Nov. 8 Paid $1,220 for salaries due employees, of which $380 is for November and

Question

Nov. 8 Paid $1,220 for salaries due employees, of which $380 is for November and $840 is for October salaries payable. 10 Received $1,840 cash from customers in payment of account. 12 Received $3,780 cash for services performed in November. 15 Purchased store equipment on account $3,860. 17 Purchased supplies on account $1,380. 20 Paid creditors $2,600 of accounts payable due. 22 Paid November rent $480. 25 Paid salaries $1,200. 27 Performed services on account worth $930 and billed customers. 29 Received $780 from customers for services to be performed in the future.




*** Which accounts do these transactions belong to? Nov. 8 Paid $1,220 for salaries due employees, of which $380 is for November and $840 is for October salaries payable. 10 Received $1,840 cash from customers in payment of account. 12 Received $3,780 cash for services performed in November. 15 Purchased store equipment on account $3,860. 17 Purchased supplies on account $1,380. 20 Paid creditors $2,600 of accounts payable due. 22 Paid November rent $480. 25 Paid salaries $1,200. 27 Performed services on account worth $930 and billed customers. 29 Received $780 from customers for services to be performed in the future.




*** Which accounts do these transactions belong to?

Explanation / Answer

The transactions belong to the following accounts-

Nov 8th - SALARIES EXPENSES, SALARIES PAYABLE, CASH

Nov 10th - ACCOUNTS RECEIVABLE, CASH

Nov 12th - CASH, SERVICES REVENUES

Nov 15th - EQUIPMENT, NOTE PAYABLE

Nov 17th - SUPPLIES, ACCOUNT PAYABLE

Nov 20th - ACCOUNT PAYABLE, CASH

Nov 22nd - RENT EXPENSES, CASH

Nov 25th - SALARIES EXPENSE, CASH

Nov 27th - ACCOUNT RECEIVABLE, SERVICE REVENUES

Nov 29th - CASH, UNACCRUED INCOMES

The SERVICE REVENUES and ALL EXPENSES are carried to INCOME STATEMENT and SALARIES PAYABLE, NOTE PAYABLE, CASH, SUPPLIES, ACCOUNT PAYABLE, ACCOUNT RECEIVABLE, EQUIPMENT, UNACCRUED INCOMES are carried to BALANCE SHEET.

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