Explore BrainMass
Share

Coleman Equipment

This content was STOLEN from BrainMass.com - View the original, and get the already-completed solution here!

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.

© BrainMass Inc. brainmass.com October 24, 2018, 11:44 pm ad1c9bdddf
https://brainmass.com/business/trial-balance/coleman-equipment-203962

Attachments

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 ...

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.

$2.19
See Also This Related BrainMass Solution

Project Flow/ Wait Time in a queue

First Local bank would like to improve customer service at its drive in facility by reducing waiting and transaction times. One the basis of a pilot study, the banks process manager estimates the average rate of customer arrivals at 30 per hour. All arriving cars line up in single file and are served at 1 of 4 windows on a first come fist served basis. Each teller currently requires an average of 6 minutes to complete a transaction. The bank is considering the possibility of leasing high speed information retrieval and communication equipment that would cost $30 per hour. The new equipment would however serve the entire facility and reduce each tellers transaction processing time to an average of 4 minutes per customer. Assume that interarrival and activity times are exponentially distributed.

If our manager estimates the cost of a customers waiting time in queue in terms of future business lost to the competition to be $20 per customer per hour can she justify leasing the new equipment on an economic basis?

Although the waiting cost figure of $20 per customer per hour appears questionable, a casual study of the competition indicates that a customer should be in and out of a drive in facility within an average of 8 minutes including waiting time. If first local wants to meet this standard should it lease the new high speed equipment?

View Full Posting Details