounts Receivable Cash (To record salaries paid.) Salaries Expense 27 Cash 28 Dividends Declared Cash 30 Canh Deferred Revenue Set up Taccounts, enter any opening balances, and post the journal entries prepared in the above part. (Post entries in the order of journal entries presented in the previous part.) Cash Nov. 1 Bal. Nov. Nov. 13 Nov. 21 Nov. 13 Nov. 23 Nov. 19 Nov. 23 Nov. 30 Nov. 28 Nov. 30 Bal Accounts Receivable Nov. 13 Nov. 1 Bal. Nov. 27 Nov. 30 Bal. Supplies Nov. 1 Bal. Nov. 20 Now. 30 Bal Equipment Now. 1 Bal | Nov. 30 BA Accumulated Depreciation Equipment Nov. 1 Bal. Nov. 30 Bal Accounts Payable Nov. 1 Bal Nov. 21 Nov. 20 Nov. 30 Bal Salaries Payable Nov. 9 Nov. 1 Bal. Nov. 30 Bal Deferred Revenue Nov. 1 Bal. Nov. 30 Nov. 30 Bal Common Shares Nov. 1 Bal. LEO Nov. 13 Nov. 30 Bal Retained Earnings Nov. 1 Bal. Nov 30 Bal Dividends Declared Nov. 28 Nov. 30 Bal. Service Revenue Nov. 19 Nov. 27 Nov. 30 Bal Rent Expense Nov. 23 Nov. 30 Bal. Salaries Expense Nov.9 Nov. 23 SOLO Nov. 30 Prepare a trial balance at November 30, Waterway EQUIPMENT REPAIR CORP. Trial Balance November 30, 2021 Before Adjustment Debit Credit $ Totals $ $ List of Accounts Adjustment data for the month: 1. Supplies on hand are $1.000 Accrued salaries payable are $1,000, The equipment has an estimated useful life of five years a$colou uses straight line depreciation Deferred revenue of $800 was earned during the month. 5. Income tax payable is estimated to be $1,100. 4. Prepare the adjusting Journal entries for the month. (List all debit entries before credit entries. Credit account titles are automatically indented when the amountis entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) No. Date Account Titles and Explanation Debit Credit 1 Nov. 30 Supplies Expense Supplies 2. 30 Salaries Expense Salaries Payable 30 Depreciation Expense Accumulated Depreciation Equipment 4. 30 Deferred Revenue Service Revenue 5. 30 Income Tax Expense Income Tax Payable Nov. 1 Bal Nov. 13 Nov. 13 Nov. 19 Nov 30 Cash 16,130 5,000 No.9 12.270 Nov. 21 11,400 Nov 23 1,080 Nov 23 Nov 28 35,180 2,200 5.000 600 2.400 500 Nov. 30 Bal Nov. 1 Bal Nov. 27 Nov. 30 Bal Accounts Receivable 15,690 3,800 Nov. 13 7.220 12.270 Supplies 4,000 Nov. 1 Bal Nov. 20 600 Nov. 1 Bal Nov. 30 Bal Equipment 18,000 18,000 Accumulated Depreciation-Equipment Nov. 1 Bal. 3,600 Accounts Payable Nov. 1 Bal. 5.000 Nov. 20 Nov. 30 Bal Nov 21 5,000 600 600 Salaries Payable Nov. 1 Bal 1000 Nov. 9 1,000 Income Tax Payable Deferred Revenue Nov. 1 Bal. 1,020 Nov. 30 1,080 Common Shares Nov. 1 Bal. Nov. 13 Nov. 30 Bal 10,000 5,000 15.000 Retained Earnings Nov. 1 Bal Nov. 30 Bal. 33,200 33,200 Nov. 28 Nov. 30 Bal. Dividends Declared 500 500 Service Revenue Nov. 19 Nov. 27 11,400 3,800 Nov. 23 Nov. 30 Bal Rent Expense 600 600 Income Tax Expense Supplies Expense Depreciation Expense Nov.9 Nov. 23 Salaries Expense 1.200 2,400 List of Accounts

Answer & Explanation Solved by verified expert

See Answer