ACN 201, Assignment-1, Spring 2022

Marks: 5; Assignment type: Individual, handwritten; Deadline: To be announced in the class

On November 1, 2020, the account balances of Hibban Equipment Repair were as follows.

Debit ($) Credit ($)

Cash 2400
Accounts receivable 4250
Supplies 1800
Equipment 12000
Accumulated depreciation- Equipment 2000
Accounts Payable 2600
Unearned Service Revenue 1200
Salaries and Wages Payable 700
Owner’s capital 13950
20450 20450
LS
During November, the following summary transactions were completed.
Nov. 8 Paid $1,700 for salaries due employees, of which $700 is for October salaries.
10 Received $3,620 cash from customers on account.
12 Received $3,100 cash for services performed in November.
15 Purchased equipment on account $2,000.
17 Purchased supplies on account $700.
20 Paid creditors on account $2,700.
22 Paid November rent $400.
27 Performed services on account and billed customers for these services $2,200.
29 Received $600 from customers for future service.

Adjustment data consist of:

1. Supplies on hand $1,400.
2. Accrued salaries payable $350.
3. Depreciation for the month is $200.
4. Services related to unearned service revenue of $1,220 were performed.

Instructions
a. Enter the November 1 balances in the ledger accounts.
b. Journalize the November transactions.
c. Post to the ledger accounts.
d. Prepare a trial balance at November 30.
e. Journalize and post adjusting entries.
f. Enter the adjusting entries on a worksheet and compete the worksheet.
g. Prepare an income statement and an owner’s equity statement for November and a balance sheet at
November 30.
h. Prepare necessary closing entries at November 30.
Instructions for the assignment: You should solve the assignment on your script, take an image of the
answers, convert it into pdf and upload the pdf file on google form. You must prepare a cover page
mentioning your name, ID, Course Code, Section; faculty particulars etc. your cover page should appear as
the first page of the assignment. You may use ‘camscanner’ apps to take an image. File size: Maximum
10 MB.