Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $27,000 6,720 2,580 75,000 $111,300 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $3,000 10,200 12,000 5,100 60,000 21,000 $111,300 During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 20 22 25 27 28 29 29 29 29 Paid $10,650 for salaries due employees, of which $5,550 is for November and $5,100 is for October. Received $5,700 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $24,000, terms 2/10, n/30. Sold merchandise on account for $16,500, terms 2/10, n/30. The cost of the merchandise sold was $12,000. Received credit from Dimas Discount Supply for merchandise returned $900. Received collections in full, less discounts, from customers billed on sales of $16,500 on November 12. Paid Dimas Discount Supply in full, less discount. Received $6,900 cash for services performed in November. Purchased equipment on account $15,000. Purchased supplies on account $5,100. Paid creditors $9,000 of accounts payable due. Paid November rent $1,125. Paid salaries $3,900. Performed services on account and billed customers $2,100 for those services. Received $2,025 from customers for services to be performed in the future. Credit ($) Journal No. Date Account Titles and Explanation 8-Nov Salaries and wages payable Salaries and wages Cash (To record the salaries paid) Debit ($) 5,100 5,550 10,650 5,700 10-Nov Cash Accounts receivable (To record the collection from debtors) 5,700 24,000 11-Nov Purchase Accounts payable (To record the inventory purchased on credit) 24,000 16,500 12-Nov Accounts receivable Sales revenue (To record the credit sales) 16,500 12,000 Cost of goods sold Inventory (To record the cost of goods sold) 12,000 900 15-Nov Accounts Payable Purchase Return (To record the purchase return) 900 16,170 330 19-Nov Cash Sales discount (16500*2%) Accounts receivable (To record the collection from debtors) 16,500 23,100 20-Nov Accounts payable (24000-900) Purchase discount (24000-900) *2% Cash (To record the payment to suppliers) 462 22,638 6,900 22-Nov Cash Service revenue (To record the cash sales) 6,900 15,000 25-Nov Equipment Accounts payable (To record the equipment purchased on credit) 15,000 5,100 27-Nov Supplies Accounts payable (To record the supplies purchased on credit) 5,100 9,000 28-Nov Accounts Payable Cash (To record the payment to suppliers) 9,000 29-Nov Rent expense 1,125 Cash 1,125 (To record the rent paid) 3,900 29-Nov Salaries and wages Cash (To record the salaries paid) 3,900 2,100 29-Nov Accounts receivable Service revenue (To record the services performed) 2,100 2,0251 29-Nov Cash Unearned service revenue (To record the revenue received in advance) 2,025 IL Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) Cash 27,000 11/1 Bal. Accounts Receivable 6,720 11/1 Bal. Inventory Supplies 2,580| 11/1 Bal. Equipment 75,000 11/1 Bal. Accumulated Depreciation Equipment 11/1 Bal. 3,000 Accounts Payable 11/1 Bal. 10,200 3,000 11/1 Bal. Accounts Payable 11/1 Bal. 10,200 Unearned Service Revenue 11/1 Bal. 12,000 5,100 Salaries and Wages Payable 11/1 Bal. Common Stock 11/1 Bal. 60,000 Retained Earnings 11/1 Bal. Service Revenue 21,000 Salaries and Wages Expense Rent Expense Sales Revenue Cost of Goods Sold Sales Discounts
