Answered step by step
Verified Expert Solution
Link Copied!

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.

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

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 Credit

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

More Books

Students also viewed these Accounting questions

Question

What pitfalls might a researcher encounter in using secondary data?

Answered: 1 week ago