On November 1. 2017, the account balances of Schilling Equipment Repair were as
ID: 2403584 • Letter: O
Question
On November 1. 2017, the account balances of Schilling Equipment Repair were as follows No. Debits No Credits s 2,440 /154 Accumulated Depreciation-Equipment 101 Cash 112 Accounts Receivable 126 Supplies 153 Equipment $1,930 2,620 1,210 734 9,616 3,950 $20,060 4,240 201 Accounts Payable 1,800 11.580 209 212 311 Common Stock 320 Retained Earnings Unearned Service Revenue Salaries and Wages Payable $20,060 During November, the following summary transactions were completed. Nov. 8 Paid $1,730 for salaries due employees, of which $734 is for October salaries. 10 Received $3,370 cash from customers on account. 12 Received $3,050 cash for services performed in November 15 Purchased equipment on account $1,970. 17 Purchased supplies on account $720 20 Paid creditors on account $2,700. 22 Paid November rent $450. 25 Paid salaries $1,730. 27 Performed services on account and billed customers $1,900 for these services. 29 Received $600 from customers for future service.Explanation / Answer
Journal Entries
Date (2017)
Accounts Title
Amount
Amount
8-Nov
Salaries and wages expense
$ 996.00
Salaries and wages Payable
$ 734.00
Cash
$ 1,730.00
(salary for current month and october month paid)
10-Nov
Cash
$ 3,370.00
Accounts Receivables
$ 3,370.00
(Amount received against Debit Balance)
11-Nov
Cash
$ 3,050.00
Service Revenue
$ 3,050.00
(service revenue received for services performed)
15-Nov
Equipment
$ 1,970.00
Accounts Payable
$ 1,970.00
(equipment purchased on credit)
17-Nov
Supplies Account
$ 720.00
Accounts Payable
$ 720.00
(Supplies purchased on Credit)
20-Nov
Accounts Payable
$ 2,700.00
cash
$ 2,700.00
(cash paid to outstanding creditors)
22-Nov
Rent
$ 450.00
cash
$ 450.00
(rent for november paid)
25-Nov
Salaries and wages expense
$ 1,730.00
cash
$ 1,730.00
(salary paid)
27-Nov
Accounts Receivable
$ 1,900.00
Service Revenue
$ 1,900.00
(Billed customer for services performed)
29-Nov
cash
$ 600.00
Unearned Service Revenue
$ 600.00
(cash received as advance)
$ 18,220.00
$ 18,220.00
Balances
As at 31st November 2017
Account Title
Amount
Account Title
Amount
Cash
$ 2,850.00
Accumulated Depreciation-Equipment
$ 1,930.00
Accounts Receivables
$ 2,770.00
Accounts Payable
$ 2,610.00
Supplies
$ 2,520.00
Unearned Service Revenue
$ 1,810.00
Equipment
$ 13,550.00
common stock
$ 9,616.00
Rent Expenses
$ 450.00
Retained earnings
$ 3,950.00
Salaries and wages Expenses
$ 2,726.00
Service revenue
$ 4,950.00
$ 24,866.00
$ 24,866.00
Journal Entries
Date (2017)
Accounts Title
Amount
Amount
8-Nov
Salaries and wages expense
$ 996.00
Salaries and wages Payable
$ 734.00
Cash
$ 1,730.00
(salary for current month and october month paid)
10-Nov
Cash
$ 3,370.00
Accounts Receivables
$ 3,370.00
(Amount received against Debit Balance)
11-Nov
Cash
$ 3,050.00
Service Revenue
$ 3,050.00
(service revenue received for services performed)
15-Nov
Equipment
$ 1,970.00
Accounts Payable
$ 1,970.00
(equipment purchased on credit)
17-Nov
Supplies Account
$ 720.00
Accounts Payable
$ 720.00
(Supplies purchased on Credit)
20-Nov
Accounts Payable
$ 2,700.00
cash
$ 2,700.00
(cash paid to outstanding creditors)
22-Nov
Rent
$ 450.00
cash
$ 450.00
(rent for november paid)
25-Nov
Salaries and wages expense
$ 1,730.00
cash
$ 1,730.00
(salary paid)
27-Nov
Accounts Receivable
$ 1,900.00
Service Revenue
$ 1,900.00
(Billed customer for services performed)
29-Nov
cash
$ 600.00
Unearned Service Revenue
$ 600.00
(cash received as advance)
$ 18,220.00
$ 18,220.00
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