FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On November 1, 2017, the account balances of Schilling Equipment Repair were as follows. No. Debits On November 1, 2017, the account balances of Schilling

On November 1, 2017, the account balances of Schilling Equipment Repair were as follows.
No.

Debits

On November 1, 2017, the account balances of Schilling Equipment Repair were as follows.
No. Debits No. Credits
101 Cash $2,350 154 Accumulated DepreciationEquipment $1,960
112 Accounts Receivable 4,300 201 Accounts Payable 2,570
126 Supplies 1,820 209 Unearned Service Revenue 1,220
153 Equipment 11,760 212 Salaries and Wages Payable 746
311 Common Stock 9,784
320 Retained Earnings 3,950
$20,230 $20,230
During November, the following summary transactions were completed.
Nov. 8 Paid $1,740 for salaries due employees, of which $746 is for October salaries.
10 Received $3,390 cash from customers on account.
12 Received $3,140 cash for services performed in November.
15 Purchased equipment on account $1,990.
17 Purchased supplies on account $720.
20 Paid creditors on account $2,690.
22 Paid November rent $380.
25 Paid salaries $1,740.
27 Performed services on account and billed customers $1,870 for these services.
29 Received $560 from customers for future service.
Enter the November 1 balances in the ledger accounts.
Cash No. 101
Date Explanation Ref Debit Credit Balance
Nov.1 Balance
Accounts Receivable No. 112
Date Explanation Ref Debit Credit Balance
Nov.1 Balance
Supplies No. 126
Date Explanation Ref Debit Credit Balance
Nov.1 Balance
Equipment No. 153
Date Explanation Ref Debit Credit Balance
Nov.1 Balance
Accumulated DepreciationEquipment No. 154
Date Explanation Ref Debit Credit Balance
Nov.1 Balance
Accounts Payable No. 201
Date Explanation Ref Debit Credit Balance
Nov.1 Balance
Unearned Service Revenue No. 209
Date Explanation Ref Debit Credit Balance
Nov.1 Balance
Salaries and Wages Payable No. 212
Date Explanation Ref Debit Credit Balance
Nov.1 Balance
Common Stock No. 311
Date Explanation Ref Debit Credit Balance
Nov.1 Balance
Retained Earnings No. 320
Date Explanation Ref Debit Credit Balance
Nov.1 Balance
Journalize the November transactions.(Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Date Account Titles and Explanation Debit Credit
Nov. 8
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30
Post to the ledger accounts.(Post entries in the order of journal entries posted in the previous part of the question.)
Cash No. 101
Date Explanation Ref Debit Credit Balance
Nov. 1 Balance 2,350
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30 J1
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30 J1
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30 J1
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30 J1
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30 J1
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30 J1
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30 J1
Accounts Receivable No. 112
Date Explanation Ref Debit Credit Balance
Nov. 1 Balance 4,300
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30 J1
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30 J1
Supplies No. 126
Date Explanation Ref Debit Credit Balance
Nov. 1 Balance 1,820
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30 J1
Equipment No. 153
Date Explanation Ref Debit Credit Balance
Nov. 1 Balance 11,760
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30 J1
Accumulated DepreciationEquipment No. 154
Date Explanation Ref Debit Credit Balance
Nov. 1 Balance 1,960
Accounts Payable No. 201
Date Explanation Ref Debit Credit Balance
Nov. 1 Balance 2,570
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30 J1
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30 J1
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30 J1
Unearned Service Revenue No. 209
Date Explanation Ref Debit Credit Balance
Nov. 1 Balance 1,220
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30 J1
Salaries and Wages Payable No. 212
Date Explanation Ref Debit Credit Balance
Nov. 1 Balance 746
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov. 29Nov. 30 J1
Common Stock No. 311
Date Explanation Ref Debit Credit Balance
Nov. 1 Balance 9,784
Retained Earnings No. 320
Date Explanation Ref Debit Credit Balance
Nov. 1 Balance 3,950
Service Revenue No. 407
Date Explanation Ref Debit Credit Balance
Nov. 1Nov. 8Nov. 10Nov. 12Nov. 15Nov. 17Nov. 20Nov. 22Nov. 25Nov. 27Nov.

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

Accounting Principles

Accounting Principles

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

12th edition

1119132223, 978-1-119-0944, 1118875052, 978-1119132226, 978-1118875056

More Books

Students also viewed these Accounting questions

Question

★★★★★
The following three different transactions relate to materiality. Explain whether you would classify these transactions as material. a. Blair Co. has reported a positive trend in earnings over the...

Answered: 1 week ago

Question

★★★★★
Closing entries using periodic inventory system United Rug Company is a small rug retailer owned and operated by Pat Kirwan. After the accounts have been adjusted on December 31, the following...

Answered: 1 week ago

Question

★★★★★
Debate the overexpansion of mental disorders attributed to the DSM.

Answered: 1 week ago

Question

★★★★★
Define each of the following terms: a. Sole proprietorship; partnership; corporation b. Limited partnership; limited liability partnership; Professional Corporation c. Stockholder wealth maximization...

Answered: 1 week ago

Question

★★★★★
1. Please use Python 3 to solve the following problem. 2. Please also show all outputs and share code. 3. Please write Python 3 code and not pseudo code. The variable sentence stores a string. Write...

Answered: 1 week ago

Question

★★★★★
Fools % ve & Exit 8 nts 01:34:28 A company uses a standard cost system in which it applies variable manufacturing overhead (VMOH) to products on the basis of standard direct labor hours (DLHS). Their...

Answered: 1 week ago

Question

★★★★★
Strategic decision-making will determine the direction of any organisation. Some oorganisations make better strategic decisions than others. Various processes exist to make a strategic decision;...

Answered: 1 week ago

Question

★★★★★
Iqbal Corporation produces and sells a single product, has provided its contribution format income statement for March. Sales (17,000 units) Rs. 2,210,000 Variable Expenses 1,530,000 Contribution...

Answered: 1 week ago

Question

★★★★★
3.Fresh Foods wants to decrease the total cost of guava. Identify three costs areas - other than price - that Fresh Foods to focus on to decrease total cost. Explain why you choose those cost areas....

Answered: 1 week ago

Question

★★★★★
i.Suggest at least THREE (3) kinds of analytics and machine learning algorithms that Champo Carpets can use to solve their problems, and in general, for value creation. ii.Explain the data strategy...

Answered: 1 week ago

Question

★★★★★
While traveling on an assignment that is being paid for by your employer, you visit an area in which you would really like to live but can never find time to visit on your own. You have five days to...

Answered: 1 week ago

Question

★★★★★
Based on game theory answer the question. Figure 2: Prispnners' Dilemma Player B Player A D. Number left- {right} efcpmma refers to A's {E's} payp. (a) Each player always plays :3. {3 points} {b}...

Answered: 1 week ago

Question

★★★★★
6. Bring to mind a situation where you had a strong sense of satisfaction with what you did. Immerse yourself in the situation. i. How do you feel? ii. What do you hear? iii. What do you see?

Answered: 1 week ago

Question

★★★★★
3. Imagine a real event that brought joy to your past. What images, sounds, emo-tions, smells and tastes appear? Try to imagine a movie clip of this incident, as it could unfold if the circumstances...

Answered: 1 week ago

Question

★★★★★
7. Imagine yourself in a future situation that you know you do not thrive in. Try to bring with you that feeling of satisfaction from task 6 in the future uncomfortable situation. a. Highlight three...

Answered: 1 week ago

Previous Question Next Question