Question

Question 2 of 4 ./2.5 III View Policies Current Attempt in Progress On November 1, 2022, the account balances of Pharoah Company were as follows. No. Debits No. Credits 101 Cash $3,072 154 Accumulated Depreciation-Equipment 112 Accounts Receivable 5,440 201 Accounts Payable 126 Supplies 2,304 209 Unearned Service Revenue 153 Equipment 15,360 212 Salaries and Wages Payable 311 Common Stock 320 Retained Earnings $26,176 $ 2,560 3,328 1,536 896 12,800 5,056 $26,176 During November, the following summary transactions were completed. Nov. 8 Pald $2,176 for salaries due employees, of which $896 is for October salaries. 10 Received $4,368 cash from customers on account 12 Received $3,968 cash for services performed in November 15 Purchased equipment on account $2,560, Purchased supplies on account $896. 20 Pald creditors on account $3,456. 22 Pald November rent $512, 25 Pald salaries $2,176 27 Performed services on account and billed customers $2,432 for these services. 29 Received $768 from customers for future service. 17 Enter the November 1 balances in the ledger accounts. Cash No. 101 Ralance nake Credit

Answer 1

Credit Calculation Pharoah Company Journal entries Date Account 8-Nov Salaries and Wages Payable Salaries and Wages expense Cash Debit $ 896 $ 1,280 $ 2,176 $ 4,368 10-Nov Cash Accounts Receivable $ 4,368 12-Nov Cash $ 3,968 Service Re $ 3,968 $ 2,560 15-Nov Equipment Accounts Payable $ 2,560 $ 896 17-Nov Supplies Accounts Payable $ $ 896 20-Nov Accounts Payable Cash $3,456 $ 3,456 $ 512 22-Nov Rent expense Cash $ 512 $ 2,176 25-Nov Salaries and Wages expense Cash $ 2,176 $ 2,432 27-Nov Accounts Receivable Service Revenue $ 2,432 $ 768 $ 768 29-Nov Cash Unearned Service Revenue Adjusting entries 30-Nov Supplies expense Supplies $ 1,408 2304+896-1792 $ 1,408 $ 448 30-Nov Salaries and Wages expense Salaries and Wages Payable $ 448 $ 256 30-Nov Depreciation expense Accumulated Depreciation-Equipment $ 256 $ 1,600 30-Nov Unearned Service Revenue Service Revenue $ 1,600

Pharoah Company T Accounts Date Explanation Ref Debit Credit Balance Date Explanation Ref Debit Credit Balance Cash Accounts Receivable 1-Nov Balance V $ 3,072 1-Nov Balance V $ 5,440 8-Nov J1 $2,176 $ 896 10-Nov $4,368 $ 1,072 10-Nov J1 $4,368 $ 5,264 27-Nov J1 $2,432 $ 3,504 12-Nov J1 $3,968 $ 9,232 $ 3,504 20-Nov J1 $3,456 $ 5,776 $ 3,504 22-Nov J1 $ 512 $ 5,264 $ 3,504 25-Nov J1 $2,176 $ 3,088 $ 3,504 29-Nov J1 768 $ 3,856 $ 3,504 Supplies Equipment 1-Nov Balance ป $ 2,304 1-Nov Balance ป $ 15,360 17-Nov J1 $ 896 $ 3,200 15-Nov J1 $2,560 $17,920 30-Nov Adjusting J1 $1,408 $ 1,792 $ 17,920 Accumulated Depreciation Equipment Accounts Payable 1-Nov Balance ป $ 2,560 1-Nov Balance v $ 3,328 30-Nov Adjusting J1 $ 256 $ 2,816 15-Nov J1 $2,560 $ 5,888 $ 2,816 17-Nov J1 $ 896 $ 6,784 $ 2,816 20-Nov J1 $3,456 $ 3,328 Unearned Service Revenue Salaries and Wages Payable 1-Nov Balance ป $ 1,536 1-Nov Balance v $ 896 29-Noy J1 $ 768 $ 2,304 8-Nov J1 $ 896 $ 30-Nov Adjusting J1 $1,600 $ 704 30-Nov Adjusting J1 $ 448 $ 448 Common Stock Retained Earnings 1-Nov Balance v $12,800 1-Nov Balance v $ 5,056 $ 12,800 $ 5,056 $ 12,800 $ 5,056 Service Revenue 12-Nov J1 $3,968 $ 3,968 27-Nov J1 $2,432 $ 6,400 30-Nov Adjusting J1 $1,600 $ 8,000 Depreciation expense Supplies expense 30-Nov Adjusting $ 256 $ 256 30-Nov Adjusting J1 $1,408 $ 1,408 Salaries and Wages expense Rent expense 8-Nov J1 $1,280 $ 1,280 22-Nov J1 $ 512 $ 512 25-Nov J1 $2,176 $ 3,456 $ 512 30-Nov Adjusting J1 $ 448 $ 3,904 $ 512

Pharoah Company For the Month Ended November 30,2017 Account Names Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Depreciation expense Supplies expense Salaries and Wages expense Rent expense Totals Unadjusted TB Debit Credit 3,856 3,504 3,200 17,920 2,560 3,328 2,304 Adjusted TB Debit Credit 3,856 3,504 1,792 17,920 2,816 3,328 704 448 12,800 5,056 6,400 12,800 5,056 8,000 3,456 512 32,448 256 1,408 3,904 512 33,152 32,448 33,152

8,000 Pharoah Company Income Statement For the Month Ended November 30,2017 Revenues Service Revenue Expenses Depreciation expense Supplies expense Salaries and Wages expense Rent expense Total Operating expenses Net Income 256 1,408 3,904 512 6,080 1,920 Statement of Retained Earnings For the Month Ended November 30,2017 Balance at November 1, 2022 Add: Net Income Balance at November 30, 2022 5,056 1,920 6,976

Pharoah Company Balance Sheet As of November 30,2017 Assets Current Assets Cash Accounts Receivable Supplies 3,856 3,504 1,792 Property, Plant and Equipment Equipment Less: Accumulated Depreciation Total Assets 17,920 (2,816) 15,104 24,256 Liabilities & Stockholders Equity Current Liabilities Accounts Payable Unearned Service Revenue Salaries and Wages Payable Total Current Liabilities 3,328 704 448 4,480 Stockholders Equity Common Stock Retained earnings Total Stockholders Equity Total Liabilities & Stockholders Equity 12,800 6,976 19,776 24,256