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On November 1, 2022, Windsor, Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $10,620 Accumulated Depreciation-Equipment
On November 1, 2022, Windsor, Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $10,620 Accumulated Depreciation-Equipment $1,180 Accounts Receivable 2,643 Accounts Payable 4,012 Supplies 1,015 Unearned Service Revenue 4,720 Equipment 29,500 Salaries and Wages Payable 2,006 $43,778 Common Stock 23,600 Retained Earnings 8,260 $43,778 During November, the following summary transactions were completed. 8 Paid $4,189 for salaries due employees, of which $2,183 is for November and $2,006 is for October. Nov. 10 Received $2,242 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $9.400, terms 2/10, n/30. 12 Sold merchandise on account for $6,500, terms 2/10, n/30. The cost of the merchandise sold was $4,720. 15 Received credit from Dimas Discount Supply for merchandise returned $400. 19 Received collections in full, less discounts, from customers billed on sales of $6,500 on November 12. 20 Paid Dimas Discount Supply in full, less discount. Received $2.714 cash for services performed in November. 25 Purchased equipment on account $5,900. 27 Purchased supplies on account $2,006. 28 222 22 2 2 2 29 29 29 29 Paid creditors $3,540 of accounts payable due. Paid November rent $443. Paid salaries $1,534. Performed services on account and billed customers $826 for those services. Received $797 from customers for services to be performed in the future.
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