On November 1, 2022, the following were the account balances of Wildhorse Equipment Repair. Debit Credit Cash $ 3,210 Accumulated Depreciation-Equipment $ 500 2,720 400 Accounts Receivable 3,090 Accounts Payable Supplies 1,540 Unearned Service Revenue 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. Nov. 8 Paid $1,220 for salaries due employees, of which $420 is for November and $800 is for October salaries payable. 10 Received $1,820 cash from customers in payment of account. 12 Received $3,710 cash for services performed in November. 15 Purchased store equipment on account $3,890. 17 Purchased supplies on account $1,370. 20 Paid creditors $2,580 of accounts payable due. Paid November rent $460. 22 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 2,720 400 Accounts Receivable 3,090 Accounts Payable Supplies 1,540 Unearned Service Revenue 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. Nov. 8 Paid $1,220 for salaries due employees, of which $420 is for November and $800 is for October salaries payable. 10 Received $1,820 cash from customers in payment of account. 12 Received $3,710 cash for services performed in November. 15 Purchased store equipment on account $3,890. 17 Purchased supplies on account $1,370. 20 Paid creditors $2,580 of accounts payable due. Paid November rent $460. 22 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.

Name: On November 1, 2022, the following were the account balances of Wildh
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Description: On November 1, 2022, the following were the account balances of Wildhorse Equipment Repair.DebitCreditCash$ 3,210Accumulated Depreciation-Equipment$ 5002,720400Accounts Receivable3,090Accounts PayableSupplies1,540Unearned Service RevenueEquipment10,

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

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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