L (Pst 5-2 Cycle Revlew Comprehensive Accounting On November 1, 2017, Teal Mountain Inc. had the followlng account balances. The company uses the perpetual Inventory method Credit Debit $10,440 Accumulated Depreciation-Equipment $1,160 Cash Accounts Receivable 2,598 Accounts Payable Supplies Equipment 3,944 4,640 1,972 23,200 8,120 $43,036 998 29,000 $43,036 Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings During November, the following summary transactions were completed Pald $4,118 for salaries due employees, of which $2, 146 is for November and $1,972 is for October. 8 10 Received $2,204 cash from customers in payment of account 11 Purchased merchandise on account from Dimas Discount Supply for $9,280, terms 2/10, n/30. 12 Sold merchandise on account for $6,380, terms 2/10, n/30. The cost of the merchandise sold was $4,640. 15 Received credit from Dimas Discount Supply for merchandise returned $348. 19 Received collections in full, less discoun, from customers billed on sales of $6,380 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $2,668 cash for services performed in November 25 Purchased equipment on account $5,800. 27 Purchased supplies on account $1,972. 28 Paid creditors $3,480 of accounts payable due. 29 Paid November rent $435. 29 Paid salaries $1,508. 29 Performed services on account and biled customers $812 for those services. 29 Received $783 from customers for services to be performed in the future. Nov. Y (a) L (Pst 5-2 Cycle Revlew Comprehensive Accounting On November 1, 2017, Teal Mountain Inc. had the followlng account balances. The company uses the perpetual Inventory method Credit Debit $10,440 Accumulated Depreciation-Equipment $1,160 Cash Accounts Receivable 2,598 Accounts Payable Supplies Equipment 3,944 4,640 1,972 23,200 8,120 $43,036 998 29,000 $43,036 Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings During November, the following summary transactions were completed Pald $4,118 for salaries due employees, of which $2, 146 is for November and $1,972 is for October. 8 10 Received $2,204 cash from customers in payment of account 11 Purchased merchandise on account from Dimas Discount Supply for $9,280, terms 2/10, n/30. 12 Sold merchandise on account for $6,380, terms 2/10, n/30. The cost of the merchandise sold was $4,640. 15 Received credit from Dimas Discount Supply for merchandise returned $348. 19 Received collections in full, less discoun, from customers billed on sales of $6,380 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $2,668 cash for services performed in November 25 Purchased equipment on account $5,800. 27 Purchased supplies on account $1,972. 28 Paid creditors $3,480 of accounts payable due. 29 Paid November rent $435. 29 Paid salaries $1,508. 29 Performed services on account and biled customers $812 for those services. 29 Received $783 from customers for services to be performed in the future. Nov. Y (a)
