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On November 1, 2017, Shamrock, Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $7,560 Accumulated DepreciationEquipment $840
On November 1, 2017, Shamrock, Inc. had the following account balances. The company uses the perpetual inventory method.
Debit | Credit | |||||
Cash | $7,560 | Accumulated DepreciationEquipment | $840 | |||
Accounts Receivable | 1,882 | Accounts Payable | 2,856 | |||
Supplies | 722 | Unearned Service Revenue | 3,360 | |||
Equipment | 21,000 | Salaries and Wages Payable | 1,428 | |||
$31,164 | Common Stock | 16,800 | ||||
Retained Earnings | 5,880 | |||||
$31,164 |
During November, the following summary transactions were completed.
Nov. | 8 | Paid $2,982 for salaries due employees, of which $1,554 is for November and $1,428 is for October. | |
10 | Received $1,596 cash from customers in payment of account. | ||
11 | Purchased merchandise on account from Dimas Discount Supply for $6,720, terms 2/10, n/30. | ||
12 | Sold merchandise on account for $4,620, terms 2/10, n/30. The cost of the merchandise sold was $3,360. | ||
15 | Received credit from Dimas Discount Supply for merchandise returned $252. | ||
19 | Received collections in full, less discounts, from customers billed on sales of $4,620 on November 12. | ||
20 | Paid Dimas Discount Supply in full, less discount. | ||
22 | Received $1,932 cash for services performed in November. | ||
25 | Purchased equipment on account $4,200. | ||
27 | Purchased supplies on account $1,428. | ||
28 | Paid creditors $2,520 of accounts payable due. | ||
29 | Paid November rent $315. | ||
29 | Paid salaries $1,092. | ||
29 | Performed services on account and billed customers $588 for those services. | ||
29 | Received $567 from customers for services to be performed in the future. |
Journalize the November transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.)
Part 2 Journalize the November transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter Ofor the amounts. Round answers to 0 decimal places, eg. 5,275. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation Nov. 8 (To record credit sale) (To record cost of merchandise sold) Nov. 19 D (To record November rent paid) (To record salaries paid) (To record services performed) (To record receipt for services performed) List of Accounts Save for Later Attempts: 0 of 4 used Submit
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