Part1 (A) Part 2 (b) Part 3 (C) Part 4(d) Part 5 (e) Accounting Cycle Review Pro

Question

Part1 (A) Part 2 (b)
Part 3 (C)
Part 4(d)

Part 5 (e)
Accounting Cycle Review Problem 0-14A On November 1, 2017, the following were the account balances of Soho Equipment Repair. Debit Credit $ 500 2,300 400 620 10,000 3,000 $16,820 $2,790 Accumulated Depreciation-Equipment Cash Accounts Receivable 2,910 Supplies Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings 1,120 10,000 $16,820 During November, the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $600 is for November and $620 is for October salaries payable. 10 Received $1,800 cash from customers in payment of account. 12 Received $3,700 cash for services performed in November. 15 Purchased store equipment on account $3,600. 17 Purchased supplies on account $1,300. 20 Paid creditors $2,500 of accounts payable due. 22 Paid November rent $480. 25 Paid salaries $1,000. 27 Performed services on account worth $900 and billed customers. 29 Received $750 from customers for services to be performed in the future. Policy 1 200-2018 John Wiley & Sons, Inc. All Rights Reserved. A Division of

Explanation / Answer

1.

2.

3.

23950

4.

3970

5.

Balance sheet at Nov 30

DATE PARTICULARS DEBIT CREDIT Nov-08 Salaries and wages 600 Salaries and Wages payable 620 To cash 1220 Nov-10 Cash 1800 To Accounts Receivable 1800 Nov-12 Cash 3700 To Service Revenue 3700 Nov-15 Equipment 3600 To Accounts Payable 3600 Nov-17 Supplies 1300 To Accounts payable 1300 Nov-20 Accounts Payable 2500 To cash 2500 Nov-22 Rent 480 To cash 480 Nov-25 Salaries and wages 1000 To cash 1000 Nov-27 Accounts Receivable 900 To Service Revenue 900 Nov-29 Cash 750 To Unearned service revenue 750

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