Question
Problem 3-5A On November 1, 2019, the account balances of Schilling Equipment Repair were as follows. No. Debits No. Credits 101 Cash $ 2,400 154
Problem 3-5A On November 1, 2019, the account balances of Schilling Equipment Repair were as follows. No. Debits No. Credits 101 Cash $ 2,400 154 Accumulated DepreciationEquipment $ 2,000 112 Accounts Receivable 4,250 201 Accounts Payable 2,600 126 Supplies 1,800 209 Unearned Service Revenue 1,200 153 Equipment 12,000 212 Salaries and Wages Payable 700 311 Common Stock 10,000 320 Retained Earnings 3,950 $20,450 $20,450 During November, the following summary transactions were completed. Nov. 8 Paid $1,700 for salaries due employees, of which $700 is for October salaries. 10 Received $3,420 cash from customers on account. 12 Received $3,100 cash for services performed in November. 15 Purchased equipment on account $2,000. 17 Purchased supplies on account $700. 20 Paid creditors on account $2,700. 22 Paid November rent $400. 25 Paid salaries $1,700. 27 Performed services on account and billed customers $1,900 for these services. 29 Received $600 from customers for future service.
Step 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