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Question 11 [10 points] Dylex Corporation sells a variety of shelters, such as garages and barns, in different sizes and material types. The business also
Question 11 [10 points] Dylex Corporation sells a variety of shelters, such as garages and barns, in different sizes and material types. The business also handles co services. The accountant for Dylex Corporation set up the following account names and codes (in alphabetical order): Accumulated Depreciation, Equipment 1 Share Capital 7 Cash 2 Supplies 8 Depreciation Expense, Equipment 3 Teaching Revenue 9 Dividends Income Summary 4 Wages Expense 10 5 Wages Payable 11 6 No Entry NE Retained Earnings Required: Use the account code(s) above to record the following transactions in Dylex Corporation's accounting records. (Note: Where more both account numbers as shown in the example below.) Date Transaction Debit Credit Example Total wages of $5,000 were paid today. Included in this amount was $3,000 of wages accrued at month end, April 30. 10, 11 2 January 1 Dylex Corporation purchased supplies by paying $4,000 cash. 22 Dylex Corporation provided teaching services to a group of school children and immediately collected $2,400 cash. 31 Monthly depreciation on equipment totalled $300. 31 Closed Income Summary ($2,105 credit balance) to retained earnings. 31 Paid dividends to shareholders. SUBMIT AND MARK Official Time: 12:33:40
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