Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On October 31, 2018, Alou Equipment Repair Corp.'s opening trial balance was as follows. The company adjusts its accounts monthly. Cash Accounts receivable Supplies

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

On October 31, 2018, Alou Equipment Repair Corp.'s opening trial balance was as follows. The company adjusts its accounts monthly. Cash Accounts receivable Supplies Equipment Accumulated depreciation Accounts payable Salaries payable Unearned revenue Common shares Retained earnings Debit $ 16,370 15,840 4,000 18,000 equipment Credit $3,600 4,650 1,000 980 10,780 33,200 $54,210 $54,210 During November, the following transactions were completed Nov. g 13 13 19 20 21 23 23 27 28 30 Paid $2,210 to employees for salaries due, of which $1,000 is for October salaries payable and $1,210 for November. Issued common shares for $4,220. Received $12,450 cash from customers in payment of accounts. Received $11,400 cash for services performed in November. Purchased supplies on account, $600. Paid creditors $4,650 of accounts payable due. Paid November rent, $600. Paid salaries, $2,390. Performed serv'ices on account, $3,830. Declared and paid a cash dividend, $500. Received $1,120 from customers for services to be performed in the future.

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_2

Step: 3

blur-text-image_3

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

Management Research Methods

Authors: Phyllis Tharenou, Ross Donohue, Brian Cooper

1st Edition

0521694280, 9780521694285

More Books

Students also viewed these Accounting questions

Question

Avoid evasiveness. Be direct with your answers when possible.

Answered: 1 week ago

Question

2. It is the results achieved that are important.

Answered: 1 week ago