Question
Bramble Equipment Repair began operating in September 2022. It prepares financial statements at the end of each month. On November 1, 2022, a tabular
Bramble Equipment Repair began operating in September 2022. It prepares financial statements at the end of each month. On November 1, 2022, a tabular summary includes the following information. Note that Bramble began the month with $2,520 in Retained Earnings. This balance represents the results of its first two months of business. Assets Liabilities Stockholders' Equity Acc. Accts. Cash + Rec. + Supplies + Equip. Depr.- = Accts. Equip. Pay. + Unearn. Serv. Rev. + Sal./Wages + Com. Pay. Retained Stock + Earnings 2,344 + 2,444 + 940 + 8,400 420 = 1,932 + 336 + 520 + 8,400 + 2,520 During November, the following summary transactions were completed. Nov. 8 Paid $1,024 for salaries due employees, of which $504 is for November and $520 is for October salaries payable. 10 Received $1,512 cash from customers in payment of account. 12 Received $3,108 cash for services performed in November. 15 Purchased store equipment on account $3,024. 17 Purchased supplies on account $1,092. 20 20 Paid creditors $2,100 of accounts payable due. 22 Paid November rent $404. 25 Paid salaries $840. 27 Performed services on account worth $756 and billed customers. 29 Received $630 from customers for services to be performed in the future.
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