Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Shamrock had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $19,800 Accumulated Depreciation Equipment 4,928 Accounts Payable 1,892 Unearned Service Revenue 55,000 Salaries and Wages Payable $81,620 Common Stock Retained Earnings Credit $2,200 7,480 8,800 3,740 44,000 15,400 $81,620 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 $7,810 for salaries due employees, of which $4,070 is for November and $3,740 is for October Received $4,180 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $17,600, terms 2/10, n/30. Sold merchandise on account for 512,100, terms 2/10, n/30. The cost of the merchandise sold was $8,800. Received credit from Dimas Discount Supply for merchandise returned $660. Received collections in full, less discounts, from customers billed on sales of $12,100 on November 12. Paid Dimas Discount Supply in full, less discount Received $5,060 cash for services performed in November Purchased equipment on account $11,000. Purchased supplies on account 53,740. Paid creditors $6,600 of accounts payable due. Paid November rent 5825. Paid salaries $2,860. Performed services on account and billed customers $1,540 for those services, Received $1,485 from customers for services to be performed in the future, Accumulated Depreciation-Equipment 1/1 Bal 2,200 11/15 11/20 11/28 Accounts Payable 660 11/1 Bal. 16.94011/11 6.600 11/25 11/27 11/30 Bal. Unearned Service Revenue 11/1 Bal. 7.480 17.600 11,000 3,740 15.620 8,800 11/29 1,485 Salaries and Wages Payable 3,740 11/1 Bal. Common Stock 11/1 Bal. 11/30 Bal. Retained Earnings 44,000 44,000 11/1 Bal. 15,400 Service Revenue 11/22 5,060 11/29 1,540 Depreciation Expense Supplies Expense Salaries and Wages Expense 4,070 11/8 11/29 2.860 11/29 12,100 Rent Expense 825 Sales Revenue 11/12 Cost of Goods Sold 8,800 Sales Discounts 242 11/12 11/19 Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Shamrock had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $19,800 Accumulated Depreciation Equipment 4,928 Accounts Payable 1,892 Unearned Service Revenue 55,000 Salaries and Wages Payable $81,620 Common Stock Retained Earnings Credit $2,200 7,480 8,800 3,740 44,000 15,400 $81,620 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 $7,810 for salaries due employees, of which $4,070 is for November and $3,740 is for October Received $4,180 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $17,600, terms 2/10, n/30. Sold merchandise on account for 512,100, terms 2/10, n/30. The cost of the merchandise sold was $8,800. Received credit from Dimas Discount Supply for merchandise returned $660. Received collections in full, less discounts, from customers billed on sales of $12,100 on November 12. Paid Dimas Discount Supply in full, less discount Received $5,060 cash for services performed in November Purchased equipment on account $11,000. Purchased supplies on account 53,740. Paid creditors $6,600 of accounts payable due. Paid November rent 5825. Paid salaries $2,860. Performed services on account and billed customers $1,540 for those services, Received $1,485 from customers for services to be performed in the future, Accumulated Depreciation-Equipment 1/1 Bal 2,200 11/15 11/20 11/28 Accounts Payable 660 11/1 Bal. 16.94011/11 6.600 11/25 11/27 11/30 Bal. Unearned Service Revenue 11/1 Bal. 7.480 17.600 11,000 3,740 15.620 8,800 11/29 1,485 Salaries and Wages Payable 3,740 11/1 Bal. Common Stock 11/1 Bal. 11/30 Bal. Retained Earnings 44,000 44,000 11/1 Bal. 15,400 Service Revenue 11/22 5,060 11/29 1,540 Depreciation Expense Supplies Expense Salaries and Wages Expense 4,070 11/8 11/29 2.860 11/29 12,100 Rent Expense 825 Sales Revenue 11/12 Cost of Goods Sold 8,800 Sales Discounts 242 11/12 11/19
