On November 1, 2020, the account balances of Cullumber Equipment Repair were as follows. No. Debits No. Credits $ 2,450 4,220 201 Accounts Payable 101 Cash 154 Accumulated Depreciation-Equipment $ 2,090 112 Accounts Receivable 2,570 126 Supplies 1,780 209 Unearned Service Revenue 1,160 153 Equipment 12,540 212 Salaries and Wages Payable 734 301 Owner's Capital 14,436 $20,990 $20,990 During November, the following summary transactions were completed. Nov. 8 Paid $1,700 for salaries due employees, of which $734 is for October salaries. 10 Received $3,420 cash from customers on account. 12 Received $3,050 cash for services performed in November. 15 Purchased equipment on account $2,030. 17 Purchased supplies on account $700. 20 Paid creditors on account $2,660. 22 Paid November rent $370. 25 Paid salaries $1,700. 27 Performed services on account and billed customers for these services $1,950. 29 Received $640 from customers for future service.

On November 1, 2020, the account balances of Cullumber Equipment Repair were as follows. No. Debits No. Credits $ 2,450 4,220 201 Accounts Payable 101 Cash 154 Accumulated Depreciation-Equipment $ 2,090 112 Accounts Receivable 2,570 126 Supplies 1,780 209 Unearned Service Revenue 1,160 153 Equipment 12,540 212 Salaries and Wages Payable 734 301 Owner's Capital 14,436 $20,990 $20,990 During November, the following summary transactions were completed. Nov. 8 Paid $1,700 for salaries due employees, of which $734 is for October salaries. 10 Received $3,420 cash from customers on account. 12 Received $3,050 cash for services performed in November. 15 Purchased equipment on account $2,030. 17 Purchased supplies on account $700. 20 Paid creditors on account $2,660. 22 Paid November rent $370. 25 Paid salaries $1,700. 27 Performed services on account and billed customers for these services $1,950. 29 Received $640 from customers for future service.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 10DQ

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