Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Flint Equipment Repair began operating in September 2017. It prepares financial statements at the end of each month. On November 1, 2017, a tabular summary

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Flint Equipment Repair began operating in September 2017. It prepares financial statements at the end of each month. On November 1, 2017, a tabular summary includes the following information. Note that Flint began the month with $3,460 in Retained Earnings. This balance represents the results of its first two months of business. Assets Liabilities + Stockholde . Depr Equip - Accts. Cash + Rec. + Supplies + Equip 11/1 Bal. 3,250 + 3,080 + 1.580 + 10,460 Accts. Pay. + 2.760+ Unearn. Serv. Rev. 400+ Sal./Wages + Pay 790 + Com Stock 500 - 10,460 + During November, the following summary transactions were completed. Nov. 8 10 12 15 17 20 22 25 27 29 Paid $1.220 for salaries due employees, of which $430 is for November and $790 is for October salaries payable. Received $1,840 cash from customers in payment of account Received $3,800 cash for services performed in November, Purchased store equipment on account $3,670 Purchased supplies on account $1,330, Paid creditors $2,550 of accounts payable due. Paid November rent $480. Paid salaries $1,040 Performed services on account worth $980 and billed customers Received $830 from customers for services to be performed in the future, Flint Equipment Repair began operating in September 2017. It prepares financial statements at the end of each month. On November 1, 2017 a tabular summary includes the following information. Note that Flint began the month with $3,460 in Retained Earnings. This balance represents the results of its first two months of business. Assets Stockholders' Equity Acc. Depr. Equip 500 Liabilities Unearn. Serv. Rev. 400 + sh + Accts. Rec. 3,080 + + Accts. Pay 2,760 + Supplies + 1,580+ Equip. 10,460 Sal./Wages + Com Pay Stock 790 + 10,460+ Retained Earnings 3.460 + 50+ During November, the following summary transactions were completed. Nov. 8 Paid $1.220 for salaries due employees, of which $430 is for November and $790 is for October salaries payable. 10 Received $1,840 cash from customers in payment of account. 12 Received $3,800 cash for services performed in November, 15 Purchased store equipment on account $3,670. 17 Purchased supplies on account $1,330. 20 Paid creditors $2,550 of accounts payable due 22 Paid November rent $480. 25 Paid salaries $1.040. 27 Performed services on account worth $980 and billed customers. 29 Received SB30 from customers tor services to be performed in the future. Adjustment data: 1. 2. Supplies on hand are valued at $1,220. Accrued salaries payable are $520. Depreciation for the month is $280. Services were performed to satisfy $550 of unearned service revenue. 3. 4. Flint Equipment Repair Balance Sheet Assets $ $ $ Liabilities and Stockholders' Equity $

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

Horngrens Accounting The Managerial Chapters

Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

11th Global Edition

1292105879, 978-1292105871

More Books

Students also viewed these Accounting questions

Question

What is the role of reward and punishment in learning?

Answered: 1 week ago