Secure https://edugen.wileyplus.com/edugen/student/mainfr.uni JS Kimmel, Account

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Secure https://edugen.wileyplus.com/edugen/student/mainfr.uni JS Kimmel, Accounting, oe Problem 4-7A (Part Level Submission) On November 1, 2017, the following were the account balances of Soho Equipment Repair Debit Credit Cash 3,220 Accumulated Depreciation-Equipment$500 2,730 400 820 10,430 3,430 $18,310 Accounts Receivable 3,110 Accounts Payable Supplies Equipment 1,550 10,430 Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings $18,310 During November, the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $400 is for November and $820 is for October salaries pay 10 Received $1,870 cash from customers in payment of account. 12 Received $3,720 cash for services performed in November. 15 Purchased store equipment on account $3,880 17 Purchased supplies on account $1,310. 20 Paid creditors $2,520 of accounts payable due. 22 Paid November rent $460. 25 Paid salaries $1,010. 27 Performed services on account worth $900 and billed customers. 29 Received $840 from customers for services to be performed in the future. (a) E] Your answer is correct. Enter the November 1 halances in the lod

Explanation / Answer

SOHO EQUIPMENT REPAIR Income Statement November 30th,2017 Service Revenue $                                 5,150.00 Expenses Salaries & Wages Expenses $                         1,900.00 Supplies Expenses $                         1,690.00 Depreciation Expenses $                             270.00 Rent Expenses $                             460.00 Total Expenses $                                 4,320.00 Net Income $                                     830.00 SOHO EQUIPMENT REPAIR Retained Earning Statement November 30th,2017 Beginning Retained Earnings $                         3,430.00 Add: Net Income $                             830.00 Clsoing balance of retained earnings $                         4,260.00 SOHO EQUIPMENT REPAIR Balance Sheet as at November 30th,2017 Assets Cash $                         4,440.00 Supplies $                         1,170.00 Accounts Receivable $                         2,140.00 Equipment $                       14,310.00 Total Assets $                               22,060.00 Liabilities Accounts Payable $                         5,400.00 Unearned Service Revenue $                             710.00 Accumulated Depreication $                             770.00 Salaries & Wages Payable $                             490.00 Common Stock $                       10,430.00 Retained Earnings $                         4,260.00 Total Liabilities $                               22,060.00

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