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Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Larkspur had the following account balances. The company uses the perpetual inventory method.
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Larkspur had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $16,200 Accumulated Depreciation Equipment 4,032 Accounts Payable 1,548 Unearned Service Revenue 45,000 Salaries and Wages Payable $66,780 Common Stock Retained Earnings Credit $1,800 6,120 7,200 3,060 36,000 12,600 $66,780 During November, the following summary transactions were completed. Nov. 8 Paid $6,390 for salaries due employees, of which $3,330 is for November and $3,060 is for October. 10 Received $3,420 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $14,400, terms 2/10, n/30. 12 Sold merchandise on account for $9,900, terms 2/10, n/30. The cost of the merchandise sold was $7,200. 15 Received credit from Dimas Discount Supply for merchandise returned $540. 19 Received collections in full, less discounts, from customers billed on sales of $9,900 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $4,140 cash for services performed in November. 25 Purchased equipment on account $9,000. 27 Purchased supplies on account $3,060. 28 Paid creditors $5,400 of accounts payable due. 29 Paid November rent $675. 29 Paid salaries $2,340. 29 Performed services on account and billed customers $1,260 for those services. 29 Received $1,215 from customers for services to be performed in the future. Journalize the November transactions. (Credit account lies are automatically indented when the amount is enterad. Do not indent manually. If no wtry is required, select "Wo Entry" for the account tiefes and enter for the amounts. Round answers to decimal places, ... 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit : To record oodtrale To record of mediante sold her. 19 : Threrend New) Iurecon Mal (To record salaries paid) (To record services performed) (To record receipt for services to be performed)
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