On November 1, 2014, A Company has a trial balance that looks like the following

Question

On November 1, 2014, A Company has a trial balance that looks like the following: During the month of November, 2014, the following transactions were completed: A Company 8-Nov Paid $1,600 for salaries owed to Trial Balance employees, of which $700 is for October November 1, 2014 accrued salaries. Account 10. Nov Received $3,240 cash from customers as Number Account Name 101 cash 3,500 payment of their accounts. 12 Nov Received $7,600 cash for services 112 Accounts Receivable 7,400 126 Supplies 5,600 performed in November. 157 Equipment 16,000 15-Nov Purchased equipment on account for 3000 158 Accumulated Depreciation Equipment $5,500 201 Accounts Payable 17-Nov Purchased supplies on account for $2500. 209 Unearned Service Revenue 212 Salaries and Wages Payable 20-Nov Paid $2,900 owed to creditors. 311 Common Stock 14,000 22-Nov Paid November rent of $800. 320 Retained Earnings 4,000 25-Nov Paid salaries of $1,800. 400 Service Revenue 631 Supplies Expense 27-Nov Performed services on account and billed 711 Depreciation Expense customers for the services for $700. 726 Salaries and Wages Expense 729 Rent Expense 29 Nov Received $3900 from customers for Totals 32,500 32,500 services to be performed in the future. The following additional information is known at November 30, 2014 and should be used to make any appropriate adjusting journal entries: 1 Supplies on hand was determined to be $6,000. 2 Salaries equal to S450 are owed but not yet paid to employees. 3 Depreciation for the month is $1400. 4 $2,500 of unearned service revenue was earned during the month. After recording all the November transactions and the required end-of-month adjusting entries, the Total Liabilities & Stockholders' Equity as of November 30, 2014 will be:

Explanation / Answer

The balance of total liabilities and stockholders’ equity as of November 30, 2014 should be determined the the following steps:

1. Compute the balance of each account on November 30 after recording all November transactions and the required adjustments.

2. Determine net income for the month.

3. Determine the balance of total liabilities and stockholders’ equity as of November 30, 2014.

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