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. Debit Credit $17,100 Accumulated Depreciation-Equipment $1,900 Cash 4,256 Accounts Payable 6,460 Accounts Receivable 7,600 1,634 Unearned Service Revenue Supplies 47,500 Salaries and Wages Payable 3,230 Equipment $70,490 Common Stock 38,000 Retained Earnings 13,300 $70,490 During November, the following summary transactions were completed Nov. 8 Paid $6,745 for salaries due employees, of which $3,515 is for November and $3,230 is for October. 10 Received $3,610 cash from customers in payment of account 11 Purchased merchandise on account from Dimas Discount Supply for $15,200, terms 2/10, n/30 12 Sold merchandise on account for $10,450, terms 2/10, n/30. The cost of the merchandise sold was $7,600. 15 Received credit from Dimas Discount Supply for merchandise returned $570. 19 Received collections in full, less discounts, from customers billed on sales of $10,450 on November 12. Paid Dimas Discount Supply in full, less discount. 20 22 Received $4,370 cash for services performed in November. 25 Purchased equipment on account $9,500. 27 Purchased supplies on account $3,230 28 Paid creditors $5,700 of accounts payable due. 29 Paid November rent $712 Paid salaries $2,470. 29 29 Performed services on account and billed customers $1,330 for those services. 29 Received $1,283 from customers for services to be performed in the future. (a) ]Your answer is correct Enter the November 1 balances in ledger T-accounts. Cash 11/1 Bal. 17100 Accounts Receivable 11/1 Bal. 4256 Supplies 11/1 Bal 1634 Equipment 11/1 Bal 47,500 Accumulated Depreciation Equipment 11/1 Bal. 1900 Accounts Payable 11/1 Bal. 6460 Unearned Service Revenue 11/1 Bal 7600 Salaries and Wages Payable 3230 11/1 Bal. Common Stock 11/1 Bal. 38000 Retained Earnings 11/1 Bal. 13300 (b) Your answer is partially correct. Try again. Journalize the November transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit Date Nov. 8 Salaries and Wages Payable 3515 Salaries and Wages Expense 3230 Cash 6745 Cash Nov. 10 3610 3610 Accounts Receiva ble Nov. 11 15200 Purchases Accounts Receivable 10450 10450 Accounts Receiva ble Nov. 12 10450 Sales Revenue 10450 (To record credit sale) No Entry No Entry (To record cost of merchandise sold) Nov. 15 Accounts Payable 570 570 Nov. 19 10241 Cash 10241 Sales Discounts 209 10450 Accounts Receiva ble Accounts Payable Nov. 20 145630 Sales Discounts 293 14337 Cash 4370 Nov. 22 Cash Accounts Payable 11/1 Bal 6,460 Unearned Service Revenue 11/1 Bal 7,600 Salaries and Wages Payable 11/1 Bal 3,230 Common Stock 11/1 Bal 38,000 Retained Earnings 11/1 Bal 13,300 Service Revenue Salaries and Wages Expense Rent Expense Sales Revenue Cost of Goods Sold Sales Discounts (c) Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) Cash 17,100 11/1 Bal Accounts Receivable 4,256 11/1 Bal Inventory Supplies 1,634 11/1 Bal Equipment 47,500 11/1 Bal Accumulated Depreciation-Equipment 11/1 Bal 1,900 Accounts Payable 11/1 Bal 6,460 Cash Nov. 22 4370 4370 Service Revenue Nov. 25 Equipment 9500 Accounts Payable 9500 Nov. 27 Supplies 3230 Accounts Payable 3230 Accounts Payable Nov. 28 5700 Cash 5700 Rent Expense Nov. 29 712 Cash 712 (To record November rent paid) Salaries and Wages Expense 2470 Cash 2470 (To record salaries paid) Service Revenue 1330 Unearned Service Revenue 1330 (To record services performed) Cash 1283 Unearned Service Revenue 1283 (To record receipt for services to be performed)
