Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

retained earning On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. During November, the following summary transactions

image text in transcribedimage text in transcribedretained earning

On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. During November, the following summary transactions were completed. Nov. 8 Paid $10,650 for salaries due employees, of which $5,550 is for November and $5,100 is for October. 10 Received $5,700 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $24,000, terms 2/10,n/30. 12 Sold merchandise on account for $16,500, terms 2/10,n/30. The cost of the merchandise sold was $12,000. 15 Received credit from Dimas Discount Supply for merchandise returned $900. 19 Received collections in full, less discounts, from customers billed on sales of $16,500 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $6,900 cash for services performed in November. 25 Purchased equipment on account $15,000. 27 Purchased supplies on account $5,100. 28 Paid creditors $9,000 of accounts payable due. 29 Paid November rent $1,125. 29 Paid salaries $3,900. 29 Performed services on account and billed customers $2,100 for those services. 29 Received $2,025 from customers for services to be performed in the future. Accumulated Uepreciation Lquipment Unsamed Sendoe Revenue

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

Cima Official Exam Practice Kit Financial Accounting And Tax Principles 2008 Edition

Authors: Mike Rogers, John Dunn

4th Edition

0750686901, 978-0750686907

More Books

Students also viewed these Accounting questions

Question

10:16 AM Sun Jan 29 Answered: 1 week ago

Answered: 1 week ago

Question

3. How would you address the problems that make up the situation?

Answered: 1 week ago

Question

2. What recommendations will you make to the city council?

Answered: 1 week ago