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On November 1, 2022, Larkspur had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit Credit $16,200
On November 1, 2022, Larkspur had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit Credit $16,200 Accumulated Depreciation-Equipment $1,800 4,032 Accounts Payable 6,120 1,548 Unearned Service Revenue 7,200 45,000 Salaries and Wages Payable 3,060 $66,780 Common Stock 36,000 Retained Earnings 12,600 $66,780 During November, the following summary transactions were completed. Nov. 8 Paid $6,390 for salaries due employees, of which $3,330 is for November and $3,060 is for October. 10 Received $3,420 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $14,400, terms 2/10, n/30. 12 Sold merchandise on account for $9,900, terms 2/10, n/30. The cost of the merchandise sold was $7,200. 15 Received credit from Dimas Discount Supply for merchandise returned $540. 19 Received collections in full, less discounts, from customers billed on sales of $9,900 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $4,140 cash for services performed in November. 25 Purchased equipment on account $9,000. 27 Purchased supplies on account $3,060. 28 Paid creditors $5,400 of accounts payable due. 29 Paid November rent $675. 29 Paid salaries $2,340. 29 Performed services on account and billed customers $1,260 for those services. 29 Received $1,215 from customers for services to be performed in the future. (a) Enter the November 1 balances in ledger T-accounts. Cash Accounts Receivable Supplies . Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings
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