On November 1, 2020, the account balances of Hibban Equipment Repair were as follows. Debit ($) 2400 Credit ($) Cash Accounts receivable 4250 Supplies Equipment Accumulated depreciation- Equipment Accounts Payable 1800 12000 2000 2600 Unearned Service Revenue 1200 Salaries and Wages Payable Owner's capital 700 13950 20450 20450 During November, the following summary transactions were completed. Nov. 8 Paid $1,700 for salaries due employees, of which $700 is for October salaries. 10 Received $3,620 cash from customers on account. 12 Received $3,100 cash for services performed in November. 15 Purchased equipment on account $2,000. 17 Purchased supplies on account $700. 20 Paid creditors on account $2,700. 22 Paid November rent $400. 25 Paid salaries $1,700. 27 Performed services on account and billed customers for these services $2,200. 29 Received $600 from customers for future service. Adjustment data consist of: 1. Supplies on hand $1,400. 2. Accrued salaries payable $350. 3. Depreciation for the month is $200. 4. Services related to unearned service revenue of $1,220 were performed. Instructions a. Enter the November 1 balances in the ledger accounts. b. Journalize the November transactions. c. Post to the ledger accounts.
On November 1, 2020, the account balances of Hibban Equipment Repair were as follows. Debit ($) 2400 Credit ($) Cash Accounts receivable 4250 Supplies Equipment Accumulated depreciation- Equipment Accounts Payable 1800 12000 2000 2600 Unearned Service Revenue 1200 Salaries and Wages Payable Owner's capital 700 13950 20450 20450 During November, the following summary transactions were completed. Nov. 8 Paid $1,700 for salaries due employees, of which $700 is for October salaries. 10 Received $3,620 cash from customers on account. 12 Received $3,100 cash for services performed in November. 15 Purchased equipment on account $2,000. 17 Purchased supplies on account $700. 20 Paid creditors on account $2,700. 22 Paid November rent $400. 25 Paid salaries $1,700. 27 Performed services on account and billed customers for these services $2,200. 29 Received $600 from customers for future service. Adjustment data consist of: 1. Supplies on hand $1,400. 2. Accrued salaries payable $350. 3. Depreciation for the month is $200. 4. Services related to unearned service revenue of $1,220 were performed. Instructions a. Enter the November 1 balances in the ledger accounts. b. Journalize the November transactions. c. Post to the ledger accounts.
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 10DQ
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