Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On November 1, 2022, Metlock had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $18,000 Accumulated DepreciationEquipment $2,000 Accounts
On November 1, 2022, Metlock had the following account balances. The company uses the perpetual inventory method.
Debit | Credit | |||||
---|---|---|---|---|---|---|
Cash | $18,000 | Accumulated DepreciationEquipment | $2,000 | |||
Accounts Receivable | 4,480 | Accounts Payable | 6,800 | |||
Supplies | 1,720 | Unearned Service Revenue | 8,000 | |||
Equipment | 50,000 | Salaries and Wages Payable | 3,400 | |||
$74,200 | Common Stock | 40,000 | ||||
Retained Earnings | 14,000 | |||||
$74,200 |
During November, the following summary transactions were completed.
Nov. | 8 | Paid $7,100 for salaries due employees, of which $3,700 is for November and $3,400 is for October. | |
---|---|---|---|
10 | Received $3,800 cash from customers in payment of account. | ||
11 | Purchased merchandise on account from Dimas Discount Supply for $16,000, terms 2/10, n/30. | ||
12 | Sold merchandise on account for $11,000, terms 2/10, n/30. The cost of the merchandise sold was $8,000. | ||
15 | Received credit from Dimas Discount Supply for merchandise returned $600. | ||
19 | Received collections in full, less discounts, from customers billed on sales of $11,000 on November 12. | ||
20 | Paid Dimas Discount Supply in full, less discount. | ||
22 | Received $4,600 cash for services performed in November. | ||
25 | Purchased equipment on account $10,000. | ||
27 | Purchased supplies on account $3,400. | ||
28 | Paid creditors $6,000 of accounts payable due. | ||
29 | Paid November rent $750. | ||
29 | Paid salaries $2,600. | ||
29 | Performed services on account and billed customers $1,400 for those services. | ||
29 | Received $1,350 from customers for services to be performed in the future. |
This is part C if someone can help. Thank You so much!
Cash 11/1 Bal. 18,000 Accounts Receivable 4,480 11/1 Bal. Inventory Supplies 1,720 11/1 Bal. Equipment 50,000 11/1 Bal. Accumulated Depreciation Equipment 11/1 Bal. 2,000 2,000 Accumulated Depreciation-Equipment 11/1 Bal. Accounts Payable 11/1 Bal. 6,800 Unearned Service Revenue 11/1 Bal. 8,000 Salaries and Wages Payable 11/1 Bal. 3,400 Common Stock 11/1 Bal. 40,000 Retained Earnings 11/1 Bal. 14,000 Service Revenue Salaries and Wages Expense Rent Expense Sales Revenue Cost of Goods Sold Sales DiscountsStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started