Question

On November 1, 2022, the account balances of Marigold Corp. were as follows. No. No. 101 154 Debits Cash Accounts Receivable Supplies Equipment $1,680 2.184 112 126 201 $ 2,016 3,570 1,512 10,080 209 Credits Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings 153 212 311 1,008 588 8,400 3,318 $17,178 320 $17,178 During November, the following summary transactions were completed. Nov. 8 10 12 15 17 20 22 Paid $1,428 for salaries due employees, of which $588 is for October salaries. Received $2,872 cash from customers on account. Received $2,604 cash for services performed in November Purchased equipment on account $1,680. Purchased supplies on account $588, Paid creditors on account $2.268. Paid November rent $336. Dn

Answer 1

1. Journal Entries -

Date Credit Nov 8 Marigold Corp. Journal Entries Accounts Title Debit Salaries and Wages Payable $ 588 Salaries and Wages Expense $ 840 Cash (Being Accrued Salaries Paid) $ 1,428 Nov 10 Cash $ 2,872 Accounts Receivable (Being amount received on account) $ 2,872 Nov 12 Cash $ 2,604 Service Revenue $ 2,604 (Being cash received on service provided) Nov 15 Equipment $ 1,680 Accounts Payable $ 1,680 (Being equipment purchased on Account) Nov 17 Supplies $ 588 Accounts Payable (Being Supplies purchased on Account) $ 588 336 Nov 22 Rent Expense $ Cash (Being rent expense paid) $ 336 Nov 25 Salaries and Wages Expense $ 1,428 Cash (Being Salaries Paid) $ 1,428 Nov 27 Accounts Receivable $ 1,596 Service Revenue (Being service earned on account) $ 1,596 Nov 29 Cash $ 504 Unearned Service Revenue (Being amount received in advance) $ 504

2. Ledgers -

Cash Date Debit Credit Balance Nov 1 $ 2,016 Nov 8 $ 1,428 $ $ 588 Nov 10 $ 2,872 $ 3,460 Nov 12$ 2,604 $ 6,064 Nov 22 $ 336 $ 5,728 Nov 25 $ 1,428 $ 4,300 Nov 29 $ 504 $ 4,804 Salaries and Wages Payable Date Debit Credit Balance Nov 1 $ $ 588 Nov 8 $ 588 $ . Nov 25 $ 1,428 $ 1,428 Nov 30 $ 294 $ 1,722 Common Stock Debit Credit Date Nov 1 Balance $ 8,400 Accounts Receivable Date Debit Credit Balance Nov 1 $ 3,570 Nov 10 $ 2,872 $ 698 Nov 27 $ 1,596 $ 2,294 Retained Earnings Debit Credit Date Balance $ 3,318 Nov 1 Supplies Date Debit Credit Balance Nov 1 $ 1,512 Nov 17 $ 588 $ 2,100 Nov 30 $ 924 $ 1,176 Date Nov 12 Nov 27 Nov 30 Service Revenue Debit Credit Balance $ 2,604 $ 2,604 $ 1,596$ 4,200 $ 1,050 $ 5,250 Equipment Debit Credit Date Nov 1 Nov 15 Balance $ 10,080 $ 11,760 $ 11,760 $ 1,680 Date Nov 22 Rent Expense Debit Credit $ 336 Balance $ 336 Accumulated Depreciation - Equipment Date Debit Credit Balance Nov 1 $ 1,680 Nov 30 $ 168 $ 1,848 Salaries and Wages Expense Date Debit Credit Balance Nov 8 $ 840 $ 840 Nov 25 $ 1,428 $ 2,268 Nov 30 $ 294 $ 2,562 Date Nov 1 Nov 15 Nov 17 Accounts Payable Debit Credit Balance $ 2,184 $ 1,680 $ 3,864 $ 588 $ 4,452 $ 4,452 Date Nov 30 Supplies Expense Debit Credit S 924 Balance $ 924 $ 924 Unearned Service Revenue Date Debit Credit Balance Nov 1 $ 1,008 Nov 29 $ 504 $ 1,512 Nov 30 $ 1,050 $ 462 $ 462 Depreciation Expense Date Debit Credit Balance Nov 30 $ 168 $ 168

3. Unadjuted Trial Balance -

Credit Marigold Corp. Unadjusted Trial Balance For the period ended November 30 Accounts Title Debit Cash $ 4,804 Accounts Receivable $ 2,294 Supplies $ 2,100 Equipment $ 11,760 Accumulated Depreciation - Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Rent Expense $ 336 Salaries and Wages Expense $ 2,268 $ 1,680 $ 4,452 $ 1,512 $ - $ 8,400 $ 3,318 $ 4,200 Total $ 23,562 $ 23,562

4. Adjusting Entries -

Credit Marigold Corp. Adjusting Entries Date Accounts Title Debit Nov 30 Supplies Expense $ 924 Supplies (Being Supplies Utilised) $ 924 294 Nov 30 Salaries and Wages Expense $ Salaries and Wages Payable $ (Being Salaries and Wages expense accrued) 294 $ Nov 30 Depreciation Expense $ 168 Accumulated Depreciation (Being Depreciation expense incurred) $ 168 Nov 30 Unearned Service Revenue $ 1,050 Service Revenue (Being unearned revenue performed) $ 1,050