On November 1, 2022, the following were the account balances of Wildhorse Equipment Repair. Debit Credit Cash $ 3,210 Accumulated Depreciation-Equipment $ 500 Accounts Receivable 3,090 Accounts Payable 2,720 Supplies 1,540 Unearned Service Revenue 400 Equipment 10,420 Salaries and Wages Payable 800 Common Stock 10,420 Retained Earnings 3,420 $18,260 $18,260 During November, the following summary transactions were completed. Paid $1,220 for salaries due employees, of which $420 is for November and $800 is for October salaries payable. Received $1,820 cash from customers in payment of account. Nov. 8 10 12 Received $3,710 cash for services performed in November. 15 Purchased store equipment on account $3,890. Purchased supplies on account $1,370. 17 20 Paid creditors $2,580 of accounts payable due. 22 Paid November rent $460. 25 Paid salaries $1,110. 27 Performed services on account worth $980 and billed customers. 29 Received $760 from customers for services to be performed in the future.
On November 1, 2022, the following were the account balances of Wildhorse Equipment Repair. Debit Credit Cash $ 3,210 Accumulated Depreciation-Equipment $ 500 Accounts Receivable 3,090 Accounts Payable 2,720 Supplies 1,540 Unearned Service Revenue 400 Equipment 10,420 Salaries and Wages Payable 800 Common Stock 10,420 Retained Earnings 3,420 $18,260 $18,260 During November, the following summary transactions were completed. Paid $1,220 for salaries due employees, of which $420 is for November and $800 is for October salaries payable. Received $1,820 cash from customers in payment of account. Nov. 8 10 12 Received $3,710 cash for services performed in November. 15 Purchased store equipment on account $3,890. Purchased supplies on account $1,370. 17 20 Paid creditors $2,580 of accounts payable due. 22 Paid November rent $460. 25 Paid salaries $1,110. 27 Performed services on account worth $980 and billed customers. 29 Received $760 from customers for services to be performed in the future.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter3: Review Of A Company's Accounting System
Section: Chapter Questions
Problem 10P: Worksheet Victoria Company has the following account balances on December 31, 2019, prior to any...
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