Question
On November 1, 2022. Splish Brothers had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $21,600 Accumulated Depreciation-Equipment
On November 1, 2022. Splish Brothers had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $21,600 Accumulated Depreciation-Equipment $2,400 Accounts Receivable 5,376 Accounts Payable 8,160 Supplies 2,064 Unearned Service Revenue 9,600 Equipment 60,000 Salaries and Wages Payable 4,080 $89,040 Common Stock 48,000 Retained Earnings 16,800 $89,040 During November, the following summary transactions were completed. Nov 8 Paid $8,520 for salaries due employees, of which $4,440 is for November and $4,080 is for October 10 Received $4,560 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $19,200, terms 2/10, n/30. 12 Sold merchandise on account for $13.200, terms 2/10, n/30. The cost of the merchandise sold was $9,600. 15 Received credit from Dimas Discount Supply for merchandise returned $720. 19 Received collections in full, less discounts, from customers billed on sales of $13,200 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $5.520 cash for services performed in November. 25 Purchased equipment on account $12.000. 27 Purchased supplies on account $4,080.
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