Selected accounts of Nash Company are shown below. Supplies Beg. Bal. 866 10/31 486 Salaries and Wages Expense 10/15 774 10/31 610 Unearned Service Revenue 10/31 429 10/20 650 Service Revenue 10/17 2,059 10/31 1,786 10/31 429 Accounts Receivable 10/17 2,059 10/31 1,786 Salaries and Wages Payable 10/31 610 Supplies Expense 10/31 486

Selected accounts of Nash Company are shown below. Supplies Beg. Bal. 866 10/31 486 Salaries and Wages Expense 10/15 774 10/31 610 Unearned Service Revenue 10/31 429 10/20 650 Service Revenue 10/17 2,059 10/31 1,786 10/31 429 Accounts Receivable 10/17 2,059 10/31 1,786 Salaries and Wages Payable 10/31 610 Supplies Expense 10/31 486

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

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 4RE: Refer to RE6-3. Assume Long records accounts receivable and sales using the net price method....

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From an analysis of the T-accounts, reconstruct the October transaction entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
10/15	Salaries and Wages	774

10/17	Account Receivable	2059
	Service Revenue		2059

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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Supplies
Beg. Bal.	866	10/31	486
Salaries and Wages Expense
10/15	774
10/31	610
Unearned Service Revenue
10/31	429	10/20	650
Service Revenue
		10/17	2,059
		10/31	1,786
		10/31	429
Accounts Receivable
10/17	2,059
10/31	1,786
Salaries and Wages Payable
		10/31	610
Supplies Expense
10/31	486