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Stake Technology Inc. sells a variety of shelters, such as garages and barns, in different sizes and material types. The business also handles construction
Stake Technology Inc. sells a variety of shelters, such as garages and barns, in different sizes and material types. The business also handles construction and provides workshop teaching services. The accountant for Stake Technology Inc. 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 Dividends 3 Teaching Revenue 9 4 Wages Expense 10 Income Summary Retained Earnings 5 Wages Payable 6 No Entry 11 NE Required: Use the account code(s) above to record the following transactions in Stake Technology Inc.'s accounting records. (Note: Where more than one account is debited or credited, include both account numbers as shown in the example below.) Date Transaction Example Total wages of $5,000 were paid today. Included in this amount was $3,000 of wages accrued at month end, April 30. January 9 Stake Technology Inc. provided teaching services to a group of school children and immediately collected $2,200 cash. 28 Stake Technology Inc. purchased supplies by paying $1,500 cash. 31 Monthly depreciation on equipment totalled $100. 31 Closed Income Summary ($2,250 credit balance) to retained earnings. 31 Paid dividends to shareholders. Debit Credit 10, 11 2
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