MESSAC Problem 3-5A (Part Level Submission) On November 1, 2017, the account bal

Question

MESSAC Problem 3-5A (Part Level Submission) On November 1, 2017, the account balances of Schilling Equipment Repair were as follows. Debits No. Credits No 101 Cash 112 Accounts Receivable 126 Supplies 153 Equipment $ 2,170 2,610 1,200 734 10,806 3,950 $21,470 $ 2,390 154 Accumulated Depreciation-Equipment 4,230 201 Accounts Payable 1,830 13,020 209 212 311 Common Stock 320 Retained Earnings Unearned Service Revenue Salaries and Wages Payable $21,470 During November, the following summary transactions were completed. Nov. 8 Paid $1,650 for salaries due employees, of which $734 is for October salaries. 10 Received $3,460 cash from customers on account. 12 Received $3,150 cash for services performed in November. 15 Purchased equipment on account $1,950. 17 Purchased supplies on account $730. 20 Paid creditors on account $2,670 22 Paid November rent $350 25 Paid salaries $1,650. 27 Performed services on account and billed customers $1,950 for these services. 29 Received $590 from customers for future service. y (a) Entor the Novamher 1 halancec in tha ledner arrointe Polisy 2900-201810hn Wiley&SnIns; All Rights Reserved. A Division of John Wiley &SonaIns;

Explanation / Answer

Part a)

The November 1 ledger balances are posted in the ledgers as follows:

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Cash No. 101 Date Explanation Ref Debit Credit Balance Nov.1 Balance ? 2,390 2,390

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