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On November 1, 2017, Skysong, Inc. had the following account balances. The company uses the perpetual inventory method. Cash Debit $7.740 1.926 740 Accounts Receivable
On November 1, 2017, Skysong, Inc. had the following account balances. The company uses the perpetual inventory method. Cash Debit $7.740 1.926 740 Accounts Receivable Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $860 2.924 3,440 1.462 17,200 21,500 $31,906 6,020 $31.906 During November, the following summary transactions were completed. Nov. 8 10 12 15 19 20 Paid $3,053 for salaries due employees, of which $1,591 is for November and $1.462 is for October. Received $1,634 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $6,880, terms 2/10,n/30. Sold merchandise on account for $4,730, terms 2/10,n/30. The cost of the merchandise sold was $3,440. Received credit from Dimas Discount Supply for merchandise returned $258 Received collections in full, less discounts, from customers billed on sales of $4.730 on November 12. Paid Dimas Discount Supply in full, less discount. 22 Received $1,978 cash for services performed in November Purchased equipment on account $4,300. Purchased supplies on account $1.462. Paid creditors $2,580 of accounts payable due. Paid November rent $323. 29 Paid salaries $1.118 Performed services on account and billed customers $602 for those services 29 Received $581 from customers for services to be performed in the future, 25 27 28 29 29 11/1 Bal. 7.740 > > Accounts Receivable 11/1 Bal. 1.926 Inventory V > > Supplies 11/1 Bal. 740 Equipment 11/1 Bal. 21,500 Accumulated Depreciation-Equipment V 11/1 Bal. 860 Accounts Payable 11/1 Bal. V 2.924 >
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