Purchase Solution

Coleman Equipment

Not what you're looking for?

Ask Custom Question

Accounting problem, that goes through the basic accounting cycle. Follow instructions for letters A. through G.

Can be done in excel or Microsoft Word.

On November 1, 2007, the following were the account balances of Coleman equipment Repair.
Debits Credits
Cash $2,790 Accumulated Depreciation $ 500
Accounts receivable 2,910 Accounts Payable 2,300
Supplies 1,120 Unearned Service Revenue 400
Store Equipment 10,000 Salaries Payable 620
$16,820 Common Stock 10,000
Retained earnings 3,000
$16,820
During November the following summary transactions were completed.
Nov.8 -Paid $1,220 for salaries due employees, of which $600 is for November and $620 is for October salaries payable.
Nov.10 - Received $1,200 cash from customers in payment of account.
Nov.12 - Received $1,700 cash fro services performed in November.
Nov.15 - Purchased store equipment on account $3,000.
Nov.17 - Purchased supplies on account $1,300
Nov.20 - Paid creditors $2,500 of accounts payable due.
Nov.22 - Paid November rent $450.
Nov.25 - Paid salaries $1,000
Nov.27 - Performed services on account and billed customers for services provided $900.
Nov.29 - Received $550 from customers for services to be provided in the future.
Adjustment data:
1. Supplies on hand are valued at $1,600
2. Accrued salaries payable are $480
3. Depreciation for the month is $250
4. Unearned service revenue of $300 is earned

Instructions
a.) Enter the November 1 balances in the ledger accounts. (Use T accounts)
b.) Journalize the November transactions.
c.) Post to ledger accounts. Use Service Revenue, Depreciation Expense, Supplies Expense, Salaries expense, and 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 classified balance sheet at November 30.

Purchase this Solution

Solution Summary

This solution is comprised of a detailed explanation to
a.) Enter the November 1 balances in the ledger accounts. (Use T accounts)
b.) Journalize the November transactions.
c.) Post to ledger accounts. Use Service Revenue, Depreciation Expense, Supplies Expense, Salaries expense, and 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 classified balance sheet at November 30.

Solution Preview

On November 1, 2007, the following were the account balances of Coleman equipment Repair.
Debits Credits
Cash $2,790 Accumulated Depreciation $ 500
Accounts receivable 2,910 Accounts Payable 2,300
Supplies 1,120 Unearned Service Revenue 400
Store Equipment 10,000 Salaries Payable 620
$16,820 Common Stock 10,000
Retained earnings 3,000
$16,820
During ...

Purchase this Solution


Free BrainMass Quizzes
Basics of corporate finance

These questions will test you on your knowledge of finance.

Change and Resistance within Organizations

This quiz intended to help students understand change and resistance in organizations

Understanding Management

This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.

Balance Sheet

The Fundamental Classified Balance Sheet. What to know to make it easy.

Academic Reading and Writing: Critical Thinking

Importance of Critical Thinking