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Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Metlock 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, Metlock had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $ 7,200 1,792 688 20,000 $29,680 Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $800 2,720 3,200 1,360 16,000 5,600 $29,680 During November, the following summary transactions were completed. Nov. 8 10 11 12 19 20 22 25 27 28 29 29 29 29 Paid $2,840 for salaries due employees, of which $1,480 is for November and $1,360 is for October Received $1,520 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $6,400, terms 2/10, n/30. Sold merchandise on account for $4,400, terms 2/10, n/30. The cost of the merchandise sold was $3,200. Received credit from Dimas Discount Supply for merchandise returned $240. Received collections in full, less discounts, from customers billed on sales of $4,400 on November 12. Paid Dimas Discount Supply in full, less discount. Received $1,840 cash for services performed in November. Purchased equipment on account $4,000. Purchased supplies on account $1,360. Paid creditors $2,400 of accounts payable due. Paid November rent $300. Paid salaries $1,040. Performed services on account and billed customers $560 for those services. Received $540 from customers for services to be performed in the future. (a) Enter the November 1 balances in ledger T-accounts. Cash Accounts Receivable Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings
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