(next pictures are information from previous questions)
On November 1, 2017, Teal Mountain Inc. had the following account balances. The company uses the perpetual inventory method Debit Credit $8,280 Accumulated Depreciation Equipment $920 3,128 3,680 1,564 18,400 6,440 $34,132 Cash Accounts Receivable Supplies Equipment 2,061 Accounts Payable 791 Unearned Service Revenue 23,000 Salaries and Wages Payable $34,132 Common Stock Retained Earnings During November, the following summary transactions were completed Paid $3,266 for salaries due employees, of which $1,702 is for November and $1,564 is for October. Received $1,748 cash from customers in payment of account Purchased merchandise on account from Dimas Discount Supply for $7,360, terms 2/10, n/30 Sold merchandise on account for $5,060, terms 2/10, n/30. The cost of the merchandise sold was $3,680 Received credit from Dimas Discount Supply for merchandise returned $276 Received collections in full, less discounts, from customers billed on sales of $5,060 on November 12 Paid Dimas Discount Supply in full, less discount. Received $2,116 cash for services performed in November Purchased equipment on account $4,600 Purchased supplies on account $1,564 Paid creditors $2,760 of accounts payable due Paid November rent $345 Paid salaries $1,196 Performed services on account and billed customers $644 for those services Received $621 from customers for services to be performed in the future 8 10 11 12 15 19 20 22 25 27 28 29 29 29 29 Nov. Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) Cash 8,280 11/1 Bal Accounts Receivable 2,061 11/1 Bal Inventory Supplies 791 11/1 Bal Equipment 23,000 11/1 Bal Accumulated Depreciation-Equipment 920 11/1 Bal Accounts Payable 3,128 Unearned Service Revenue 11/1 Bal 3,680 Salaries and Wages Payable 11/1 Bal 1,564 Common Stock 18,400 11/1 Bal Retained Earnings 11/1 Bal. 6,440 Service Revenue Salaries and Wages Expense Rent Expense Sales Revenue Cost of Goods Sold Sales Discounts Enter the November 1 balances in ledger T-accounts. Cash 8280 Accounts Receivable 2061 Supplies 791 11/1 Bal. v Equipment 23000 Accumulated Depreciation-Equipment 920 11/1 Bal v Accounts Payable 11/1 Bal 3128 Unearned Service Revenue 3680 11/1 Bal. v Salaries and Wages Payable 1564 11/1Bal. Common Stock 18400 Retained Earnings 6440 Journalize the November transactions. (Credit account titles are automatically indented when the amount is entered to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Date Credit Nov. 8 Salaries and Wages Expense 1702 Salaries and Wages Payable 1564 Cash 3266 1748 Nov. 10 Cash Accounts Receivable 1748 7360 Nov. 11 Inventory Accounts Payable 7360 Nov. 12 Accounts Receivable 5060 Sales Revenue 5060 (To record credit sale) 3680 Cost of Goods Sold 3680 Inventory (To record cost of merchandise sold) 276 Nov. 15 Accounts Payable 276 Sales Returns and Allowances Nov. 19 Cash 4959 101 Sales Discounts Accounts Receivable 5060 Nov. 20 Accounts Payable 7084 Cash 6942 Sales Discounts 142 2116 Nov. 22 Cash Service Revenue 2116 Nov. 25 Equipment 4600 Accounts Payable 4600 1564 Nov. 27 Supplies Accounts Payable 1564 2760 Nov. 28 Accounts Payable 2760 Cash 345 Nov. 29 Rent Expense 345 Cash To record November rent paid) Salaries and Wages Expense 1196 Cash 1196 To record salaries paid) Accounts Receivable 644 644 Service Revenue To record services performed) Cash 621 621 Unearned Service Revenue (To record receipt for services performed)
