On November 1, 2017, the account balances of Schilling Equipment Repair were as

Question

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 $2,040 2,600 1,200 710 10,220 3,950 $20,720 2,380 154 Accumulated Depreciation-Equipment 4,290 201 Accounts Payable 1,810 209 Unearned Service Revenue 12,240212 Salaries and Wages Payable 311 Common Stock 320 Retained Earnings $20,720 During November, the following summary transactions were completed Nov. 8 10 12 15 17 20 22 25 27 29 Paid $1,670 for salaries due employees, of which $710 is for October salaries Received $3,450 cash from customers on account. Received $3,130 cash for services performed in November Purchased equipment on account $1,950 Purchased supplies on account $700 Paid creditors on account $2,730 Paid November rent $350 Paid salaries $1,670 Performed services on account and billed customers $1,850 for these services Received $650 from customers for future service

Explanation / Answer

Cash Date Explanation Debit Credit Balance 1-Nov Balance 2,380 Account receivable Date Explanation Debit Credit Balance 1-Nov Balance 4,290 Supplies Date Explanation Debit Credit Balance 1-Nov Balance 1,810 Equipment Date Explanation Debit Credit Balance 1-Nov Balance 12,240 Accumulated depreciation-Equipment Date Explanation Debit Credit Balance 1-Nov Balance 2,040 Accounts payable Date Explanation Debit Credit Balance 1-Nov Balance 2,600 Unearned Service revenue Date Explanation Debit Credit Balance 1-Nov Balance 1,200 Salaries & Wages payable Date Explanation Debit Credit Balance 1-Nov Balance 710 Common stock Date Explanation Debit Credit Balance 1-Nov Balance 10,220 Retained Earnings Date Explanation Debit Credit Balance 1-Nov Balance 3,950

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