Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On November 1, 2022, the following were the account balances of Sandhill Equipment Repair. Debit Credit Cash $ 3,540 Accumulated DepreciationEquipment $ 500 Accounts Receivable
On November 1, 2022, the following were the account balances of Sandhill Equipment Repair.
Debit | Credit | |||||
---|---|---|---|---|---|---|
Cash | $ 3,540 | Accumulated DepreciationEquipment | $ 500 | |||
Accounts Receivable | 3,010 | Accounts Payable | 3,050 | |||
Supplies | 1,870 | Unearned Service Revenue | 400 | |||
Equipment | 10,750 | Salaries and Wages Payable | 720 | |||
Common Stock | 10,750 | |||||
Retained Earnings | 3,750 | |||||
$19,170 | $19,170 |
During November, the following summary transactions were completed.
Nov. 8 | Paid $1,220 for salaries due employees, of which $500 is for November and $720 is for October salaries payable. | |
10 | Received $1,880 cash from customers in payment of account. | |
12 | Received $3,810 cash for services performed in November. | |
15 | Purchased store equipment on account $3,750. | |
17 | Purchased supplies on account $1,370. | |
20 | Paid creditors $2,570 of accounts payable due. | |
22 | Paid November rent $510. | |
25 | Paid salaries $1,080. | |
27 | Performed services on account worth $990 and billed customers. | |
29 | Received $850 from customers for services to be performed in the future. |
Enter the November 1 balances in the ledger accounts.
Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Journalize the November transactions. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Date Account Titles and Explanation Debit Credit Nov. 8 Post above journal entries to the ledger accounts. (Post entries in the order of journal entries passed in the previous question. If the balance is zero (O), select date from drop down and enter for the amounts.) Cash 11/1 Bal. 3,540 Accounts Receivable 11/1 Bal. 3,010 Supplies 11/1 Bal. 1,870 Equipment 11/1 Bal. 10,750 Accumulated Depreciation - Equipment 11/1 Bal. 500 Accounts Payable 11/1 Bal. 3,050 Unearned Service Revenue 11/1 Bal. Salaries and Wages Payable 11/1 Bal. 720 Common Stock 11/1 Bal. 10,750 Retained Earnings 11/1 Bal. 3,750 Service Revenue Salaries and Wages Expense Rent Expense Prepare a trial balance at November 30. SANDHILL EQUIPMENT REPAIR Trial Balance Debit CreditStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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