BUS ADM 201 Introduction to Financial Accounting Summer 2017 EXTRA CREDIT Due in Lecture on June 26 Muscovy Company's post-closing trial balance for October 31, 2017 showed the following account balances Cash Accounts receivable Supplies Equipment 6,700 2,450 1,100 34,000 Accumulated depreciation Accounts payable Unearned service revenue Salaries payable Common stock Retained earnings 800 6,200 450 650 20,000 44250etained eam 44,250 44.250 During November the following transactions were completed. A perpetual inventory system is used. Nov. 8 Paid $1,200 for salaries due employees, of which $650 is for October salaries payable and $550 is for November. Received $1,700 cash from customers in payment of account. Purchased merchandise on accoust from Midwest Wholesale Supply for $5,000, terms 2/10, n/30. Sold merchandise on account for $5,500, terms 2/10, n/30. The cost of the merchandise sold was $3,200. 10 12 S Received credit from Midwest Wholesale Supply for merchandise returned $200. Received collections in full, less discounts, from customers billed on sales of $5,500 on Nov. 12. Paid Midwest Wholesale Supply in full, less discount. (Don't forget the return on Nov. 15.) Received $7,400 cash for services performed in November Purchased equipment on account $3,600. 19 20 22 27 Purchased supplies on account $1.250 Paid creditors $2,700 of accounts payable due. 28 29 Paid November rent $750 29 Paid salaries $1,150. Performed services on account and billed customers for services provided $1,900 Received $600 from customers for services to be provided in the future