Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 3-5A (Part Level Submission) on November 1, 2017, the account balances of Hamm Equipment Repair were as follows. Debits No. Credits No. 101 Cash

image text in transcribed
image text in transcribed
Problem 3-5A (Part Level Submission) on November 1, 2017, the account balances of Hamm Equipment Repair were as follows. Debits No. Credits No. 101 Cash 112 Accounts Receivable 126 Supplies 153 Equipment $ 1,850 2,600 1,190 722 13,248 $19,610 $ 2,430 154 Accumulated Depreciation-Equipment 4,240 201 Accounts Payable 1,840 209 Unearned Service Revenue 11,100 212 Salaries and Wages Payable 301 Owner's Capital $19,610 During November, the following summary transactions were completed. Nov. 8 Paid $1,680 for salaries due employees, of which $722 is for October salaries. 10 Received $3,420 cash from customers on account. 12 Received $3,110 cash for services performed in November 15 Purchased equipment on account $1,960. 17 Purchased supplies on account $660. 20 Paid creditors on account $2,660. 22 Paid November rent $350. 25 Paid salaries $1,680. 27 Performed services on account and billed customers for these services $1,920. 29 Received $590 from customers for future service. Enter the November 1 balances in the ledger accounts. Cash No. 101 Date Explanation Nov. 1 Balance Accounts Receivable Ref Debit Credit Balance No. 112 Credit Balance Date Explanation Nov. 1 Balance Accounts Receivable Ref Debit No. 112 Date Explanation Nov. 1Balance Supplies Ref Debit Credit Balance No. 126 Date Explanation Nov. 1 Balance Equipment Ref Debit Credit Balance No. 153 Date Explanation Nov. 1 Balance Accumulated Depreciation Equipment Ref Debit Credit Balance No. 154 Date Explanation Nov. 1 Balance Accounts Payable Ref Debit Credit Balance No. 201 Date Explanation Nov. 1Balance Unearned Service Revenue Ref Debit Credit Balance No. 209 Date Explanation Nov. 1 Balance Salaries and Wages Payable Ref Debit Credit Balance No. 212 Date Explanation Nov. 1 Balance Owner's Capital Ref Debit Credit Balance No. 301 Date Explanation Ref Debit Credit Balance Nov. 1 Balance

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

Audit Management A Complete Guide

Authors: Gerardus Blokdyk

2019 Edition

0655813640, 978-0655813644

More Books

Students also viewed these Accounting questions

Question

5. Identify three characteristics of the dialectical approach.

Answered: 1 week ago