Question

Martinez Equipment Repair began operating in September 2017. It prepares financial statements at the end of each month. On No
LLOWS s gnments/3751107?return to https%3A%2F%2Flearn.wileyplus.com2fcalendarFindude context3Dcourse, 35800323 view name 3Dmo
DO 5500423view_name month%26vie. (cRecord adjustments. d) Compute the adjusted balance in each column O Accts. Cash + Liabil
Compute the adjusted balance in each column Liabilities SL/Wages Unearn Serv. Rev. Retained Earnings
Equity Retained Earnings 3,730 Exp. Div. Depreciation Expense Supplies Expense Salaries & Wages Expense Rent Expense Service
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Answer #1

Answer:

Assets = Liabilities + Stockholders' Equity
Cash + Accounts
Receivable
+ Supplies + Equipment - Accumulated Depr.
-Equip.
= Accounts
Payable
+ Unearned
Service revenue
+ Sal./Wag.
payable
+ Common stock + Retained
Earnings
11/1 Bal. $3,520 $3,090 $1,850 $10,730 $500 $3,030 $400 $800 $10,730 $3,730
Rev. Exp. Div.
Nov.8 ($1,220) ($800) $420 Salaries & Wages expense
10 $1,820 ($1,820)
12 $3,810 $3,810 Service revenue
15 $3,770 $3,770
17 $1,410 $1,410
20 ($2,560) ($2,560)
22 ($550) $550 Rent expense
25 ($1,070) $1,070 Salaries expense
27 $910 $910 Service revenue
29 $770 $770
Unadj. Bal. $4,520 $2,180 $3,260 $14,500 $500 $5,650 $1,170 $0 $10,730 $4,720 $2,040 $0
Adj.1 [3260-1150] ($2,110) $2,110 Supplies expense
Adj.2 $510 $510 Salaries & Wages expense
Adj.3 $290 $290 Depreciation expense
Adj.4 ($510) $510 Service revenue
Adj. Bal. $4,520 $2,180 $1,150 $14,500 $790 $5,650 $660 $510 $10,730 $5,230 $4,950 $0
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