Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During November, the following summary transactions were completed. Nov. 8 Paid $3,266 for salaries due employees, of which $1,702 is for November and $1,564 is

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
During November, the following summary transactions were completed. Nov. 8 Paid $3,266 for salaries due employees, of which $1,702 is for November and $1,564 is for October. 10 Received $1,748 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $7,400, terms 2/10,n/30. 12 Sold merchandise on account for $5,100, terms 2/10,n/30. The cost of the merchandise sold was $3,680. 15 Received credit from Dimas Discount Supply for merchandise returned $300. 19 Recelved collections in full, less discounts, from customers billed on sales of $5,100 on November 12. Nov, 8 Paid $3,266 for salaries due emplovces, of which $1,702 is for November and $1,564 is for October. 10 Received $1,748 cash from customers in payment of account: 11. Purchased merchandise on account from Dimas Discount Supply for $7,400, terms 2/10,n/30. 12. Sold merchandise on account for $5,100, terms 2/10,n/30. The cost of the merchandise sold was $3,680. 15. Received credit from Dimas Discount 5 upply for merchandise returned $300. 19 Recelved collections in full, less discounts, from customers billed on sales of $5,100 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $2.116 cash for services performed in November: 25 Purchased equipment on account $4.600. 27 Purchased supplies on account $1.564. 28 Paid creditors $2.760 of accounts payable due. 29 Paid November rent $345. 29 Paid salaries $1,196. 29 Performed services on account and bilied customers $644 for those services. 29 Recelved $621 from customers for services to be performed in the futurc. 27 Purchased supplies on account $1,564. 28 Paid creditors $2,760 of accounts payable due. 29 Paid November rent $345. 29 Paid salaries $1,196. 29 Performed services on account and billed customers $644 for those services. 29 Received $621 from customers for services to be performed in the future. Adjustment data: 1. Supplies on hand are valued at $1,472. 2. Accrued salaries payable are $460. 3. Depreciation for the month is $230. 4. $598 of services related to the unearned service revenue has not been performed by month-end. Prepare a multiple-step income statement for November

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Practices In Local Governments An International Comparison

Authors: Laurence Ferry, Pasquale Ruggiero

1st Edition

180117086X, 978-1801170864

More Books

Students also viewed these Accounting questions